TREBS EXAM PREP - STATE PORTION III QUESTIONS AND
ANSWERS
T3. A license holder has taken a listing on a property and is using a lottery to sell the
property. This is:
A. Grounds for suspension or revocation of license
B. Lawful if they obey the Texas State Lottery Law
C. Allowed because the seller request this type of sale
D. Only allowed if the seller agrees to the lottery paragraph in the listing agreement -
Answer -A. Grounds for suspension or revocation of license. TRELA does not allow a
license holder to offer a property for sale by lottery. A lottery/raffle sale of a home is
illegal nationwide, except under narrowly defined circumstances, such as a non-profit.
T3. A social media website that is accessible to the public, has content controlled by the
license holder, and has information about the license holder's real estate business is:
A. A business website
B. A personal website
C. Not allowed to be used by an agent
D. Always on MLS - Answer -A. A business website. The above is a definition of a
business website. Keep in mind that a sales agent may advertise a rebate, but the ad
must disclose that payment of the rebate is subject of the consent of the seller and if the
rebate is contingent upon certain restrictions, such as the use of a particular service
provider. A sales agent must also have their sponsoring broker's authorization to offer a
rebate.
T3. Compliance with the Texas Real Estate License Act would require that any
advertisement for a specific parcel of real property by a licensee must:
A. Contain an Equal Credit Opportunity 'disclaimer'
B. Identify the advertiser as a licensed broker or agent
C. Mention the Fair Housing Act
D. Refer to the Consumer Protection Act in the ad - Answer -B. Identify an advertiser as
a licensed broker or agent. Any advertisement for a specific parcel of real property by a
licensee must provide that identification.
T3. All of the following would be cause to suspend or revoke a license being held by a
broker or salesperson under the Real Estate License Act EXCEPT:
A. Knowingly making a substantial misrepresentation
B. Acting in the dual capacity of broker and undisclosed principal in any transaction
C. Failing to specify in a listing contract a definite termination date which is not subject
to prior notice
D. Revealing to an owner an offer which your knowledge and experience convince you
to be well below "fair market value" - Answer -D. Revealing to an owner an offer which
your knowledge and experience convince you to be well below "fair market value."
Answers "A," "B," and "C" are all listed in the license act as reasons the real estate
license could be revoked. Answer "D" is the correct answer. A licensee is required to
ANSWERS
T3. A license holder has taken a listing on a property and is using a lottery to sell the
property. This is:
A. Grounds for suspension or revocation of license
B. Lawful if they obey the Texas State Lottery Law
C. Allowed because the seller request this type of sale
D. Only allowed if the seller agrees to the lottery paragraph in the listing agreement -
Answer -A. Grounds for suspension or revocation of license. TRELA does not allow a
license holder to offer a property for sale by lottery. A lottery/raffle sale of a home is
illegal nationwide, except under narrowly defined circumstances, such as a non-profit.
T3. A social media website that is accessible to the public, has content controlled by the
license holder, and has information about the license holder's real estate business is:
A. A business website
B. A personal website
C. Not allowed to be used by an agent
D. Always on MLS - Answer -A. A business website. The above is a definition of a
business website. Keep in mind that a sales agent may advertise a rebate, but the ad
must disclose that payment of the rebate is subject of the consent of the seller and if the
rebate is contingent upon certain restrictions, such as the use of a particular service
provider. A sales agent must also have their sponsoring broker's authorization to offer a
rebate.
T3. Compliance with the Texas Real Estate License Act would require that any
advertisement for a specific parcel of real property by a licensee must:
A. Contain an Equal Credit Opportunity 'disclaimer'
B. Identify the advertiser as a licensed broker or agent
C. Mention the Fair Housing Act
D. Refer to the Consumer Protection Act in the ad - Answer -B. Identify an advertiser as
a licensed broker or agent. Any advertisement for a specific parcel of real property by a
licensee must provide that identification.
T3. All of the following would be cause to suspend or revoke a license being held by a
broker or salesperson under the Real Estate License Act EXCEPT:
A. Knowingly making a substantial misrepresentation
B. Acting in the dual capacity of broker and undisclosed principal in any transaction
C. Failing to specify in a listing contract a definite termination date which is not subject
to prior notice
D. Revealing to an owner an offer which your knowledge and experience convince you
to be well below "fair market value" - Answer -D. Revealing to an owner an offer which
your knowledge and experience convince you to be well below "fair market value."
Answers "A," "B," and "C" are all listed in the license act as reasons the real estate
license could be revoked. Answer "D" is the correct answer. A licensee is required to
