TEXAS REAL ESTATE PREP State Test Chapter 2 Questions and Answers | Latest Update | 2024/2025 | Already Passed

TEXAS REAL ESTATE PREP State Test Chapter 2 Questions and Answers | Latest Update | 2024/2025 | Already Passed **Explain who is exempt from Texas Real Estate Licensing requirements.** Exemptions from Texas Real Estate Licensing include licensed attorneys, court-appointed receivers, trustees, guardians, and sheriffs, administrators and executors of estates, on-site apartment managers, new home salespersons working exclusively for one builder or owner, cemetery lot salespersons, FSBO (For Sale By Owner) transactions, employees leasing or renting properties on behalf of owners, hotel/motel personnel, attorneys-in-fact, auctioneers conducting real estate auctions, individuals selling mobile homes, and those involved in foreclosure sales. **Can a licensed attorney in Texas handle real estate transactions for a fee?** Yes, a licensed attorney in Texas can handle real estate transactions for a fee, provided they do not participate in a commission split between brokers. **Can any attorney licensed in Texas participate in real estate transactions for clients?** Yes, as long as the attorney holds a valid Texas attorney license. Attorneys licensed in other states must also be licensed in Texas to charge fees from Texas clients. They cannot participate in broker-to-broker commission splits; any involvement with a broker requires arrangements for the principal to pay the attorney fee. **List the eight individuals or entities that must be licensed to sell real estate in Texas.** 1. Attorneys with a real estate license eligible for broker-to-broker commission splits 2. Auctioneers involved in real estate transactions 3. Real Estate Sales People 4. Apartment Locators 5. The designated officer of a licensed real estate corporation or the designated manager of a licensed Real Estate Limited Liability Company (both acting as brokers) 6. Business entities receiving compensation on behalf of a license holder (e.g., salesmen incorporating to receive commissions) 7. Third parties controlling rent acceptance or collection from single-family residences 8. Business entities engaging in real estate brokerage, required to be registered with the Secretary of State (must be brokers) **List the steps to obtaining a Real Estate Sales License in Texas.** 1. Complete educational requirements 2. Submit an application with or without a sponsoring Broker 3. Pay required fees 4. Pass the state exam 5. Demonstrate integrity **How does a licensee applicant demonstrate competence to practice real estate in Texas?** By successfully passing the Texas Real Estate Licensing Exam **How many homes can an unlicensed person sell in Texas?** An unlicensed person, acting as a FSBO (For