Who is responsible for the acts of a salesperson? ✔️✔️The sponsoring broker
Failure on the part of the agent to advise the purchaser of real property in writing that he should have the abstract covering the property
examined by an attorney of his own selection, or that he should be furnished with a policy of title insurance shall: ✔️✔️d. preclude payment of,
or recovery of, any commission agreed to be paid on the sale
An example of gratuitous agency is: ✔️✔️b. Working for free
All of the following are examples of different ways of giving real estate legal description EXCEPT: ✔️✔️b. the recorded mailing address
The sponsoring broker is responsible to TREC, the public, and the clients for the acts of ✔️✔️d. his sponsored salespeople
The Texas Real Estate Broker-Lawyer Committee consists of: ✔️✔️c. 13 members
A handwritten will signed by the testator but not witnessed is known as a(n): ✔️✔️b. holographic will
The only person who is allowed to give legal advice is: ✔️✔️c. Attorney
How does the Texas Real Estate License Act define the first face-to-face meeting? ✔️✔️c. when substantive discussion occurs
An agency relationship is always created at the: ✔️✔️a. broker level
A guide could be developed by the company to help all licensees learn to make ethical decisions. ✔️✔️a. True
Which of the following is true of the rules and regulations of the Texas Real Estate Commission? ✔️✔️d. they have the full force and effect of law
A real estate license issued by the Texas Real Estate Commission must: ✔️✔️c. be prominently displayed by a residential rental locator
Land used for agriculture or wildlife management may qualify for an agricultural appraisal. When the land is no longer used for agricultural or
wildlife management rollback tax can occur. The tax is owed by: ✔️✔️d. the owner who changed the lands use
TRELA states that to be eligible to receive a real estate license in the state of Texas a person must ✔️✔️d. satisfy the Commission as to the
persons honesty
When the TAR Residential Leasing and Property Management Agreement is used the broker becomes an employee of the owner. ✔️✔️b. False
A salesperson: ✔️✔️b. May not act as a salesperson until he has a sponsoring broker
The real estate exam consists of 110 questions, 80 on the national portion of the test and 30 on the Texas portion of the test. ✔️✔️a. True
Intermediary agency has: ✔️✔️d. Replaced dual agency
The Texas Real Estate Recovery Fund is funded: ✔️✔️a. by real estate license fees
Who are the parties to the TREC sales contracts? ✔️✔️a. the buyer and the seller
What are the required number of MCE hours needed to renew a salesperson license after all SAE requirements have been met? ✔️✔️a. 3 hours
of ethics, 3 hours of legal and 9 hours of related MCE hours
The maxim amount an unlicensed person can receive for a referral is: ✔️✔️a. $50
The Texas Property Code requires the seller of a dwelling of not more than one unit deliver a Seller's Disclosure Notice to a buyer if the dwelling
is a resale property. If the buyer has not received the notice before signing the contract, the buyer may: ✔️✔️a. terminate the contract within 7
days after receiving the notice.
Which of the following statements is true of payment that is made from the Real Estate Recovery Fund on account of licensee's acts? ✔️✔️a. The
license may be revoked and a new one will not be issued until the fund has been reimbursed, with interest.
The One to Four Residential Contract (Resale) is the form used to make an offer on a property. It becomes the contract when: ✔️✔️d. all parties
have signed.
, A broker becomes the property manager for an owner who has several single family homes and duplexes for rental. Under the management
agreement the broker arranges for the maintenance, collects rent and signs all of the leases with the tenants as agent for the owner. In this
scenario, the broker is a ✔️✔️a. general agent
The "Seller's Disclosure of Property Condition" must be delivered to the buyer in all of the following transactions EXCEPT: ✔️✔️a. for sale of
commercial property
According to TREC rules, when MUST you inform a seller about the market value of their home? ✔️✔️b. when the listing is taken
The offeror dies five minutes prior to the offeree's acceptance of the offer. The contract formed is: ✔️✔️c. unenforceable
An applicant for a salesperson license must complete at least ___________ hours or equivalent classroom hours of post-secondary education.
✔️✔️d. 12 semester
The broker may never accept or reject an offer for the seller. ✔️✔️a. True
Examples of employment agreements are the: ✔️✔️a. listing agreement b. buyer's representation agreement
The amount of the commission is set in the: ✔️✔️a. listing agreement b. property management agreement c. buyer's agreement
The broker will not receive a commission if the seller sells the property. This is an example of: ✔️✔️b. Exclusive Agency
Whenever fraud, misrepresentation or duress can be proven, the contract becomes: ✔️✔️d. voidable
For an intermediary transaction to occur there must be __________ companies involved. ✔️✔️a. One
An applicant for a broker license must provide to the commission satisfactory evidence that the applicant: ✔️✔️a. has had at least 4 years of
active experience in the state as a license holder
Texas does not have a disclosure law. This means: ✔️✔️c. The buyer does not have to disclose to the public the amount that was paid for the
property.
A buyer makes an offer to purchase a property and specifies that the owner accept or reject the offer within 48 hours. Before hearing back
from the owner, the buyer locates a more attractive property and withdraws the offer. Is the buyer legally entitled to withdraw the offer? ✔️✔️a.
Yes; either party may withdraw an offer or counteroffer at anytime prior to its acceptance
Homesteads in Texas are not limited in size. ✔️✔️b. False. A rural homestead is limited to 200 acres for a married couple and 100 acres for a
single person c. False. An urban homestead is limited to no more than 10 acres of land.
One who is given a power-of-attorney that allows them to sign the name of a principal to a contract of sale is a(n): ✔️✔️a. attorney-in-fact
The origins of agency relationships began in the United States when the first real estate act was passed in: ✔️✔️d. California in 1919
When working with the buyer as a customer, the broker may: ✔️✔️a. Show property to the buyer b. Fill out an offer for the buyer c. Collect a
commission for the transaction
"The whole system or set of rules made by the government of a town, state, or country" is the definition of: ✔️✔️d. Law
The listing agreement must be in writing to satisfy: ✔️✔️The listing agreement must be in writing to satisfy:
A listing broker is not required to present an offer under what circumstances? ✔️✔️d. none of the above
a. the broker has already presented one offer, and the seller is thinking about it b. the offer is for less than the listing price c. the broker thinks a
better offer will be made tomorrow
Brokers should always make it clear to _______________________ who they represent in the transaction. ✔️✔️d. Sellers, buyers, and other
brokers
TRELA does not apply to: ✔️✔️a. an attorney licensed in this state b. an on-site manager of an apartment complex c. a public official while
engaged in offical duties
The Texas Real Estate Commission is made up of 9 members. 3 are brokers, and 6 are members of the public. ✔️✔️b. False
In 1993 the legislature created: ✔️✔️b. statutory dual agency