State 4 Questions with complete
solution
What is the criminal penalty for engaging in the real estate brokerage
business in Texas without first becoming licensed by TREC? - correct answer
✔A fine of not more than $4,000
The Texas Real Estate License Act was passed in: - correct answer ✔1939
What are the requirements to become a licensed broker in TX? - correct
answer ✔900 hours of education + 360 points, in addition to 4 out of the past
5 years active real estate salesperson licensure
The designated officer of a licensed real estate corporation owns 15% of the
corporation. How much E&O insurance is required by TREC? - correct
answer ✔TREC requires $0 of E&O insurance if the designated officer owns
10% or more of the corporation
Which of the following actions is NOT a violation of the Texas Real Estate
License Act? - correct answer ✔A broker offers a guaranteed buy back of a
property for a set price, if the purchaser is not happy with the investment after
a two-year period of ownership
How long does a broker have to deposit earnest money in an escrow
account? - correct answer ✔Until the close of business of the second
business day after the offer was accepted and broker receives funds
Where should the Consumer Information Notice be posted? - correct answer
✔on the Broker's business website homepage
solution
What is the criminal penalty for engaging in the real estate brokerage
business in Texas without first becoming licensed by TREC? - correct answer
✔A fine of not more than $4,000
The Texas Real Estate License Act was passed in: - correct answer ✔1939
What are the requirements to become a licensed broker in TX? - correct
answer ✔900 hours of education + 360 points, in addition to 4 out of the past
5 years active real estate salesperson licensure
The designated officer of a licensed real estate corporation owns 15% of the
corporation. How much E&O insurance is required by TREC? - correct
answer ✔TREC requires $0 of E&O insurance if the designated officer owns
10% or more of the corporation
Which of the following actions is NOT a violation of the Texas Real Estate
License Act? - correct answer ✔A broker offers a guaranteed buy back of a
property for a set price, if the purchaser is not happy with the investment after
a two-year period of ownership
How long does a broker have to deposit earnest money in an escrow
account? - correct answer ✔Until the close of business of the second
business day after the offer was accepted and broker receives funds
Where should the Consumer Information Notice be posted? - correct answer
✔on the Broker's business website homepage
