Certified General Appraiser Exam Test Questions and Answers

Attorneys Must have a real estate license to participate in a commission split. Attorneys can handle a real estate transaction for a client for a fee as long as they do not participate in broker to broker commission split. Any attorney licensed in a state other than Texas will need to be licensed in Texas (as a attorney) to handle a real estate transaction for a client for a fee in Texas. An Attorney-in-fact Auctioneers Must have license if involved in any part of a real estate transaction. An auctioneer calling a real estate auction is exempt from licensing Apartment locators Must have license. On-site apartment managers do not have to have license. Real Estate sales agent must have license. All Sales License holders must be sponsored by a broker and receive commission only from that broker. Designated officers and managers must be brokers. All real estate entities must have a broker. New home sales agent working for one builder or owner is exempt from licensing. Anyone selling mobile homes is exempt from licensing. Business entities business entities that receive compensation on behalf of a license holder must be a licensed broker. Example: a sales agent who incorporates and wants commissions paid to his/her corporation. To receive and maintain a license, a business entity must designate an individual holding an active Texas real estate broker license who is an officer, manager, or general partner of the entity to act for it. If a brokerage or business entity elects to do business under an assumed name, the assumed name should be filed with the Secretary of State, TREC and the local county clerk. An alternate name, associated broker, assumed business name and/ or team names must all be register with the TREC before the use in any advertisement. Team names must end with "team" or "group" Designated Officer of a licensed real estate corp.