state exam 5 missed Flashcards
(11 cards)
Does TREC limit the amount of a rebate that a license holder can share with a client within a real estate transaction?
(a) Yes, the limit is $50 in value, but not cash
(b) No, there is no limit on a rebate to a client
(c) Yes, the limit is $500
(d) TREC prohibits all rebates
(b) No, there is no limit on a rebate to a client
There is no limit on rebates
Answer refers to a referral gift to an unlicensed person, not a rebate to a client
As part of the Texas Property Code there are recording statutes. The statues say:
(a) Recording can be used to impose TREC rules before they are officially adopted
(b) Recording can be used to give constructive notice of ownership of property to future purchasers
(c) A broker must keep copies of all documents for a minimum of 4 years
(d) E-documents cannot be recorded
(b) Recording can be used to give constructive notice of ownership of property to future purchasers
Recording gives notice of ownership to current and future interested parties
Recording is not related to TREC rules or how long a broker must keep records
E-documents CAN be recorded
TRELA imposes many rules and requirements on Texas Real Estate License holders. According to TRELA, which of the following actions by a license holder is permitted?
(a) A license holder may put a “for lease†sign on a property with verbal permission from the owner.
(b) If a client requests a copy of a document, the license holder can refuse to provide it unless the client wants to take the document to an attorney for review.
(c) A license holder can present a below market value offer to a seller.
(d) A Texas broker, with written permission from both parties, can choose to act as a dual agent rather than an Intermediary.
(c) A license holder can present a below market value offer to a seller.
ALL offers MUST be presented
I license holder can NEVER put out their sign without WRITTEN permission
They can NEVER withhold a document
Dual agency is not permitted in TEXAS
To change to a new broker, a sales license holder MUST:
(a) Notify all current clients in writing before making the change
(b) Go on inactive status with TREC before making the change
(c) Notify the current broker in writing
(d) Give the current broker 2 weeks’ notice before making the change
(c) Notify the current broker in writing
When a license holder is moving to a new broker, they must notify their broker in WRITING.
They do not have to notify their clients
They do not have to go inactive status
Notice is not required
If the effective date of a contract is the Wednesday before Labor Day, the buyer MUST deliver the earnest money to the escrow agent no later than the following:
(a) Thursday
(b) Friday
(c) Monday
(d) Tuesday
(d) Tuesday
The money must be delivered by the close of the third day after the effective date.
If an application is denied by TREC, how long must an individual wait before they can reapply?
(a) 6 months
(b) 1 year
(c) 18 months
(d) 2 years
(d) 2 years
The TVLB has several programs designed to help Texas Veterans and their families. Which of the following loans is NOT available from the TVLB?
(a) A home loan
(b) A loan to purchase commercial or investment property
(c) A loan to purchase land
(d) A home improvement loan
(b) A loan to purchase commercial or investment property
The TVLB has programs to help veteran to buy or repair a home or buy vacant land.
TVLB does NOT have a loan m for investment or commercial property
A buyer’s agent has sent an email request for a Seller’s Disclosure to a listing broker. How long does the listing broker have to respond to the email?
(a) 1 day
(b) 2 days
(c) 5 days
(d) 10 days
(b) 2 days
A broker has 2 days to respond to an inquiry from their clients, agents or other brokers
Before a broker can release funds from an escrow account the broker must:
(a) Notify all parties to the transaction in writing
(b) Notify all parties to the transaction and their agents
(c) Obtain permission from the other broker
(d) Have written authorization to release the funds upon demand
(a) Notify all parties to the transaction in writing
All parties to a transaction must be notified before funds can be released from an escrow account
Agents/brokers are not parties to the transaction
A written authorization to release funds upon demand is not required, nor is the permission of the other broker.
A residential property transaction has been closed and funded. After closing, the buyer learns that the property is located in a Municipal Utility District. The buyer was not given any notice of this. What option is open to the buyer in this situation?
(a) The buyer can obtain water and sewer services from their preferred provider
(b) The buyer will not be subject to MUD taxes
(c) The buyer can sue for damages
(d) The buyer can rescind the contract
(d) The buyer can rescind the contract
Texas water code requires a buyer to be given the MUD disclosure before closing.
If the buyer does not receive it the transaction can be terminated, or after closing it can be reversed, or rescinded.
Which of the following must be delegated as a supervisor with TREC?
(a) An office manager who supervises unlicensed personnel
(b) All broker associates
(c) A team leader
(d) A broker associate who will be managing the office for several weeks while the broker of record is on vacation
(c) A team leader
A Team Leader is delegated to supervise a team and TREC must be given notice of that.
A broker associate is not always delegated to supervise other license holders.
If a broker delegates someone to supervise for more than 3 months, the broker must notify TREC of that delegation
