CFI TRAINER.NET
John Owns lakefront property. he has been granted water rights to the lake He Has:
Littoral Rights
Which of the following actions would not be advisable for a real estate license holder trying to
avoid liability with environmental issues:
a. Becoming familiar with common problems in the area
b. asking seller about contamination
c. performing basic test for hazardous materials
d. recommending inspections and disclosing all known hazards
C. Performing basic test
0:39
/
0:54
6 Ways to Show Appreciation for Your Child's Teacher
A broker has purchased general liability general liability insurance for his company this policy
will protect the company if:
a client is injured on company property
Using the cost approach, determine the value of a three story building that measures 100' x 65'
where replacement cost is $150 per square ft, with a lot valued at $75,000 and total
depreciation of $40,000
The cost approach is land + building replacement cost - deprecation
A landlord and tenant negotiate a verbal lease agreement on the phone for an 8 month lease
the tenant later decides not to move in. what term best describes the lease agreement these
two parties had
valid and enforceable
The civil rights act of 1866 prohibits discrimination based on
color
,The smith purchased a home for 200,000 with an LTV of 80%. They repaid 27,000 of their
original loan amount. They have just sold the home for 229,000. What is their equity at closing?
What can a lender use to protect loss of interest income
a prepayment penalty
where would you find PMI
On a high LTV conventional loan
A lot is sold for 100,000 with a 90% LTV. The seller has agreed to pay three discount points and
an origination point for the buyer at closing. how much will the seller owe at closing
A type of business ownership where the member or manager is not generally held liable for the
debs, obligation or liability of the company is:
LLC
A buyer has a contract with a due diligence clause in it. if the buyer is not satisfied with the
results of inspections on the property the due diligence clause:
allows the buyer to terminate the contract during the due diligence period
If a license holder fails to respond to a subpoena, what can TREC do?
If you fail. to respond to a subpoena, TREC may file suit with the attorney general to enforce it.
It is not a tree fine. They must have a hearing to revoke anyone's license. Violation of TRELA is
not a felony, only a Class A misdemeanor
TREC has received an application for a Texas Real Estate Sales License from Mary. Mary has
completed all her educational requirements, and passed the state exam. At this point TREC will
begin the background check. How long do they have do they have to review your application
TREC has no limit on days to review your application or complete a background check. They
have 30 days to notify you of their decision and you have 10 days to appeal that decision
Marcos was a Texas licensed Real Estate Sales agent for some time. He then chose to become
inactive and TREC has been holding his license in inactive status. He now wishes to activate
the license. What will he have to do?
If he is past his two years and is considered an experienced agent then he must pay $50 and
take a 18 hour continuing education course.
,There is no time limit for experienced agents to be inactive nor education required while inactive
as long as you pay your rental fee every two years
A texas broker may pay a commission to:
any licensed broker outside of Texas is considered a foreign broker and may be paid a
commission fee out of your commission.
You must have a real estate license in Texas to receive a commission if you are in Texas
Without proper authorization, a sales agent may accept a commission directly from:
His broker
Your sponsoring broker is the only one that can pay you a commission. All payment for services
rendered in real estate should go to your sponsoring broker first
A broker has a listed property. The owner mentions that a neighbor is interested in selling. The
broker meets with the neighbor and secures a second listing. Both listings sell and the broker
earns a commission on each. The broker would like to thank the owner of the first listed property
for this referral. How can the broker thank the seller
He cannot pay the seller a commission at all.
The only thing he can do is give a $50 referral gift (not cash nor convertible to cash) to anyone
for a referral
When must representation be disclosed and in what form?
Representation must be disclosed orally or in writing at first contact with a potential party to a
transaction. There is no TREC form for this.
John has listed the property at 17 Oak St. The sellers have received and accepted an offer from
the buyers. The buyers have received the survey and it shows an encroachment that the sellers
did not previously disclose. The buyers are not willing to purchase the property in this condition.
What action on the part of the buyers must be taken?
The buyers have the number of days mentioned in the contract to address survey problems with
the seller.
Paragraph 6D deals with Title commitments, exceptions and the survey as well as the number
of days for the buyer to object to these items once received.
, According to the TREC One to Four Family Residential Contract, who is responsible for paying
the owner policy of title insurance?
The party stipulated in the contract. This is a negotiable item in paragraph 6A
Who is responsible for filling out in the effective date of the real estate sales contract
the broker
Which of the following is the responsibility of the broker?
a. the listing advertisements of the sales agents he sponsors.
b. the continuing education for the license holder
c. the financial opportunities and success of the license holders he sponsors
d. the timely renewal of licenses by the sales agents he sponsors
A.
The broker is responsible for keeping agents legal by properly advertising the name of their
broker in all advertisements.
A buyer is unable to obtain credit approval as described in the Third Party Financing Addendum
for Credit Approval. If the buyer provides the seller with written notice within the agreed-to
number of days, which of the following is FALSE?
a. the contract is terminated
b. the buyer will lose his earnest money
c. the buyer is entitled to a return of his earnest money and there is no remedy for the seller
d. the buyer is not entitled to a refund
Correct answer: B
if the buyer notifies the seller of their failure to get loan approval in the number of days
mentioned in the blank in the third party financing addendum. The buyer is entitled to a refund of
their earnest money
Which statement about texas homestead protection is false
a. homestead protection is automatic, and may not be waived in texas
John Owns lakefront property. he has been granted water rights to the lake He Has:
Littoral Rights
Which of the following actions would not be advisable for a real estate license holder trying to
avoid liability with environmental issues:
a. Becoming familiar with common problems in the area
b. asking seller about contamination
c. performing basic test for hazardous materials
d. recommending inspections and disclosing all known hazards
C. Performing basic test
0:39
/
0:54
6 Ways to Show Appreciation for Your Child's Teacher
A broker has purchased general liability general liability insurance for his company this policy
will protect the company if:
a client is injured on company property
Using the cost approach, determine the value of a three story building that measures 100' x 65'
where replacement cost is $150 per square ft, with a lot valued at $75,000 and total
depreciation of $40,000
The cost approach is land + building replacement cost - deprecation
A landlord and tenant negotiate a verbal lease agreement on the phone for an 8 month lease
the tenant later decides not to move in. what term best describes the lease agreement these
two parties had
valid and enforceable
The civil rights act of 1866 prohibits discrimination based on
color
,The smith purchased a home for 200,000 with an LTV of 80%. They repaid 27,000 of their
original loan amount. They have just sold the home for 229,000. What is their equity at closing?
What can a lender use to protect loss of interest income
a prepayment penalty
where would you find PMI
On a high LTV conventional loan
A lot is sold for 100,000 with a 90% LTV. The seller has agreed to pay three discount points and
an origination point for the buyer at closing. how much will the seller owe at closing
A type of business ownership where the member or manager is not generally held liable for the
debs, obligation or liability of the company is:
LLC
A buyer has a contract with a due diligence clause in it. if the buyer is not satisfied with the
results of inspections on the property the due diligence clause:
allows the buyer to terminate the contract during the due diligence period
If a license holder fails to respond to a subpoena, what can TREC do?
If you fail. to respond to a subpoena, TREC may file suit with the attorney general to enforce it.
It is not a tree fine. They must have a hearing to revoke anyone's license. Violation of TRELA is
not a felony, only a Class A misdemeanor
TREC has received an application for a Texas Real Estate Sales License from Mary. Mary has
completed all her educational requirements, and passed the state exam. At this point TREC will
begin the background check. How long do they have do they have to review your application
TREC has no limit on days to review your application or complete a background check. They
have 30 days to notify you of their decision and you have 10 days to appeal that decision
Marcos was a Texas licensed Real Estate Sales agent for some time. He then chose to become
inactive and TREC has been holding his license in inactive status. He now wishes to activate
the license. What will he have to do?
If he is past his two years and is considered an experienced agent then he must pay $50 and
take a 18 hour continuing education course.
,There is no time limit for experienced agents to be inactive nor education required while inactive
as long as you pay your rental fee every two years
A texas broker may pay a commission to:
any licensed broker outside of Texas is considered a foreign broker and may be paid a
commission fee out of your commission.
You must have a real estate license in Texas to receive a commission if you are in Texas
Without proper authorization, a sales agent may accept a commission directly from:
His broker
Your sponsoring broker is the only one that can pay you a commission. All payment for services
rendered in real estate should go to your sponsoring broker first
A broker has a listed property. The owner mentions that a neighbor is interested in selling. The
broker meets with the neighbor and secures a second listing. Both listings sell and the broker
earns a commission on each. The broker would like to thank the owner of the first listed property
for this referral. How can the broker thank the seller
He cannot pay the seller a commission at all.
The only thing he can do is give a $50 referral gift (not cash nor convertible to cash) to anyone
for a referral
When must representation be disclosed and in what form?
Representation must be disclosed orally or in writing at first contact with a potential party to a
transaction. There is no TREC form for this.
John has listed the property at 17 Oak St. The sellers have received and accepted an offer from
the buyers. The buyers have received the survey and it shows an encroachment that the sellers
did not previously disclose. The buyers are not willing to purchase the property in this condition.
What action on the part of the buyers must be taken?
The buyers have the number of days mentioned in the contract to address survey problems with
the seller.
Paragraph 6D deals with Title commitments, exceptions and the survey as well as the number
of days for the buyer to object to these items once received.
, According to the TREC One to Four Family Residential Contract, who is responsible for paying
the owner policy of title insurance?
The party stipulated in the contract. This is a negotiable item in paragraph 6A
Who is responsible for filling out in the effective date of the real estate sales contract
the broker
Which of the following is the responsibility of the broker?
a. the listing advertisements of the sales agents he sponsors.
b. the continuing education for the license holder
c. the financial opportunities and success of the license holders he sponsors
d. the timely renewal of licenses by the sales agents he sponsors
A.
The broker is responsible for keeping agents legal by properly advertising the name of their
broker in all advertisements.
A buyer is unable to obtain credit approval as described in the Third Party Financing Addendum
for Credit Approval. If the buyer provides the seller with written notice within the agreed-to
number of days, which of the following is FALSE?
a. the contract is terminated
b. the buyer will lose his earnest money
c. the buyer is entitled to a return of his earnest money and there is no remedy for the seller
d. the buyer is not entitled to a refund
Correct answer: B
if the buyer notifies the seller of their failure to get loan approval in the number of days
mentioned in the blank in the third party financing addendum. The buyer is entitled to a refund of
their earnest money
Which statement about texas homestead protection is false
a. homestead protection is automatic, and may not be waived in texas
