TEXAS REAL ESTATE EXAM-2023 STATE PORTION
/2024/.
Who is responsible for any wrongs done by a salesperson while
acting within the scope of the agency agreement?
ANS:
The broker is liable for the wrongdoing of his or her salespersons.
The principal is liable for any wrongs committed bythe broker
whileacting within the scope of the agency agreement.
what is the distinction between sales contracts and option
contracts?
ANS:
One characteristic of sales contracts is mutual obligation. Option
contracts lack mutual obligation. The buyer in an option contract
isnot obligated to buy.
If the commission investigates a complaint and determines thatan
individual's real estate license should be suspended or revoked,
the licensee is entitled to a hearing before the commission within
how many days after the commission reachesits decision?
ANS:
A licensee who faces suspension or revocation of their license
isentitled to a hearing within 30 days of the commission reaching
their decision.
Which of the licensed entities does not fall under the regulatory
authority of the Texas Real Estate Commission?
ANS:
The Texas Appraiser Licensing and Certification Board has
jurisdiction over state licensed and certified appraisers. In
additionto licensing brokers and salespersons, the Texas Real
Estate Commission is responsible for licensing real estate
inspectors andfor regulation of companies that sell and issue
residential service contracts ("home warranties"). (Article 65736,
Vernon's Texas CivilStatutes.
,What penalties may a licensee who breaches the agency
relationship face?
ANS:
A licensee who breaches the agency relationship may be sued
fordamages, termination of the contract, and/or non-payment of
the commission.
What is the composition of the Broker-Lawyer Committee?
ANS:
Six broker members are appointed by the Texas Real Estate
Commission; six attorney members are appointed by the
Presidentof the State Bar of Texas. The appointees serve a termof
six yearswith one-third of them being appointed every two years.
A broker may do which of the following for an individual without
actually representing the individual?
ANS:
A broker may obtain financing, assist in locating a property, and
prepare a contract or lease for an individual without representing
the individual.
A real estate licensee must notify the real estate programmanager
if?
ANS:
A licensee must notify the real estate program manager within 20
days of receiving any criminal complaint, information, indictment,
orconviction in which the licensee is named as a defendant; or
entry of a civil court order, verdict, or judgment, against the
licensee in any court of competent jurisdiction in which the
subject matter therein involves any real estate or business-
related activity by the licensee.
Pamela, who lives in a suburb in which many homes are rented,
decides to open a rental agency in order to assist her friends in
finding suitable renters. Pamela's conduct is?
ANS:
unacceptable because it involves an activity for which a real
estatelicense is required.
, The sole broker of a brokerage firm has his or her real estate
license suspended for two years. What would happen to the
licenses of the salespersons affiliated with this broker?
ANS:
If the broker's license is suspended or revoked, the
salespersons' licenses are made inactive and must be returnedto
the commission. A salesperson's license may be made active
when thesalesperson is sponsored by a new broker.
Which agency is responsible for the contract forms used by Texas
licensees?
ANS:
The Texas Real Estate Commission
A community property with rights of survivorship agreement must?
ANS:
doesn't need to go through probate, must be signed by both
spouses, must include the property description, be in writing,
contain wording that makes evident the intent of survivorship, and
be recorded in the county courthouse.
Generally, the most important responsibility of an agent is to?
ANS:
represent the financial interests of the client.
Broker Bea recently entered into a listing contract with SellerSally.
Broker Bea just learned that Sally is actually 17 yearsoldand not
married. The listing contract is?
ANS:
voidable at the option of the minor.
Which of the following people would need to obtain a real estate
license if they were involved in a real estate activity?
• the executor of an estate
• a court-appointed guardian
• a trustee of the bankruptcy court
• one who sells lots in a mobile home park
• ANS:
D. The sale of land/lots is an act of brokerage and requires that
onehave a license if he or she is not the owner of the lot. The
other three answers are listed as people who do not need a
license in Section 3 of the Texas Real Estate License Act.
/2024/.
Who is responsible for any wrongs done by a salesperson while
acting within the scope of the agency agreement?
ANS:
The broker is liable for the wrongdoing of his or her salespersons.
The principal is liable for any wrongs committed bythe broker
whileacting within the scope of the agency agreement.
what is the distinction between sales contracts and option
contracts?
ANS:
One characteristic of sales contracts is mutual obligation. Option
contracts lack mutual obligation. The buyer in an option contract
isnot obligated to buy.
If the commission investigates a complaint and determines thatan
individual's real estate license should be suspended or revoked,
the licensee is entitled to a hearing before the commission within
how many days after the commission reachesits decision?
ANS:
A licensee who faces suspension or revocation of their license
isentitled to a hearing within 30 days of the commission reaching
their decision.
Which of the licensed entities does not fall under the regulatory
authority of the Texas Real Estate Commission?
ANS:
The Texas Appraiser Licensing and Certification Board has
jurisdiction over state licensed and certified appraisers. In
additionto licensing brokers and salespersons, the Texas Real
Estate Commission is responsible for licensing real estate
inspectors andfor regulation of companies that sell and issue
residential service contracts ("home warranties"). (Article 65736,
Vernon's Texas CivilStatutes.
,What penalties may a licensee who breaches the agency
relationship face?
ANS:
A licensee who breaches the agency relationship may be sued
fordamages, termination of the contract, and/or non-payment of
the commission.
What is the composition of the Broker-Lawyer Committee?
ANS:
Six broker members are appointed by the Texas Real Estate
Commission; six attorney members are appointed by the
Presidentof the State Bar of Texas. The appointees serve a termof
six yearswith one-third of them being appointed every two years.
A broker may do which of the following for an individual without
actually representing the individual?
ANS:
A broker may obtain financing, assist in locating a property, and
prepare a contract or lease for an individual without representing
the individual.
A real estate licensee must notify the real estate programmanager
if?
ANS:
A licensee must notify the real estate program manager within 20
days of receiving any criminal complaint, information, indictment,
orconviction in which the licensee is named as a defendant; or
entry of a civil court order, verdict, or judgment, against the
licensee in any court of competent jurisdiction in which the
subject matter therein involves any real estate or business-
related activity by the licensee.
Pamela, who lives in a suburb in which many homes are rented,
decides to open a rental agency in order to assist her friends in
finding suitable renters. Pamela's conduct is?
ANS:
unacceptable because it involves an activity for which a real
estatelicense is required.
, The sole broker of a brokerage firm has his or her real estate
license suspended for two years. What would happen to the
licenses of the salespersons affiliated with this broker?
ANS:
If the broker's license is suspended or revoked, the
salespersons' licenses are made inactive and must be returnedto
the commission. A salesperson's license may be made active
when thesalesperson is sponsored by a new broker.
Which agency is responsible for the contract forms used by Texas
licensees?
ANS:
The Texas Real Estate Commission
A community property with rights of survivorship agreement must?
ANS:
doesn't need to go through probate, must be signed by both
spouses, must include the property description, be in writing,
contain wording that makes evident the intent of survivorship, and
be recorded in the county courthouse.
Generally, the most important responsibility of an agent is to?
ANS:
represent the financial interests of the client.
Broker Bea recently entered into a listing contract with SellerSally.
Broker Bea just learned that Sally is actually 17 yearsoldand not
married. The listing contract is?
ANS:
voidable at the option of the minor.
Which of the following people would need to obtain a real estate
license if they were involved in a real estate activity?
• the executor of an estate
• a court-appointed guardian
• a trustee of the bankruptcy court
• one who sells lots in a mobile home park
• ANS:
D. The sale of land/lots is an act of brokerage and requires that
onehave a license if he or she is not the owner of the lot. The
other three answers are listed as people who do not need a
license in Section 3 of the Texas Real Estate License Act.
