EXPERT-VERIFIED ACTUAL COMPLETE REAL EXAM
QUESTIONS AND CORRECT ANSWERS (VERIFIED
ANSWERS) FOR GUARANTEED PASS | BRAND NEW!!.
What is a counteroffer? - ANSWER-A rejection of an offer and a
presentation of new terms and/or conditions. It is not valid until
both parties have signed it.
Parties can be compelled to take a dispute to mediation prior to
being able to initiate litigation by - ANSWER-A judge. Under the
1987 Alternative Dispute Resolution Act, only a judge can compel
parties to take a dispute to mediation. Others can encourage
parties to submit voluntarily to mediation prior to resorting to
litigation but only a judge can compel.
What is true of a mechanic's and materialman's (M&M) lien? –
ANSWER-Homesteads are not protected against M&M liens, the
lien is valid as of the first day work began on the property, and all
owners of the property must sign before work is begun.
A broker has a duty to provide what two things to his sponsoring
agents? - ANSWER-Supervision and evaluation
,Once a licensee has obtained a listing, he or she must: -
ANSWER-provide the seller with a legible, signed, true, and
correct copy of the listing agreement.
Six of the members of the Broker-Lawyer Committee are selected
from: - ANSWER-The State Bar of Texas.
Responding to or facilitating inquiries about the ancestry or
familial status would put the licensee in the position of violating -
ANSWER-Federal and state laws as well as the Texas Real Estate
Commission rules. Facilitating such inquiries could result in
suspension or revocation of one's license.
What are the buyer's choices upon presentation of a counter-
offer? – ANSWER-accept, reject, consider, or counter-offer
The buyer gives the owner a $5,000 payment and a written
agreement stating that, on July 1 of the following year, the buyer
will purchase the property for $150,000 cash or the owner may
keep the money. This transaction is known as – ANSWER-an
option agreement.
,In an option contract, - ANSWER-the buyer purchases the right to
buy a property at fixed terms within a defined period of time. If the
option is not executed, the owner gets to keep the deposit.
A broker may define the sponsored agent's general duties and
authority, but not - ANSWER-how the agent does his business.
The earnest money accompanying a purchase offer - ANSWER-is
not necessary to establish a valid contract. its main use is to
reassure the seller and prove the buyer's good faith.
A contract which was signed by a minor is - ANSWER-voidable by
the minor, but not by the other party.
An owner of property conveys interest in that property to a
private school with the stipulation that the land only be used as a
playground. Several years later, the school trustees announce
that the school is going to expand by building an addition onto
this property. The grantor can - ANSWER-wait, and then demand
that the addition be torn down.
An accrued charge on a closing statement is paid - ANSWER-in
arrears.
, The entity that loses ownership through a deed of trust mortgage
foreclosure is the - ANSWER-mortgagor (borrower)
An abstract of title contains - ANSWER-the summary of a title
search
A deed is the instrument used to convey ownership of - ANSWER-
real property.
At a closing, items such as property taxes and water bills are
divided between buyer and seller by the process known as -
ANSWER-proration
The Civil Rights Act of 1866 prohibits discrimination in real estate
based on - ANSWER-race.
what actions by a landlord is NOT discriminatory under the
Federal Fair Housing Act? - ANSWER-if the prospective tenant
has a pet. Pets and pet owners are not protected under Fair
Housing Laws.
Which form or action of discrimination was NOT in violation of the
Federal Fair Housing Act when established in 1968? - ANSWER-
sex