Texas Real Estate Exam-State Portion Questions and Answers Already Passed

Texas Real Estate Exam-State Portion Questions and Answers Already Passed Who is responsible for the acts of a salesperson? The sponsoring broker Failure on the part of the agent to advise the purchaser of real property in writing that he should have the abstract covering the property examined by an attorney of his own selection, or that he should be furnished with a policy of title insurance shall: d. preclude payment of, or recovery of, any commission agreed to be paid on the sale An example of gratuitous agency is: b. Working for free All of the following are examples of different ways of giving real estate legal description EXCEPT: b. the recorded mailing address The sponsoring broker is responsible to TREC, the public, and the clients for the acts of d. his sponsored salespeople The Texas Real Estate Broker-Lawyer Committee consists of: c. 13 members A handwritten will signed by the testator but not witnessed is known as a(n): b. holographic will The only person who is allowed to give legal advice is: c. Attorney How does the Texas Real Estate License Act define the first face-to-face meeting? c. when substantive discussion occurs An agency relationship is always created at the: a. broker level A guide could be developed by the company to help all licensees learn to make ethical decisions. a. True Which of the following is true of the rules and regulations of the Texas Real Estate Commission? d. they have the full force and effect of law A real estate license issued by the Texas Real Estate Commission must: c. be prominently displayed by a residential rental locator Land used for agriculture or wildlife management may qualify for an agricultural appraisal. When the land is no longer used for agricultural or wildlife management rollback tax can occur. The tax is owed by: d. the owner who changed the lands use TRELA states that to be eligible to receive a real estate license in the state of Texas a person must d. satisfy the Commission as to the persons honesty When the TAR Residential Leasing and Property Management Agreement is used the broker becomes an employee of the owner. b. False A salesperson: b. May not act as a salesperson until he has a sponsoring broker The real estate exam consists of 110 questions, 80 on the national portion of the test and 30 on the Texas portion of the test. a. True Intermediary agency has: d. Replaced dual agency The Texas Real Estate Recovery Fund is funded: a. by real estate license fees Who are the parties to the TREC sales contracts? a. the buyer and the seller What are the required number of MCE hours needed to renew a salesperson license after all SAE requirements have been met? a. 3 hours of ethics, 3 hours of legal and 9 hours of related MCE hours The maxim amount an unlicensed person can receive for a referral is: a. $50 The Texas Property Code requires the seller of a dwelling of not more than one unit deliver a Seller's Disclosure Notice to a buyer if the dwelling is a resale property. If the buyer has not received the notice before signing the contract, the buyer may: a. terminate the contract within 7 days after receiving the notice. Which of the following statements is true of payment that is made from the Real Estate Recovery Fund on account of licensee's acts? a. The license may be revoked and a new one will not be issued until the fund has been reimbursed, with interest. The One to Four Residential Contract (Resale) is the form used to