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Texas Real Estate Exam Prep (From
PearsonVUE and & Champions National
Exam Prep) with answers
A |!|property |!|owner |!|has |!|decided |!|to |!|do |!|some |!|landscaping |!|work |!|on |!|his |!| yard. |!|he |!|has |!|planted |!|a |!|tree |!|surrounded |!|by |!|some |!|flowering |!|shrubs. |!|The |!| tree |!|and |!|shrubs |!|are |!|an |!|example |!|of: a) |!|encroachments b) |!|improvements c) |!|surface |!|rights d) |!|emblements |!|- |!|correct |!|answer |!| ✔ b) |!|improvements A |!|property |!|owner |!|has |!|a |!|waterfront |!|lot |!|on |!|a |!|stream. |!|He |!|has |!|the |!|right |!| to |!|use |!|the |!|water |!|from |!|the |!|stream. |!|What |!|is |!|this |!|right |!|called? a) |!|riparian b) |!|littoral c) |!|appropriative d) |!|appropriation |!|- |!|correct |!|answer |!| ✔ a) |!|riparian A |!|commercial |!|tenant |!|is |!|aware |!|that |!|his |!|lease |!|will |!|expire |!|at |!|the |!|end |!|of |!| the |!|month. |!|He |!|has |!|begun |!|to |!|disassemble |!|his |!|display |!|cabinets |!|and |!| shelves. |!|Which |!|of |!|the |!|following |!|statements |!|about |!|this |!|is |!|true? |!| A) |!|he |!|cannot |!|take |!|them |!|without |!|first |!|obtaining |!|written |!|permission |!|from |!| the |!|landlord. |!| b) |!|if |!|the |!|landlord |!|wants |!|them, |!|he |!|can |!|pay |!|the |!|tenant |!|and |!|the |!|tenant |!| must |!|leave |!|them |!|
c) |!|The |!|tenant |!|can |!|take |!|these |!|as |!|they |!|are |!|trade |!|fixtures |!| d) |!|he |!|must |!|disclose |!|to |!|the |!|landlord |!|that |!|he |!|plans |!|to |!|take |!|them |!|- |!| correct |!|answer |!| ✔ c) |!|the |!|tenant |!|can |!|take |!|these |!|as |!|they |!|are |!|trade |!|fixtures A |!|seller |!|is |!|attending |!|the |!|closing |!|on |!|his |!|property. |!|The |!|title |!|company |!|has |!| discovered |!|an |!|unsatisfied |!|M&M |!|lien |!|on |!|the |!|property. |!|Which |!|of |!|the |!| following |!|is |!|the |!|most |!|likely |!|reason |!|for |!|the |!|lien? a) |!|a |!|workman |!|on |!|the |!|property |!|left |!|tools |!|behind b) |!|unpaid |!|personal |!|property |!|taxes c) |!|plumbing |!|work |!|that |!|was |!|completed |!|but |!|never |!|paid |!|for d) |!|a |!|judgment |!|- |!|correct |!|answer |!| ✔ c) |!|plumbing |!|work |!|that |!|was |!|completed |!|but |!|never |!|paid |!|for A |!|listing |!|agent |!|went |!|to |!|inspect |!|a |!|seller's |!|property |!|hoping |!|to |!|list |!|it |!|for |!| sale. |!|The |!|seller |!|told |!|the |!|listing |!|agent |!|that |!|his |!|neighbor's |!|satellite |!|dish |!| trespasses |!|on |!|his |!|property. |!|This |!|is |!|an |!|example |!|of: a) |!|annexation b) |!|encroachment |!| c) |!|appurtenance d) |!|license |!|- |!|correct |!|answer |!| ✔ b) |!|encroachment A |!|father |!|gives |!|his |!|son |!|a |!|life |!|estate |!|on |!|a |!|property. |!|The |!|son |!|leases |!|the |!| property. |!|The |!|tenant |!|dies. |!|What |!|happens |!|to |!|the |!|property? a) |!|it |!|reverts |!|to |!|the |!|father b) |!|it |!|goes |!|to |!|the |!|remainderman c) |!|it |!|goes |!|back |!|to |!|the |!|son |!|until |!|he |!|dies
A, |!|B |!|and |!|C |!|are |!|joint |!|tenants. |!|C |!|dies. |!|B |!|sells |!|his |!|share |!|to |!|D. |!|What |!|type |!|of |!|ownership |!|do |!|A |!|and |!|D |!|have? a) |!|joint |!|tenants b) |!|tenants |!|by |!|the |!|entirety c) |!|tenants |!|in |!|common d) |!|tenants |!|in |!|severalty |!|- |!|correct |!|answer |!| ✔ c) |!|tenants |!|in |!|common Under |!|what |!|right |!|can |!|the |!|government |!|change |!|property |!|use |!|from |!| commercial |!|to |!|residential |!|only? a) |!|Police |!|Power b) |!|Eminent |!|Domain c) |!|Taxation d) |!|Escheat |!|- |!|correct |!|answer |!| ✔ a) |!|Police |!|Power Ownership |!|of |!|the |!|common |!|areas |!|of |!|condominiums |!|is |!|most |!|likely |!|to |!|be: a) |!|joint |!|tenancy b) |!|tenancy |!|by |!|the |!|entirety c) |!|tenancy |!|in |!|common d) |!|sole |!|ownership |!|- |!|correct |!|answer |!| ✔ c) |!|tenancy |!|in |!|common What |!|should |!|a |!|buyer |!|do |!|to |!|ensure |!|that |!|he |!|is |!|getting |!|the |!|best |!|title |!|to |!| real |!|property? a) |!|get |!|an |!|attorney's |!|opinion |!|of |!|title b) |!|get |!|title |!|insurance c) |!|get |!|a |!|special |!|warranty |!|deed
d) |!|get |!|a |!|general |!|warranty |!|deed |!|- |!|correct |!|answer |!| ✔ d) |!|get |!|a |!|general |!| warranty |!|deed Which |!|covenant |!|in |!|a |!|deed |!|guarantees |!|that |!|the |!|owners |!|will |!|not |!|suffer |!|or |!|be |!|disturbed |!|by |!|any |!|claims |!|in |!|the |!|property? a) |!|the |!|covenant |!|of |!|seizen b) |!|the |!|covenant |!|against |!|encumbrances c) |!|the |!|covenant |!|of |!|quiet |!|enjoyment d) |!|the |!|covenant |!|of |!|warranty |!|forever |!|- |!|correct |!|answer |!| ✔ c) |!|the |!|covenant |!| of |!|quiet |!|enjoyment Excess |!|money |!|at |!|a |!|foreclosure |!|sale |!|goes |!|to: a) |!|the |!|borrower b) |!|the |!|lender c) |!|the |!|courts d) |!|the |!|trustee |!|- |!|correct |!|answer |!| ✔ a) |!|the |!|borrower The |!|required |!|distance |!|between |!|buildings |!|and |!|a |!|federally |!|protected |!| endangered |!|species |!|wetlands, |!|two |!|incompatible |!|uses, |!|is |!|an |!|example |!|of: a) |!|space |!|determined |!|by |!|deed |!|restrictions b) |!|Condemnation |!| c) |!|a |!|buffer |!|zone d) |!|space |!|determined |!|by |!|zoning |!|- |!|correct |!|answer |!| ✔ c) |!|a |!|buffer |!|zone After |!|defaulting |!|on |!|a |!|real |!|estate |!|loan, |!|a |!|borrower |!|is |!|able |!|to |!|pay |!|off |!|the |!|loan |!|prior |!|to |!|the |!|foreclosure |!|sale. |!|This |!|is |!|called:
A |!|landlord |!|leased |!|space |!|in |!|his |!|new |!|retail |!|property |!|to |!|an |!|inexperienced |!| business |!|person. |!|Based |!|on |!|location |!|and |!|the |!|type |!|of |!|business, |!|the |!| landlord |!|believes |!|is |!|will |!|be |!|a |!|great |!|success. |!|What |!|type |!|of |!|lease |!|can |!|he |!| enter |!|into |!|with |!|the |!|tenant |!|that |!|will |!|allow |!|the |!|landlord |!|to |!|benefit |!|from |!| the |!|tenant's |!|success? a) |!|a |!|percentage |!|lease b) |!|a |!|net |!|lease c) |!|a |!|gross |!|lease d) |!|a |!|sale |!|and |!|leaseback |!|- |!|correct |!|answer |!| ✔ a) |!|a |!|percentage |!|lease A |!|buyer |!|has |!|purchased |!|a |!|property |!|and |!|after |!|closing |!|the |!|seller |!|will |!| continue |!|to |!|occupy |!|the |!|property. |!|this |!|is |!|an |!|example |!|of: a) |!|subletting b) |!|assignment c) |!|sale |!|and |!|leaseback d) |!|a |!|ground |!|lease |!|- |!|correct |!|answer |!| ✔ c) |!|sale |!|and |!|leaseback Your |!|clients |!|will |!|be |!|able |!|to |!|qualify |!|for |!|financing |!|for |!|a |!|property |!|they |!| wish |!|to |!|purchase |!|in |!|about |!|six |!|months, |!|after |!|they |!|have |!|had |!|an |!| opportunity |!|to |!|reduce |!|their |!|consumer |!|debt. |!|They |!|have |!|found |!|a |!|property |!|that |!|they |!|would |!|like |!|to |!|purchase |!|now. |!|What |!|type |!|of |!|agreement |!|can |!| they |!|enter |!|into |!|with |!|a |!|seller |!|that |!|will |!|allow |!|them |!|to |!|occupy |!|the |!| property |!|now |!|and |!|purchase |!|it |!|within |!|the |!|six |!|months? |!| a) |!|sale |!|and |!|leaseback |!| b) |!|right |!|of |!|first |!|refusal |!| c) |!|lease |!|with |!|an |!|option |!|to |!|buy |!| d) |!|graduated |!|lease |!|- |!|correct |!|answer |!| ✔ c) |!|lease |!|with |!|an |!|option |!|to |!|buy
Tenants |!|have |!|signed |!|a |!|3-year |!|lease |!|on |!|a |!|property. |!|In |!|the |!|second |!|year |!| the |!|owner |!|dies |!|and |!|his |!|heirs |!|inherit |!|the |!|property. |!|They |!|give |!|the |!|tenants |!|notice |!|to |!|vacate. |!|What |!|is |!|true? a) |!|the |!|tenants |!|can |!|stay |!|until |!|the |!|end |!|of |!|the |!|lease b) |!|the |!|tenants |!|have |!|to |!|move |!|if |!|the |!|new |!|owners |!|give |!|them |!| 30 |!|days |!| notice c) |!|the |!|tenants |!|must |!|move |!|immediately |!| d) |!|the |!|tenants |!|can |!|stay |!|until |!|the |!|new |!|owner |!|has |!|them |!|evicted |!|- |!|correct |!|answer |!| ✔ a) |!|the |!|tenants |!|can |!|stay |!|until |!|the |!|end |!|of |!|the |!|lease A |!|developer |!|decides |!|to |!|build |!|a |!|commercial |!|property |!|in |!|the |!|middle |!|of |!|a |!| residential |!|subdivision. |!|What |!|is |!|required? a) |!|approval |!|from |!|surrounding |!|property |!|owners b) |!|a |!|variance c) |!|a |!|non-conforming |!|use |!|designation d) |!|this |!|would |!|violate |!|deed |!|restrictions |!|and |!|cannot |!|be |!|done |!|- |!|correct |!| answer |!| ✔ b) |!|a |!|variance A |!|zoning |!|ordinance |!|would |!|directly |!|affect |!|which |!|of |!|the |!|following? a) |!|a |!|buffer |!|zone b) |!|traffic |!|at |!|certain |!|hours |!|of |!|the |!|day c) |!|the |!|concentration |!|of |!|housing |!|in |!|a |!|residential |!|area d) |!|the |!|style |!|and |!|appearance |!|of |!|construction |!|- |!|correct |!|answer |!| ✔ c) |!|the |!| concentration |!|of |!|housing |!|in |!|a |!|residential |!|area
a) |!|fiduciary b) |!|principal c) |!|trustee d) |!|trustor |!|- |!|correct |!|answer |!| ✔ a) |!|fiduciary A |!|buyer's |!|interest |!|in |!|real |!|property, |!|acquired |!|at |!|the |!|moment |!|the |!|seller |!| and |!|the |!|buyer |!|enter |!|into |!|a |!|sales |!|contract, |!|is |!|known |!|as: |!| a) |!|legal |!|title b) |!|equitable |!|interest c) |!|fee |!|simple |!|determinable d) |!|an |!|option |!|to |!|purchase |!|- |!|correct |!|answer |!| ✔ b) |!|equitable |!|interest The |!|appropriate |!|time |!|for |!|a |!|selling |!|broker |!|to |!|explain |!|the |!|agency |!| relationship |!|to |!|a |!|prospective |!|buyer |!|is: a) |!|at |!|their |!|initial |!|meeting b) |!|after |!|they |!|buyer |!|has |!|viewed |!|a |!|number |!|of |!|properties c) |!|when |!|the |!|buyer |!|is |!|prepared |!|to |!|sign |!|a |!|purchase |!|agreement d) |!|at |!|closing |!|- |!|correct |!|answer |!| ✔ a) |!|at |!|their |!|initial |!|meeting A |!|broker |!|is |!|asked |!|to |!|lease |!|1,200 |!|square |!|feet |!|of |!|warehouse |!|space |!|at |!|$6 |!| per |!|square |!|foot |!|per |!|year. |!|If |!|the |!|broker's |!|commission |!|will |!|be |!|8% |!|of |!|the |!| first |!|year's |!|rental |!|income, |!|the |!|MAXIMUM |!|amount |!|payable |!|is: a) |!|$ b) |!|$ c) |!|$ d) |!| 960 |!|- |!|correct |!|answer |!| ✔ a) |!|$
A |!|geographic |!|region |!|in |!|which |!|similar |!|properties |!|compete |!|with |!|the |!| subject |!|property |!|for |!|potential |!|buyers |!|is |!|called |!|a: a) |!|municipality b) |!|political |!|district c) |!|market |!|area d) |!|demand |!|unit |!|- |!|correct |!|answer |!| ✔ c) |!|market |!|area In |!|the |!|absence |!|of |!|a |!|formal |!|appraisal |!|report, |!|which |!|of |!|the |!|following |!| choices |!|is |!|MOST |!|appropriate |!|for |!|setting |!|a |!|listing |!|price |!|in |!|a |!|new, |!|rapidly |!| selling |!|neighborhood: a) |!|the |!|price |!|that |!|willing |!|buyers |!|have |!|recently |!|paid |!|for |!|similar |!|structures b) |!|The |!|cost |!|of |!|reproducing |!|the |!|structure |!|plus |!|the |!|original |!|lot |!|value c) |!|The |!|price |!|that |!|is |!|an |!|average |!|of |!|the |!|cost |!|of |!|reproducing |!|the |!|structure |!|and |!|the |!|recent |!|sales |!|prices d) |!|The |!|price |!|that |!|is |!|an |!|average |!|of |!|the |!|listed |!|prices |!|of |!|the |!|most |!|recently |!|sold |!|similar |!|properties |!|- |!|correct |!|answer |!| ✔ a) |!|the |!|price |!|that |!|willing |!| buyers |!|have |!|recently |!|paid |!|for |!|similar |!|structures Which |!|of |!|the |!|following |!|factors |!|would |!|be |!|included |!|in |!|the |!|description |!|of |!| replacement |!|cost? a) |!|Similar |!|utility |!|and |!|current |!|material b) |!|Similar |!|Utility |!|and |!|replica |!|of |!|material c) |!|Different |!|utility |!|and |!|current |!|material d) |!|Different |!|utility |!|and |!|replica |!|of |!|material |!|- |!|correct |!|answer |!| ✔ a) |!|Similar |!| utility |!|and |!|current |!|material
A |!|percentage |!|lease |!|would |!|MOST |!|often |!|be |!|used |!|for |!|tenants |!|in: a) |!|an |!|apartment |!|complex b) |!|a |!|shopping |!|center c) |!|industrial |!|warehouses d) |!|doctors' |!|offices |!|- |!|correct |!|answer |!| ✔ b) |!|a |!|shopping |!|center A |!|license |!|holder |!|is |!|showing |!|a |!|home |!|built |!|in |!| 1972 |!|to |!|buyers |!|who |!|notice |!|paint |!|flaking |!|in |!|the |!|woodwork. |!|How |!|should |!|the |!|license |!|holder |!|proceed? a) |!|advise |!|the |!|prospective |!|buyers |!|to |!|get |!|a |!|lead-based |!|paint |!|inspection b) |!|Contact |!|the |!|listing |!|agent |!|for |!|direction |!|before |!|taking |!|the |!|next |!|step c) |!|Talk |!|with |!|the |!|broker |!|about |!|how |!|to |!|repair |!|the |!|damage d) |!|Suggest |!|that |!|the |!|prospective |!|buyers |!|speak |!|to |!|the |!|sellers |!|about |!| reducing |!|the |!|price |!|- |!|correct |!|answer |!| ✔ a) |!|advise |!|the |!|prospective |!|buyers |!| to |!|get |!|a |!|lead-based |!|paint |!|inspection A |!|lot |!|was |!|purchased |!|as |!|an |!|investment |!|for |!|$10,500 |!|and |!|sold |!|a |!|year |!|later |!|at |!|a |!|loss |!|of |!|20%. |!|If |!|the |!|owner |!|paid |!|a |!|10% |!|commission, |!|what |!|was |!|the |!| owner's |!|net |!|loss |!|on |!|the |!|sale? a) |!|$2, b) |!|$2, c) |!|$2, d) |!|$3,150 |!|- |!|correct |!|answer |!| ✔ c) |!|$2, A |!|broker |!|lists |!|a |!|property. |!|A |!|potential |!|buyer |!|tells |!|the |!|broker |!|that |!|he |!|has |!|heard |!|that |!|the |!|crime |!|rate |!|in |!|the |!|neighborhood |!|is |!|increasing. |!|Which |!|of |!| the |!|following |!|is |!|the |!|broker's |!|BEST |!|response |!|to |!|the |!|buyer?
a) |!|The |!|crime |!|rate |!|in |!|the |!|neighborhood |!|is |!|no |!|higher |!|than |!|any |!|other |!|area b) |!|Check |!|with |!|local |!|law |!|enforcement |!|authorities |!|about |!|the |!|crime |!|rate c) |!|Any |!|information |!|about |!|the |!|crime |!|rate |!|must |!|come |!|directly |!|from |!|the |!| sellers d) |!|the |!|crime |!|rate |!|is |!|not |!|a |!|defective |!|property |!|condition |!|and |!|need |!|not |!|be |!|disclosed |!|- |!|correct |!|answer |!| ✔ b) |!|Check |!|with |!|local |!|law |!|enforcement |!| authorities |!|about |!|the |!|crime |!|rate Which |!|of |!|the |!|following |!|statements |!|about |!|the |!|law |!|of |!|agency |!|is |!|CORRECT? a) |!|It |!|refers |!|specifically |!|to |!|insurance b) |!|it |!|establishes |!|a |!|fiduciary |!|relationship c) |!|it |!|does |!|not |!|require |!|a |!|high |!|degree |!|of |!|loyalty |!|and |!|fidelity |!|from |!|an |!| agent d) |!|There |!|is |!|no |!|employment |!|relationship |!|- |!|correct |!|answer |!| ✔ b) |!|it |!| establishes |!|a |!|fiduciary |!|relationship A |!|lender's |!|title |!|policy |!|will |!|protect |!|the: a) |!|lender |!|against |!|default |!|in |!|loan |!|payments b) |!|borrower |!|against |!|default |!|in |!|loan |!|payments c) |!|lender |!|against |!|existing, |!|undiscovered |!|title |!|defects d) |!|borrower |!|against |!|unrecorded |!|liens |!|- |!|correct |!|answer |!| ✔ c) |!|lender |!|against |!|existing, |!|undiscovered |!|title |!|defects The |!|provision |!|in |!|a |!|mortgage |!|or |!|deed |!|of |!|trust |!|that |!|gives |!|the |!|lender |!|the |!| rights |!|to |!|call |!|the |!|entire |!|balance |!|due |!|upon |!|a |!|default |!|in |!|any |!|payment |!|is |!| called |!|a(n): a) |!|acceleration |!|clause
A |!|special |!|warranty |!|deed |!|provides: a) |!|maximum |!|title |!|protection |!|for |!|a |!|buyer b) |!|covenants |!|of |!|quiet |!|enjoyment |!|to |!|the |!|grantee c) |!|protection |!|against |!|foreclosure |!|by |!|a |!|lender d) |!|protection |!|against |!|defects |!|that |!|occurred |!|while |!|the |!|grantor |!|held |!|title |!|- |!|correct |!|answer |!| ✔ d) |!|protection |!|against |!|defects |!|that |!|occurred |!|while |!|the |!| grantor |!|held |!|title Which |!|of |!|the |!|following |!|acts |!|is |!|illegal |!|under |!|Federal |!|Fair |!|Housing |!|law? a) |!|Advertising |!|property |!|for |!|sale |!|only |!|to |!|military |!|people b) |!|providing |!|special |!|loan |!|programs |!|for |!|low-income |!|people c)Refusing |!|to |!|sell |!|a |!|home |!|to |!|a |!|person |!|with |!|a |!|poor |!|credit |!|history d) |!|Advertising |!|property |!|for |!|sale |!|only |!|to |!|members |!|of |!|a |!|specific |!|national |!| origin |!|- |!|correct |!|answer |!| ✔ d) |!|Advertising |!|property |!|for |!|sale |!|only |!|to |!| members |!|of |!|a |!|specific |!|national |!|origin A |!|loan |!|that |!|provides |!|for |!|increases |!|and |!|decreases |!|in |!|the |!|interest |!|rate |!| during |!|its |!|term |!|is |!|known |!|as |!|a(n): |!| a) |!|equity |!|sharing |!|mortgage b) |!|graduated-payment |!|mortgage c) |!|reverse |!|mortgage d) |!|adjustable-rate |!|mortgage |!|- |!|correct |!|answer |!| ✔ d) |!|adjustable-rate |!| mortgage The |!|right |!|of |!|local |!|government |!|officials |!|to |!|acquire |!|title |!|to |!|real |!|estate |!|for |!|public |!|purpose |!|by |!|condemnation |!|is |!|based |!|on |!|the |!|power |!|of: |!|
a) |!|taxation b) |!|escheat c) |!|eminent |!|domain d) |!|land-use |!|planning |!|- |!|correct |!|answer |!| ✔ c) |!|eminent |!|domain The |!|price |!|for |!|which |!|a |!|property |!|will |!|sell |!|of |!|offered |!|openly |!|under |!|normal |!|conditions |!|is |!|known |!|as: a) |!|cash |!|value b) |!|mortgage |!|loan |!|value c) |!|market |!|value d) |!|assessed |!|value |!|- |!|correct |!|answer |!| ✔ c) |!|market |!|value The |!|condition |!|which |!|allows |!|a |!|property |!|owner |!|to |!|convey |!|a |!|right |!|to |!| another |!|party |!|while |!|retaining |!|full |!|legal |!|title |!|is |!|a(n): |!| a) |!|covenant b) |!|easement c) |!|encroachment d) |!|ordinance |!|- |!|correct |!|answer |!| ✔ b) |!|easement The |!|acquisition |!|of |!|another's |!|title |!|to |!|real |!|property |!|by |!|means |!|of |!|open, |!| notorious, |!|and |!|continuous |!|use |!|is |!|known |!|as |!|an: a) |!|easement |!|by |!|prescription |!| b) |!|easement |!|in |!|gross c) |!|adverse |!|possession d) |!|eminent |!|domain |!|- |!|correct |!|answer |!| ✔ c) |!|adverse |!|possession
G |!|borrowed |!|$15,000 |!|to |!|buy |!|a |!|business. |!|The |!|interest |!|rate |!|was |!|11%. |!|If |!|G |!|paid |!|all |!|the |!|interest |!|and |!|the |!|amount |!|borrowed |!|with |!|a |!|single |!|payment |!| at |!|the |!|end |!|of |!| 16 |!|months, |!|what |!|is |!|the |!|amount |!|of |!|this |!|payment? a) |!|$16, b) |!|$16, c) |!|$17, d) |!|$17,425 |!|- |!|correct |!|answer |!| ✔ c) |!|$17, Which |!|of |!|the |!|following |!|types |!|of |!|developments |!|allows |!|fee |!|ownership |!|of |!| individual |!|units |!|with |!|joint |!|ownership |!|of |!|common |!|areas? a) |!|Planned |!|unit |!|development |!|(PUDs) b) |!|Cooperatives c) |!|Condominiums d) |!|Subdivisions |!|- |!|correct |!|answer |!| ✔ c) |!|Condominiums An |!|unimproved |!|lot |!|is |!|located |!|in |!|the |!|service |!|area |!|of |!|a |!|water |!|supply |!| corporation. |!|the |!|seller |!|is |!|subject |!|to |!|the |!|notice |!|requirements |!|relating |!|to |!|a |!|service |!|provider. |!|What |!|is |!|the |!|buyer's |!|statutory |!|remedy |!|if |!|the |!|seller |!|fails |!|to |!|give |!|the |!|written |!|notice |!|REQUIRED |!|by |!|law? a) |!|Sue |!|for |!|specific |!|performance |!|of |!|the |!|notice |!|requirement b) |!|Terminate |!|the |!|purchase |!|contract |!|with |!|the |!|seller c) |!|Seek |!|an |!|award |!|of |!|damages |!|in |!|court |!|not |!|to |!|exceed |!|$10,000 |!|plus |!| attorney |!|fees d) |!|Sue |!|the |!|seller |!|and |!|title |!|company |!|for |!|punitive |!|damages |!|- |!|correct |!| answer |!| ✔ b) |!|Terminate |!|the |!|purchase |!|contract |!|with |!|the |!|seller To |!|be |!|eligible |!|for |!|a |!|real |!|estate |!|license, |!|an |!|individual |!|MUST:
a) |!|be |!|at |!|lease |!| 21 |!|years |!|of |!|age b) |!|prove |!|competency |!|by |!|completing |!|a |!|number |!|of |!|core |!|courses c) |!|satisfy |!|the |!|Commission |!|as |!|to |!|the |!|individual's |!|integrity d) |!|be |!|a |!|resident |!|of |!|Texas |!|for |!|at |!|lease |!| 60 |!|days |!|- |!|correct |!|answer |!| ✔ c) |!| satisfy |!|the |!|Commission |!|as |!|to |!|the |!|individual's |!|integrity Who |!|can |!|pay |!|money |!|to |!|a |!|licenses |!|salesperson |!|to |!|perform |!|sales |!|activities |!|for |!|a |!|house |!|a |!|broker |!|has |!|listed |!|for |!|sale? a) |!|The |!|seller |!|under |!|the |!|listing b) |!|Any |!|licensed |!|broker |!|involved |!|in |!|the |!|transaction c) |!|The |!|salesperson's |!|sponsoring |!|broker |!|and |!|no |!|one |!|else d) |!|The |!|related |!|entities |!|in |!|the |!|sale, |!|the |!|title |!|company, |!|or |!|the |!|mortgage |!| company |!|- |!|correct |!|answer |!| ✔ c) |!|The |!|salesperson's |!|sponsoring |!|broker |!|and |!| no |!|one |!|else According |!|to |!|The |!|Real |!|Estate |!|License |!|Act |!|of |!|Texas, |!|which |!|one |!|of |!|the |!| following |!|actions |!|is |!|a |!|fair |!|and |!|impartial |!|act |!|for |!|an |!|intermediary? a) |!|Appointing |!|associated |!|licenses |!|to |!|work |!|with |!|the |!|parties b) |!|Appointing |!|subagents |!|to |!|work |!|with |!|the |!|parties c) |!|Agreeing |!|to |!|represent |!|an |!|owner d) |!|Agreeing |!|to |!|represent |!|a |!|buyer |!|- |!|correct |!|answer |!| ✔ a) |!|appointing |!| associated |!|licenses |!|to |!|work |!|with |!|the |!|parties As |!|a |!|marketing |!|promotion, |!|a |!|real |!|estate |!|salesperson |!|offers |!|property |!|for |!| sale |!|by |!|lottery. |!|This |!|practice |!|is: |!| a) |!|lawful |!|since |!|the |!|adoption |!|of |!|the |!|Texas |!|State |!|Lottery
