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TX Legal Update II (2024- 2025) Final Exam 100% VERIFIED ANSWERS 2024/2025 CORRECT, Exams of Business Administration

TX Legal Update II (2024- 2025) Final Exam 100% VERIFIED ANSWERS 2024/2025 CORRECT

Typology: Exams

2023/2024

Available from 08/25/2024

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Download TX Legal Update II (2024- 2025) Final Exam 100% VERIFIED ANSWERS 2024/2025 CORRECT and more Exams Business Administration in PDF only on Docsity! TX Legal Update II (2024- 2025) Final Exam 100% VERIFIED ANSWERS 2024/2025 CORRECT What do the VA Loan Program and the Texas Veterans Land Board Lending Program have in common? Primary residency requirements Sales agent Laura is one of your best friends AND a licensed agent in your office. She was arrested for felony DWI three months ago in another part of Texas and has just been convicted. She calls you and asks what she needs to do about her license. What should you tell her? Advise her to contact TREC immediately and inform it of the situation. What type of loan(s) are used in the Texas Veterans Land Board loan program? VA, FHA, or conventional loans Sections of the IABS include all of the following EXCEPT ______. TREC's contact information and notice of the TREC Real Estate Recovery Trust Account "The employment of prudence and caution so as to avoid misrepresentation, in any way, by acts of commission or omission," is the definition of which Canon of Professional Ethics and Conduct? Integrity What is the RAP BACK program? The FBI service that TREC uses to monitor license holders' criminal activity What type of agency can be created by someone's actions? Implied agency All of the following are in the top five TREC complaint categories EXCEPT ______. Appraisal Issues Why was the TREC advertising compliance program initiated? To manage advertising complaints that can be easily handled and remedied Which of the following is a benefit of a VA loan for a military member buying a home? No private mortgage insurance required Participating in conversations about commission rates between license holders from different brokerages could be considered ______. A violation of antitrust laws Which of the following is a best practice that a broker can use to avoid having a complaint filed against them? Review all promulgated contract changes and updates with sponsored agents. For the purposes of posting the Consumer Protection Notice, what is considered a business website? A website that is accessible to the public where the content is controlled by the license holder All of the following statements are true about a VA loans EXCEPT: Only a veteran can assume a VA loan. Can a license holder's past complaint and disciplinary record be taken into consideration in future complaints? Yes, in all cases How long does a license holder have to inform TREC of being found guilty of or pleading guilty or nolo contendere of a felony? 30 days