TX Legal Update II (2024-2025) Final
Exam with 100% verified correct
answers 2025
What do the VA Loan Program and the Texas Veterans Land Board Lending Program
have in common? - Correct AnswerPrimary residency requirements
Sales agent Laura is one of your best friends AND a licensed agent in your office. She
was arrested for felony DWI three months ago in another part of Texas and has just
been convicted. She calls you and asks what she needs to do about her license. What
should you tell her? - Correct AnswerAdvise her to contact TREC immediately and
inform it of the situation.
What type of loan(s) are used in the Texas Veterans Land Board loan program? -
Correct AnswerVA, FHA, or conventional loans
Sections of the IABS include all of the following EXCEPT ______. - Correct
AnswerTREC's contact information and notice of the TREC Real Estate Recovery Trust
Account
"The employment of prudence and caution so as to avoid misrepresentation, in any
way, by acts of commission or omission," is the definition of which Canon of
Professional Ethics and Conduct? - Correct AnswerIntegrity
What is the RAP BACK program? - Correct AnswerThe FBI service that TREC uses to
monitor license holders' criminal activity
What type of agency can be created by someone's actions? - Correct AnswerImplied
agency
All of the following are in the top five TREC complaint categories EXCEPT ______. -
Correct AnswerAppraisal Issues
Why was the TREC advertising compliance program initiated? - Correct AnswerTo
manage advertising complaints that can be easily handled and remedied
Which of the following is a benefit of a VA loan for a military member buying a home? -
Correct AnswerNo private mortgage insurance required
Participating in conversations about commission rates between license holders from
different brokerages could be considered ______. - Correct AnswerA violation of
antitrust laws
Exam with 100% verified correct
answers 2025
What do the VA Loan Program and the Texas Veterans Land Board Lending Program
have in common? - Correct AnswerPrimary residency requirements
Sales agent Laura is one of your best friends AND a licensed agent in your office. She
was arrested for felony DWI three months ago in another part of Texas and has just
been convicted. She calls you and asks what she needs to do about her license. What
should you tell her? - Correct AnswerAdvise her to contact TREC immediately and
inform it of the situation.
What type of loan(s) are used in the Texas Veterans Land Board loan program? -
Correct AnswerVA, FHA, or conventional loans
Sections of the IABS include all of the following EXCEPT ______. - Correct
AnswerTREC's contact information and notice of the TREC Real Estate Recovery Trust
Account
"The employment of prudence and caution so as to avoid misrepresentation, in any
way, by acts of commission or omission," is the definition of which Canon of
Professional Ethics and Conduct? - Correct AnswerIntegrity
What is the RAP BACK program? - Correct AnswerThe FBI service that TREC uses to
monitor license holders' criminal activity
What type of agency can be created by someone's actions? - Correct AnswerImplied
agency
All of the following are in the top five TREC complaint categories EXCEPT ______. -
Correct AnswerAppraisal Issues
Why was the TREC advertising compliance program initiated? - Correct AnswerTo
manage advertising complaints that can be easily handled and remedied
Which of the following is a benefit of a VA loan for a military member buying a home? -
Correct AnswerNo private mortgage insurance required
Participating in conversations about commission rates between license holders from
different brokerages could be considered ______. - Correct AnswerA violation of
antitrust laws
