BROKERAGE AND CHARTERING EXAM 1
MASTERY 2026 AND 2027 ELITE EDITION
COMPREHENSIVE REVIEW QUESTIONS WITH
100% CORRECT ANSWERS.
◎ General Partner? ANSWER:- Is responsible for the day to day operations of the
business and has full liability. At least one general partner is required in a limited
partnership. The general Partner is most often the general "promoter"
◎ When two or more parties join together to create and operate a Real Estate
Investment is called ANSWER:- A Syndicate
◎ What is an LLC (Limited Liability Company) ANSWER:- Is formed by filling articles of
organizations with the Texas Secretary of State and is governed by the Texas Limited
Liability Company Act.. It Ofers limited lilabily protection.
◎ Research State Laws says that a Realtor can not be named "REALTOR" unless
ANSWER:- they are not members of A REALTOR association
◎ Prohibits any attempt to fix prices, limit competition by assigning market areas, or
boycotting of discount broker ANSWER:- Texas Free Enterprise and Anti Trust Act
◎ Exception to the requirement for completion of a Seller's Disclosure (There is no
seller disclosure when) ANSWER:- From one co-owner to one or more other co-owners
◎ Fiduciary Duties and Responsibility ANSWER:- OLDCAR= Obedience, Loyalty,
Disclosure, Confidentiality, Accounting, Reasonable Care.
◎ Disclosure of Representation: ANSWER:- At the first contact to a potential
transaction it can be face to face via phone, e-mail or any other means of
communication
◎ Do- Not-Call Registry ANSWER:- should be updated every 31 days for
brokers/agents to be able to make a call. Agents are not allowed to make cold calls if it
is not updated.
◎ The Can Spam Act of 2003 ANSWER:- This act requires opt-out instructions (among
other things) for unsolicited e-mails. The statute requires that it be honored in ten days
and also requires that the unsubscribe remain active for 30 days after the message is
sent.
, ◎ Housing for Older Persons is exempt from the prohibition against familial status
descrimination ANSWER:- -HUD has determined that it is specifically for and occupied
by elderly persons under a federal state of local government program
- It is occupied solely by persons who are 62 or older
- At least one person who is 55 or older in at least 80% of the occupied units
◎ Exclusive right to sell ANSWER:- Real estate brokers recommends this listing which
grants an exclusive right to sell the property during the listing term. A commission is
paid even if the property is sold by the owner.
◎ Procuring Cause of Sale ANSWER:- The effort that results in the sale of property -
the act of bringing a ready, willing and able buyer to a seller resulting the sale of the
seller's property. The open listing has resulted in many lawsuits between brokers each
claiming commission. These actions are known as procuring cause lawsuits.
◎ Benefits of Buyer Agency Relationship. (the benefits of buyer representation)
ANSWER:- - Access to market data
- Investment Analysis
- Assistance in Culling Unstable properties
- Assistance in obtaining Financing
- Assistance with negotiations
- Assistance in preparing offers and negotiating strategies
- Assistance with surveys, inspections, repairs
◎ Transaction Exempt from RESPA includes: ANSWER:- Temporary loan such as
CONSTRUCTION LOAN
◎ Benefits of Home Ownership ANSWER:- - Occupancy
- Tax Benefits
- Pride of Ownership
- Security
- Investment
◎ Supply can be restricted by a number of factors including: ANSWER:- - Land cost
may increase
- Construction
- Taxation
- Federal Reserve and Fiscal policies affect the availability of the funds
- Local government building codes and Zoning
◎ Demand of Real Estate is affected by: ANSWER:- Personal preference for an Area is
important but falls far behind jobs and transportation
◎ what is the meaning of THREATS in the SWOT ANALYSIS ANSWER:- Certain
factors in the external environment can pose threats to a competitive edge. A rise in
MASTERY 2026 AND 2027 ELITE EDITION
COMPREHENSIVE REVIEW QUESTIONS WITH
100% CORRECT ANSWERS.
◎ General Partner? ANSWER:- Is responsible for the day to day operations of the
business and has full liability. At least one general partner is required in a limited
partnership. The general Partner is most often the general "promoter"
◎ When two or more parties join together to create and operate a Real Estate
Investment is called ANSWER:- A Syndicate
◎ What is an LLC (Limited Liability Company) ANSWER:- Is formed by filling articles of
organizations with the Texas Secretary of State and is governed by the Texas Limited
Liability Company Act.. It Ofers limited lilabily protection.
◎ Research State Laws says that a Realtor can not be named "REALTOR" unless
ANSWER:- they are not members of A REALTOR association
◎ Prohibits any attempt to fix prices, limit competition by assigning market areas, or
boycotting of discount broker ANSWER:- Texas Free Enterprise and Anti Trust Act
◎ Exception to the requirement for completion of a Seller's Disclosure (There is no
seller disclosure when) ANSWER:- From one co-owner to one or more other co-owners
◎ Fiduciary Duties and Responsibility ANSWER:- OLDCAR= Obedience, Loyalty,
Disclosure, Confidentiality, Accounting, Reasonable Care.
◎ Disclosure of Representation: ANSWER:- At the first contact to a potential
transaction it can be face to face via phone, e-mail or any other means of
communication
◎ Do- Not-Call Registry ANSWER:- should be updated every 31 days for
brokers/agents to be able to make a call. Agents are not allowed to make cold calls if it
is not updated.
◎ The Can Spam Act of 2003 ANSWER:- This act requires opt-out instructions (among
other things) for unsolicited e-mails. The statute requires that it be honored in ten days
and also requires that the unsubscribe remain active for 30 days after the message is
sent.
, ◎ Housing for Older Persons is exempt from the prohibition against familial status
descrimination ANSWER:- -HUD has determined that it is specifically for and occupied
by elderly persons under a federal state of local government program
- It is occupied solely by persons who are 62 or older
- At least one person who is 55 or older in at least 80% of the occupied units
◎ Exclusive right to sell ANSWER:- Real estate brokers recommends this listing which
grants an exclusive right to sell the property during the listing term. A commission is
paid even if the property is sold by the owner.
◎ Procuring Cause of Sale ANSWER:- The effort that results in the sale of property -
the act of bringing a ready, willing and able buyer to a seller resulting the sale of the
seller's property. The open listing has resulted in many lawsuits between brokers each
claiming commission. These actions are known as procuring cause lawsuits.
◎ Benefits of Buyer Agency Relationship. (the benefits of buyer representation)
ANSWER:- - Access to market data
- Investment Analysis
- Assistance in Culling Unstable properties
- Assistance in obtaining Financing
- Assistance with negotiations
- Assistance in preparing offers and negotiating strategies
- Assistance with surveys, inspections, repairs
◎ Transaction Exempt from RESPA includes: ANSWER:- Temporary loan such as
CONSTRUCTION LOAN
◎ Benefits of Home Ownership ANSWER:- - Occupancy
- Tax Benefits
- Pride of Ownership
- Security
- Investment
◎ Supply can be restricted by a number of factors including: ANSWER:- - Land cost
may increase
- Construction
- Taxation
- Federal Reserve and Fiscal policies affect the availability of the funds
- Local government building codes and Zoning
◎ Demand of Real Estate is affected by: ANSWER:- Personal preference for an Area is
important but falls far behind jobs and transportation
◎ what is the meaning of THREATS in the SWOT ANALYSIS ANSWER:- Certain
factors in the external environment can pose threats to a competitive edge. A rise in
