TX Legal Update II (2024-2025)
Final Exam 100% VERIFIED
ANSWERS 2024/2025 ALREADY
PASSED
What do the VA Loan Program and the
Texas Veterans Land Board Lending
Program have in common? - ANSWER-
Primary 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? - ANSWER-Advise 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? -
ANSWER-VA, FHA, or conventional loans
Sections of the IABS include all of the
following EXCEPT ______. - ANSWER-TREC'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? -
ANSWER-Integrity
What is the RAP BACK program? -
ANSWER-The FBI service that TREC uses to
monitor license holders' criminal activity
What type of agency can be created by
someone's actions? - ANSWER-Implied
agency
, All of the following are in the top five TREC
complaint categories EXCEPT ______. -
ANSWER-Appraisal Issues
Why was the TREC advertising compliance
program initiated? - ANSWER-To 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?
- ANSWER-No private mortgage insurance
required
Participating in conversations about
commission rates between license holders
from different brokerages could be
Final Exam 100% VERIFIED
ANSWERS 2024/2025 ALREADY
PASSED
What do the VA Loan Program and the
Texas Veterans Land Board Lending
Program have in common? - ANSWER-
Primary 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? - ANSWER-Advise 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? -
ANSWER-VA, FHA, or conventional loans
Sections of the IABS include all of the
following EXCEPT ______. - ANSWER-TREC'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? -
ANSWER-Integrity
What is the RAP BACK program? -
ANSWER-The FBI service that TREC uses to
monitor license holders' criminal activity
What type of agency can be created by
someone's actions? - ANSWER-Implied
agency
, All of the following are in the top five TREC
complaint categories EXCEPT ______. -
ANSWER-Appraisal Issues
Why was the TREC advertising compliance
program initiated? - ANSWER-To 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?
- ANSWER-No private mortgage insurance
required
Participating in conversations about
commission rates between license holders
from different brokerages could be
