TREC State Questions & Accurate answers, graded A+

TREC State Questions & Accurate answers, graded A+ An individual is exempt from being required to have a real estate license in Texas when performing which one of the following activities? - -Offering an employer's property for rent The Texas Real Estate Commission is composed of - -six brokers and three public members appointed by the governor with senate approval All of the following are true about discount points EXCEPT: - -Discount points must be part of all contracts A real estate licensee must use a TREC promulgated form, unless a form has been written and is required by the : - -The owner of the property The Real Estate Recovery Fund has a balance of $699,000 at the end of a calendar year. What is the Texas Real Estate Commission authorized or required to do? - -Assess each licensee a prorate share to replenish the fund. When a designated broker applies as a "Business Entity", he/she must own a minimum of ___ % of the company - -10% What can TREC do if a salesperson is convicted of a felony - -Suspend or revoke their license If a property is subject to a forced sale for property taxes, how long does an homeowner have to regain legal title - -2 years A married couple is selling its homestead, owned as community property. For the deed conveying the property to be valid, who must sign it? - -Both husband and wife. What are the required number of MCE hours needed to renew a salesperson license after all SAE requirements have been met - -4 hours of Legal Update I, 4 hours of legal update and 10 hours of related MCE hours Salesperson Betty Johnson has found the perfect house for herself. She learns that the owner may be interested in selling, so she introduces herself and is allowed to make a listing presentation. She gets the listing for her brokerage after presenting a CMA (Competitive Market Analysis) that emphasizes the lowest priced homes in the neighborhood. As a result of the CMA (Competitive Market Analysis), the seller decides on a relatively low asking price. Betty immediately presents full-price offer from her cousin, but does not reveal the relationship to the seller. The offer is accepted by the seller. A few days after the sales closes, Betty buys the property from her cousin. Betty's conduct is - -Unacceptable as a violation of her fiduciary obligations to her principal. A lease is a _________ between the lessee and lessor - -Contract Which of the following is NOT true under the Texas Homestead law? - -Homestead rights in property may be terminated by the death of a spouse Possession of the property is normally delivered to the buyer: - -Upon the funding of the loan. The Texas Property Code addresses the landlord's responsibilities regarding - -Security devices and smoke detectors A real estate licensee must use a TREC promulgated form unless a form has been written and is required by the - -Owner of the property A licensee has the duty to disclose any existing agency relationship at the first contact with another party or the party's agent. How is that disclosure to be made? - -Orally or in writing When the tenant makes a complaint to a government agency about a housing code violation, the landlord can: - -do nothing Fee simple estate means? - -The highest form of ownership in real estate The "Code of Ethics and Standards of Practice" cover all of duties to the following EXCEPT - -To the Real Estate Commission Which of the following is true when an applicant for licensure has failed to pass the competency examination within the prescribed 1 year period? - -The applicant must submit a new application meeting all current requirements. Reckless disregard for truth with the intent to obtain a financial advantage over another is a definition of - -fraud A receptionist told a broker about a client who was looking for a new house. The broker contacted the receptionist's client and sold him a home. May the broker pay the receptionist for the lead? - -A gift with a value of not more than $50 may be given The relationship of a salesperson to their sponsoring broker is - -Subject to all laws and rules of agency When must a licensee present the statutory "Information About Brokerage Services" to a prospective seller or purchaser? - -At the time a meeting occurs where substantive discussion about a specific property takes place. The One-to-Four Residential contract states: - -Licensees cannot give legal advice Can a salesperson function as an intermediary? - -no