State Real Estate Exam

Jamie owned the fee simple title to a vacant lot adjacent to a hospital and was persuaded to make a gift of the lot to the hospital. She wanted to have some control over its use, so her attorney prepared her deed to convey ownership of the lot to the hospital "so long as it is used for hospital purposes." After completion of the gift, the hospital will own a - Answer- Determinable fee estate. What state agency is responsible for licensing and regulating professional real estate inspectors and their apprentice inspectors? - Answer- The Texas Real Estate Commission. Membership in the Texas Association of Realtors: - Answer- Allows the member to use the TAR contracts and forms. Which of the following is true of a joint tenancy? - Answer- The conveyance must specifically state the intention to create a joint tenancy. All unilateral contracts are________ contracts. - Answer- Voidable. Which of the following is NOT true under the Texas Homestead law? - Answer- Homestead rights in property may be terminated by the death of a spouse. The right that a power company acquires in order to lay a service line across a customer's property is called - Answer- An easement in gross. The relationship of a salesperson to their sponsoring broker is - Answer- Subject to all laws and rules of agency Which of the following terms is most synonymous with the buyer when two licensees are functioning as a listing agent and as a sub-agent? - Answer- Customer. When must a licensee present the statutory "Information About Brokerage Services" to a prospective seller or purchaser? - Answer- At the time a meeting occurs where substantive discussion about a specific property takes place. What can TREC do if a licensee does not comply with a subpoena - Answer- File suit through the Attorney Generals office The Fair Housing Act of 1988, which addresses accessibility in new multi-family buildings for people with physical disabilities, mandate all of the following EXCEPT - Answer- Elevators or power lifts. If the seller is to remain in the property after closing: - Answer- A seller's temporary Lease Form promulgated by TREC should be attached to the contract.