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Texas Real Estate ExamTexas Real Estate Exam (State Portion) Agency-Brokerage With Correct Answers
Typology: Exams
1 / 6
Disclosure - correct Answers-licensee representing a party shall disclose, either written or oral, representation during first contact with another party/licensee representing that party Who is responsible for notifying the Real Estate Commission immediately of the termination of the relationship by returning the salesperson's license (or a copy) to the Commission after notifying the salesperson in writing of the termination. - correct Answers-the broker What would a broker would have to have by the person agreeing to be charged with the commission? - correct Answers-Something signed, who may or may not be the broker's client, if it became necessary to sue for the fee. What would a broker have to show at the time the service began? - correct Answers-1. The his or her license was active
What are all offices required to have? - correct Answers-At least one licensed broker Can a salesperson accept a fee from anyone? - correct Answers-NO, it can only accept fees from his sponsoring broker How can a fee for ancillary services be construed? - correct Answers-It could be construed as an illegal kickback under RESPA rules. What amount of cash can a unlicensed person receive from a broker? - correct Answers-May not receive cash in any amount Can a broker give a "thank you" gift? - correct Answers-Yes, but it can not exceed $ Where must a builder register a new home? - correct Answers-Texas Residential Construction Commission If a dispute arises from an alleged home construction defect, How can the dispute be resolved? - correct Answers-The homebuyer or the builder may file a written request through the commission for state-sponsored inspection and dispute resolution Who negotiates the commission amount? - correct Answers-broker and client-seller Who determines the real estate commission? - correct Answers-The commission is not determined by law, the Real Estate Commission, the Realtors organizations or local custome. Only determined by the broker and client-seller Where can you find the broker commission agreement? - correct Answers-Usually in the listing contract Who signs the commission agreement? - correct Answers-the person paying the commission A broker becomes obligated to buy a property at what point? - correct Answers-until the 9 0 expiration What is the best way for a broker to avoid the appearance that he is taking advantage of a seller? - correct Answers-Broker should
Does consent to act as an intermediary convey consent to make appointments? - correct Answers-Does not automatically convey consent to make appointments A ________________________ is not a type of contractual listing agreement between a broker and seller-client - correct Answers-multiple listing What type of contractual listing agreement must be in writing and signed by the seller if the broker hopes to maintain an action to recover a commission? - correct Answers-1. exclusive-agency listing
Who gives direction to the offices of a broker? - correct Answers-Offices must be under the direction of a licensed real estate broker For a branch office, a broker can have: - correct Answers-can be lead under the direction of a manager of the brokers choice. while broker retains full responsibility. Who is required to return the salesperson's license to the Real Estate Commission upon notification by the salesperson that the relationship is being severed? - correct Answers- The present broker What form must the new sponsoring broker submit? - correct Answers-Salesperson Sponsorship Form and appropiate fee to the Texas Real Estate Commission How fast can the salesperson get to work for the broker? - correct Answers- Salesperson may begin work immediatelyfor the new broker as soon as the form and the fee are placed in the mail. How fast must the Commission be notified? - correct Answers-Within 10 days Does TREC need to approve a new location? - correct Answers-NO, TREC does not have to approve new location If a salesperson offers an opinion of title, What is this called? - correct Answers-Legal opinion and constitutes the unauthorized practice of law Who is responsible for the accuracy of the closing statement? - correct Answers-The broker and should ensure that all terms have been included Does State law require that documents be retained for 5 years? - correct Answers-No, but it is a good business practice because status of limitation for filing a complaint with the Commission is 4 years. Simply having a listing agreement does NOT ensure a ________________. - correct Answers-commission If a manager of a brokers office manages, directs or supervises other persons who perform acts for which a license is required the office manager needs to________________. - correct Answers-hold at least a salesperson's license Seller's Disclosure - correct Answers-required on single family property, required on FSBO, deliver by seller to buyer prior to offer (if not, buyer can void contract), if delivered after contract buyer has 7 days to terminate not required if property under court order, if trustee in bankruptcy, transfer to a mortgagee by mortgagor/successor, foreclosure sale, decedent
estate/guardianship/conservatorship/trust, transfer from 1 co-owner to more, between spouses in divorce, property sold to or from government, new home construction AIDS/HIV - correct Answers-No duty to disclose if prior occupant had Death - correct Answers-No duty to disclose if prior occupant died UNLESS from property condition Sex Offender - correct Answers-No duty to disclose sex offenders nearby or in Water Penetration - correct Answers-No duty to disclose if water penetration corrected Prior Inspection Reports - correct Answers-No statute saying it must be provided but any known information from inspection must be disclosed Listing Agreements MUST - correct Answers-1. be signed by seller, 2. have definite termination date, 3. have adequate description of property (legal not required), 4. include fair housing statement, 5. have asking price, 6. have definable broker fee Intermediary Practice - correct Answers-READ TRELA's intermediary brokerage broker may act as intermediary if written consent of both parties and broker agrees to in house sale- buyer buys listed property by firm appointees- licensee works with buyer while partner licensee works with seller Broker as Intermediary MUST - correct Answers-treat all parties honestly, not disclose acceptance of lower price unless authorized in writing, not disclose buyer will pay higher price unless authorized in writing, not disclose confidential information unless authorized in writing, comply with TRELA Duties to Client - correct Answers-fiduciary- relationship of trust and confidence between licensee and principal; fiduciary duty- agency relationship duty between licensee and principal duties include: OLD CAR- obedience, loyalty, disclosure, confidentiality, accounting, reasonable care best interest of principal (client) Enforcing Compensation Agreement - correct Answers-action for collection of compensation ONLY if proof of licensed broker/salesperson at time of service or licensed atty; both parties must give consent to dual compensation action may not be brought in court unless promise agreement was in writing and signed by party to be charged offer to purchase is signed, purchaser advised in writing to have abstract covering property examined by atty or be furnished with title insurance policy Broker-Salesperson Relationship - correct Answers-RE broker responsible to commission, members of public, and broker clients for all acts by broker or salesperson
No salesperson shall accept compensation from anyone but sponsoring broker vicarious liability- 1995 limits to licensee ability through TRELA amendment- licensee not liable for misrepresentation/concealment unless they knew of falsity and failed to disclose Appropriate Use of Unlicensed Asst. - correct Answers-NO REAL ESTATE SERVICES PERMITTED can: sit at open house as hostess but may NOT point out features of property, set appointments, drive purchaser to property, place for sale signs on property, office administration/ personal matters, bookkeeping, financing under licensee, non real estate activities