Texas Real Estate Exam Questions And Answers With Verified Updates

When must a property owner declare their primary residence as their homestead to get homestead protection? a. At closing b. Never c. After 1 year of occupancy d. After Jan 1 of the first year of full occupancy - b According to the TREC residential resale contract form, if a termination option fee is paid, day one of the option period is: a. When loan approval has been obtained b. When the title commitment is issued c. When the earnest money is deposited d. The day following the effective date of the contract - d If an applicant for a sales license engages in a brokerage transaction, the applicant: a. may be paid for the transaction, after he gets his license b. may face criminal charges resulting in fine or jail c. is following standard operating procedures d. is ineligible for a license for 2 years - b An unlicensed assistant is hired to increase an agents listing inventory. The assistant may: a. create marketing flyers and distribute the flyers door to door b. create flyers and show properties to prospective buyersc. host an open house and write contract offers d. make calls soliciting business from expired listings. - a An individual is exempt from real estate licensure in Texas if the individual is doing which of the following: a. running an apartment locator service for several different complexes b. listing real estate for sale, rent, exchange or trade c. being an onsite manager of an apartment complex d. procuring prospects for the rental of real estate - c When a sales agents sponsorship is terminated by his sponsoring broker, the broker must: a. release the agents listings to the new broker b. disclose the termination to the MLS c. notify the commission of all outstanding listings taken by the sales agent d. notify the sales agent of the termination in writing and return he license to TREC immediately - d If an unlicensed individual provides a referral that ends in a closing, how can you repay them? a. with a $50 gift card b. By sending them on a vacation for the weekend c. by paying their rent for a month d. by rebating a part of your commission to them - a A license holder, while acting as an agent for another, should: a. Expect any ambiguities in the contract documents will be corrected at closing.b. Be scrupulous and meticulous in performing the agents functions. c. Advise the buyers that verbal repair agreements can be documented at closing d. Explain that written contract amendments are not as important as the original agreement. - b When a broker is acting for more than one party, the broker should disclose : a. Confidential information in writing to the parties b. Any known material defects on the property c. the amount of any previous offers d. the financial assets of the buyer - b In which of the following situations would the Texas property code excuse the seller from delivery of the sellers disclosure notice regarding the condition of the property. a. the seller has never lived in the house b. the property is being sold as a foreclosure c. the value of the improvements exceeds 5% of the sales price d. the improvements on the property were constructed prior to 1978 - b