Texas Real Estate Practice Exam 1: Multiple Choice Questions and Answers, Exams of Social Sciences

Download Texas Real Estate Practice Exam 1: Multiple Choice Questions and Answers and more Exams Social Sciences in PDF only on Docsity! TEXAS REAL ESTATE PRACTICE EXAM 1 Who promulgates forms for mandatory use by Texas brokers and salespersons? - Answers-Texas Real Estate Commission In Texas, unless stated to the contrary in a deed, ownership of land by a married couple is assumed to be by - Answers-Community Property Regarding community property, which of the following is TRUE? - Answers-Neither spouse may sell any real estate owned as part of their community property, unless both spouses sign the sales contract and deed. A homestead is protected against judgments that result from - Answers-Unsecured creditors In Texas, who is authorized to draft deeds, mortgages, deeds of trust, and notes? - Answers-An attorney licensed to practice law In Texas, licenses are renewed - Answers-In the month issued A consumer prevails in a suit for a cause of action involving the Texas deceptive trade practices Act. The maximum the consumer may be awarded by the court is - Answers- Actual damages, court costs, attorney fees, and up to treble damages if the court finds conduct committee knowingly or intentionally A seller has no knowledge of any plumbing system problems on the property the seller is selling. In actuality, however, the pipes are seriously corroded and will need to be replaced soon. On the sellers disclosure of property condition, when responding to whether the seller is aware of plumbing system problems, the seller should enter - Answers-No Which would be considered acting in a lawful position as an intermediary? - Answers- Appointed licensees communicating with and caring out the instructions of different principles in one transaction Which would be considered acting in a lawful position as an intermediary - Answers- Appointed licensee communicating with and caring out instructions of different principles in one transaction As a result of a hearing, it was determined that a licensee had violated a provision of the licensing act the maximum administrative penalty for the violation may not exceed - Answers-$5000 for each day the violation continued If engaged in real estate brokerage activities, which persons are exempt from the real estate license he requirement - Answers-Attorneys at the law licensed in Texas A broker signed a listing agreement with the seller. The agreement contains the following classes: parentheses if the property has not been sold after three months from the date of the signing, this agreement will automatically continue for additional three months . there after until the property is sold." based on these facts, the agreement - Answers-Provides grounds for loss of the broker license A licensed Texas broker may split fees and commissions with which of the following parties? - Answers-A nonresident broker The mandatory Brokerage Services form must be provided in all of the following situations EXCEPT - Answers-It need not be provided in any of the above circumstances A homestead may be foreclosed on for all of the following liens if the owner is in default or delinquent except. A ) an ad valorem property tax lien . · B ) a mechanic 's lien . C ) a mortgage lien . D) a judgment lien. - Answers-Judgement lean Which of the following single acts, performed for another and for a fee, does require a real estate license? - Answers-A. Referring prospective sellers or buyers to licensed ) B. Showing a property being offered for sale by a broker C. Assisting in locating'property for rent while operating a rental agency Placing escrow money in a licensee's operating account constitues - Answers- Commingling Licensee maintaining a trust account must retain a documentary record of each deposit or Withdrawal from the account for? - Answers-4 years Which of the following is addressed by TRECK-Promulgated contract? - Answers-1. Assumption of FHA-insured loan 2. A purchase using seller finance 3. The purchase of a fee simple townhose According to the TREC One to Four Family Residential Contract (Resale), the owner policy of title insurance fee is paid by which party? - Answers-The party stipulated in the agréement A standard form may be changed in all of the following ways - Answers-Broker 's business name may appear at the top outside the border