Download Texas Real Estate Exam 2024/2025 with 100% Accurate Solutions and more Exams Nursing in PDF only on Docsity!
TEXAS REAL ESTATE EXAM 2024/
WITH 100% ACCURATE SOLUTIONS
If an applicant for a sales license engages in a brokerage transaction, the applicant: a. may be paid for the transaction, after he gets his license b. may face criminal charges resulting in fine and/or jail c. is following standard operating procedures d. is ineligible for a license for 2 years - Precise Answer ✔✔b. may face criminal charges resulting in fine and/or jail An unlicensed assistant is hired to increase an agent's listing inventory. The assistant may: a. create marketing flyers and distribute the flyers door to door b. create flyers and show properties to prospective buyers c. host an open house and write contract offers d. make calls soliciting business from expired listings - Precise Answer ✔✔a. create marketing flyers and distribute the flyers door to door An individual is exempt from real estate licensure in Texas if the individual is doing which of the following:
a. running an apartment locator service for several different complexes b. listing real estate for sale, rent, exchange or trade c. being an on-site manager of an apartment complex d. procuring prospects for the rental of real estate - Precise Answer ✔✔c. being an on-site manager of an apartment complex When a sales agent's sponsorship is terminated by his sponsoring broker, the broker must: a. release the agent's listing to the new broker b. disclose the termination to the MLS c. notify the commission of all outstanding listings taken by the sales agent d. notify the sales agent of the termination in writing and return the license to TREC immediately - Precise Answer ✔✔d. notify the sales agent of the termination in writing and return the license to TREC immediately If an unlicensed individual provides a referral that ends in a closing, how can you repay them? a. with a $50 gift card b. by sending them on a vacation for a weekend c. by paying their rent for a month
a. the seller has never lived in the house b. the property is being sold as a foreclosure c. the value of the improvements exceeds 5% of the sales price d. the improvements on the property were constructed prior to 1978 - Precise Answer ✔✔b. the property is being sold as a foreclosure An agent's disclosure of representation must be made: a. through the purchase offer b. with a TREC promulgated form c. in writing or orally d. with the IABS form - Precise Answer ✔✔c. in writing or orally According to the TREC residential resale contract form, if a termination option fee is paid, day one of the option period is: a. When loan approval has been obtained b. when the title commitment is issued c. when the earnest money is deposited d. the day following the effective date of the contract - Precise Answer ✔✔d. the day following the effective date of the contract
Your buyer-client insists on entering into a lease-purchase agreement. You must: a. direct the buyer to consult a mortgage broker to seek a no down payment mortgage b. draw up an agreement using the TREC-promulgated lease-purchase contract form c. recommend that the buyer seek the advice of an attorney d. suggest that the buyer lease another property and save for a future down payment - Precise Answer ✔✔c. recommend that the buyer seek the advice of an attorney An agent has received a $75 check from a home warranty company. Can he keep the check? a. No, because it is more than $ b. No, because the check is for a service provided to the other agent's client c. Yes, because the seller paid for the home warranty plan covering the seller's property d. Yes, if the agent provided the RSC disclosure and the broker authorizes the payment to the agent - Precise Answer ✔✔d. Yes, if the agent provided the RSC disclosure and the broker authorizes the payment to the agent If a cash buyer would like to have an appraisal done to ensure that a property is priced at or below market value, the agent should:
c. Yes, if the other party agrees d. only with permission from the lender - Precise Answer ✔✔a. Yes A license holder MUST use a TREC promulgated form except: a. the principal requires the use of another form b. the principal is an attorney c. the principal is paying cash d. there are no exceptions - Precise Answer ✔✔a. the principal requires the use of another form When must a property owner declare their primary residence as their homestead to get homestead protection? a. at closing b. never c. after 1 year of occupancy d. after Jan 1 of the first year of full occupancy - Precise Answer ✔✔b. never A DTPA claim cannot be brought against a license holder for: a. making an express misrepresentation of material fact to induce a consumer to buy
b. giving incorrect advice or opinions c. failing to disclose a known defect d. telling the seller to cover up a defect before listing the property - Precise Answer ✔✔b. giving incorrect advice or opinions Before closing, if a buyer has not received the MUD disclosure, what options does the buyer have? a. revocation of the contract b. can sue for damages c. doesn't have to participate in MUD d. can select a different MUD district - Precise Answer ✔✔a. revocation of the contract A broker entered into a representation agreement with a buyer on the phone. The broker found a property for the buyer and was the procuring cause of the sale. The buyer has refused to pay the agreed commission. What can the broker do? a. complain to TREC b. complain to the National Association of REALTORS c. seek arbitration d. according to TRELA, there is o recourse for the broker - Precise Answer ✔✔d. according to TRELA, there is o recourse for the broker
What type of information is contained in Paragraph 11 of the 1-4 Family Contract? a. sales price b. third party financing c. business details d. personal property - Precise Answer ✔✔c. business details An HOA wants to foreclose on a property owned by a soldier on active duty. Based on the Serviceman's Readjustment Act what is true? a. the normal rules for HOA foreclosure apply b. the HOA cannot foreclose on this property c. The VA must be notified before the foreclosure can proceed d. an active duty veteran is exempt from paying HOA fees and therefore would never face foreclosure - Precise Answer ✔✔c. The VA must be notified before the foreclosure can proceed
