Texas State Exam (Prep Agent)

A broker sponsors only one associate license holder. He has a listing and a buyer client who wants to purchase that listing. What is true? - Answer-The broker can act as intermediary with written consent from both parties. What is the criminal penalty for engaging in the real estate brokerage business in Texas without first becoming licensed by TREC? - Answer-A Class A misdemeanor punishable by confinement of up to one year in a county jail and a fine of up to $4,000 Which of the following statements is true of a security deposit? - Answer-A security deposit must be returned to the tenant within 30 days of the end of the lease unless the property has been damaged. A seller of a property will continue to occupy the premise for 14 days after the closing day. How should this be handled in the sales contract? - Answer-The Seller's Temporary Residential Lease form should be used How long does a broker have to deposit earnest money in an escrow account? - Answer-Until the close of business of the second working day after the date the broker receives the trust money (unless otherwise agreed upon). Which of the following people would not be in jeopardy of losing their Texas real estate sales agent's license? - Answer-A sales agent who is authorized by their broker to accept an excessive commission from a seller Prior to issuance of an inspector's license, a newly approved inspector must remit what amount to the Real Estate Inspection Recovery Fund? - Answer-$10 Which broker has the right to determine how a commission will be divided? - Answer-Only the listing broker. Arthur sold his waterfront property to some buyers and provided the Notice of Coastal Area Property. The house on the property was behind the vegetation line at the time of the sale. Several months after the sale, a hurricane caused a considerable amount of beach erosion an