Download Texas Real Estate Exam STATE Portion With Correct Verified Solutions Latest 2025 and more Exams Agricultural economics in PDF only on Docsity!
Texas Real Estate Exam STATE Portion
With Correct Verified Solutions Latest 2025
How many members in TREC? - correct answer9: 3 general public, 6 brokers Who appoints, confirms TREC members? - correct answerGovernor appoints, senate approves How many members on the Broker-Lawyer Committee? - correct answer13: 6 brokers, 6 lawyers, 1 public member Who appoints Broker-Lawyer committee members? - correct answerBrokers/TREC, Lawyers/Pres of State Bar, Public Member/Governor Where is the Real Estate Advisory Committee? - correct answerTexas A & M Who is on the Real Estate Advisory Committee? - correct answer10 members: 6 brokers, 3 public members, 1 ex TREC officio How long does an individual have after an incident to file a complaint against a license holder? - correct answer4 years If your license is revoked by TREC, you may..... - correct answerappeal to the district court Brokerage without a license is defined as a - correct answerClass A Misdemeanor Penalties for Brokerage without a license - correct answerFine up to $4,000; imprisonment in county jail for not more than 1 year, or both Additional penalties for brokerage without a license - correct answerCivil penalties of up to three times the amount of money received The Real Estate Recovery Account was created to - correct answerpay aggrieved persons who suffered monetary losses due to unscrupulous acts of license holders. If Real Estate Recovery Trust Account is below $1 million - correct answerBrokers and licensees pay a pro rata share of $10 upon license renewal
If Real Estate Recovery Trust Account is above $3.5 million, - correct answerthe excess goes into the State's General Fund When an amount if paid out of the Real Estate Recovery Trust Account on behalf of a license holder, - correct answerthe license of the person can be suspended or revoked. It may never be recovered until the account is paid back with interest. Maximum amount payable by the Real Estate Recovery Trust Account - correct answeris $100,000 per license holder and $50,000 per transaction. Does TREC resolve disputes between license holders? - correct answerNo YES License - correct answerattorneys receiving a commission YES License - correct answerAuctioneers involved in any part of a transaction, other than calling YES License - correct answerapartment locators Yes License - correct answerreal estate agents Yes License - correct answerBusiness entities who receives commissions on behalf of license holders Yes License - correct answerDesignated broker, officer, or manager of a Real Estate Limited Liability Company Yes License - correct answera third party who collects rents from a single family residence (property manager) Yes License - correct answerAny business that engages in real estate brokerage must have a licensed broker EXEMPT License - correct answerattorneys receiving a fee but no commission split EXEMPT License - correct answercourt appointed receivers, trustees, guardians, and sheriffs; anyone engaged in or carrying out foreclosure sales EXEMPT License - correct answerAdministrators and executors of a will EXEMPT License - correct answeron-site apartment managers EXEMPT License - correct answernew home sales agents working for a builder EXEMPT License - correct answercemetary lot sales agents
Sales Agent Licensee Required Education - correct answer180 classroom hours; 6 required courses First renewal of license occurs in - correct answer2 years How many hours of education are required at first renewal of sales license? - correct answer How many hours of education are required for a broker's license? - correct answer900, including 30 hours of Real Estate Brokerage How many years of experience do you need to apply for a broker's license? - correct answer4 years active during the 5 years preceding the application How many points do you need to apply for a broker's license - correct answer What is required of any broker who sponsors one or more sales agents? - correct answer6 hour broker responsibility course After first renewal, what CE is required by TREC? - correct answer18 hour class every 2 years What does the 18-hour CE include? - correct answer4 hours each: Legal 1 and Legal 2 If TREC does not have proof of CE at the time a license holder renews (on time renewal) - correct answerFee for renewal will be $200; late education must be done within 60 days If TREC does not have proof of CE at the time a license holder renews (on time renewal) AND late education is more than 60 days late... - correct answer$450 penalty plus a $50 filing fee If a licensee submits CE hours but fails to renew license on time, - correct answerthere is no penalty Fee for late renewal CE deferral - correct answer$ A license is considered ____________ until the late renewal has been processed by TREC - correct answerexpired There is no time limit for choosing a broker - correct answerTrue There is no time limit for TREC to deny an application - correct answerTrue
If TREC denies an application, they must notify the applicant in this amount of days - correct answer The number of days an applicant has to appeal denial of license is - correct answer If no appeal is made in the prescribed amount of time, - correct answerTREC's decision stands Sales licenses are always held by either TREC or the sponsoring broker, never by the licensee. - correct answerTrue An inactive license holder doesn't need to disclose that his is a licensee when purchasing real estate - correct answerFalse To activate an inactive license - correct answerpay $50 and do 18 hours of CE 5 Canons of Professional Ethics and Conduct - correct answerfidelity integrity competency consumer information notice 1- 2 discriminatory practices Consumer information notice 1- 2 - correct answerNotifies the public of the recovery trust account Must be displayed in a prominent place in the broker's office Grounds for suspension/revocation - correct answerguaranteeing future profits receiving commissions from someone other than your broker failing to specify a termination date in listing/buyer rep agreement selling real estate by lottery giving legal advice not using form to advise buyer to get title ins or an attorney's opinion of title placing a sign without written permission failing to disclose license when repping self, spouse, parent, or child knowingly making a substantial misrepresentation advertising without identifying self as an agent/broker commingling conversion threatening to sue for a commission you haven't earned not furnishing documents to signers on demand steering felony or other offense involving fraud bouncing a check to TREC failing to notify TREC within 30 days of a felony conviction
You may advertise another broker's listing anytime - correct answerfalse; you must get written permission A broker must deliver TREC correspondence to sales agents within how many calendar days of receipt? - correct answer Only a __________ can earn, and sue for, a commission. - correct answerbroker In order to sue for a commission, you must prove: - correct answerprocuring cause of sale, written compensation agreement, licensed by TREC, provided written notice to the buyer to obtain an attorney's opinion of title or a title policy Who is responsible for all professional acts/advertising of a salesperson? - correct answerthe sponsoring broker If broker terminates sponsorship, he must: - correct answerdo so in writing and return license to TREC immediately Branch office licenses cost - correct answer$ There must be a licensed broker at each location - correct answerfalse Who is responsible if an unlicensed assistant performs activities requiring a license? - correct answerthe broker and the assistant Activities an unlicensed assistant may do - correct answerset appointments, sit in an open house (but there must be a licensee there), place a sign on a property, train and motivate license holders, manage an office, clerical activities TREC has no promulgated forms for - correct answercommercial transactions TREC has forms for the sale of co-ops and mobile homes - correct answerfalse The "Time is of the Essence" clause is found - correct answerin the termination/option paragraph, third party financing addendum, and addendum for sale of other property, backup addendum and short sale addendum For a backup offer to become effective, - correct answerprevious contract must be terminated, option period determined, option fee paid, and earnest money deposited Who is responsible for filing in the effective date on the contract? - correct answerthe broker Residential inspectors must use promulgated forms - correct answertrue
If lender repairs exceed _______% of the price, the buyer can terminate the contract - correct answer How many hours of formal training must a commission mediator have - correct answer Contracts do not require the parties to agree to mediation for dispute resolution - correct answerfalse Mediation may not work; in arbitration, there will be a final decision - correct answertrue You can sue for specific performance or seek other such remedies permitted by law if there is - correct answerbreach of contract If participation in a MUD district (bonded indebtedness) is not disclosed, - correct answerTx law allows the buyer to back out of a contract How many days does a buyer have to back out of a contract if he/she is unhappy with the title commitment/survey - correct answerthe number specified in the contract Addendum for Coastal Area Property - correct answersays you may lose or gain land due to avulsion or accretion; and the state may require your house torn down How many days does the title company have to provide the title commitment after receiving the sales contract? - correct answer How many days does the buyer have to pay the option fee to the seller? - correct answer If the buyer doesn't have the seller's disclosure of property condition before signing, he has _______ days to terminate the offer after receiving the disclosure - correct answer Seller's disclosure is NOT required when: - correct answerforeclosure sale, tax sale, sale by guardian, executor, administrator, or sale by a builder of a new home removal of mold is called - correct answerremediation mold assessors and remediators must be - correct answerlicensed testing after mold remediation is - correct answernot required property owners can - correct answerassess and remediate their own mold without a license a certificate of mold remediation must be furnished - correct answerno later than 10 days after work is complete
majority of foreclosures in Texas are nonjudicial because of the - correct answerdeed of trust property rights are recorded - correct answerin the county where it is located recording property - correct answergives legal notice to the world a deed, mortgage or other real estate instrument is not effective - correct answerif it is not recorded Texas Veterans Land Board - correct answerlower than prevailing market rates/borrow up to $125,00 for improvements/only 5% down on a 30-year loan Housing Assistance Program is available to - correct answersurviving spouses
