Texas Real Estate Practice Exam 1 Questions with 100% Correct Answers

Who promulgates forms for mandatory use by Texas brokers and salespersons? Correct Answer Texas Real Estate Commission In Texas, unless stated to the contrary in a deed, ownership of land by a married couple is assumed to be by Correct Answer Community Property Regarding community property, which of the following is TRUE? Correct Answer Neither spouse may sell any real estate owned as part of their community property, unless both spouses sign the sales contract and deed. A homestead is protected against judgments that result from Correct Answer Unsecured creditors In Texas, who is authorized to draft deeds, mortgages, deeds of trust, and notes? Correct Answer An attorney licensed to practice law In Texas, licenses are renewed Correct Answer In the month issued A consumer prevails in a suit for a cause of action involving the Texas deceptive trade practices Act. The maximum the consumer may be awarded by the court is Correct Answer Actual damages, court costs, attorney fees, and up to treble damages if the court finds conduct committee knowingly or intentionally A seller has no knowledge of any plumbing system problems on the property the seller is selling. In actuality, however, the pipes are seriously corroded and will need to be replaced soon. On the sellers disclosure of property condition, when responding to whether the seller is aware of plumbing system problems, the seller should enter Correct Answer No Which would be considered acting in a lawful position as an intermediary? Correct Answer Appointed licensees communicating with and caring out the instructions of different principles in one transaction Which would be considered acting in a lawful position as an intermediary Correct Answer Appointed licensee communicating with and caring out instructions of different principles in one transaction