TEXAS REAL ESTATE ACTUAL EXAM

TEXAS REAL ESTATE ACTUAL EXAM

CORRECT

ANSWERS

As a rule, rebates, commissions and service provider fees in real estate transactions must be transparent. In that context which of the following scenarios is in compliance with license law? Correct Answer A licensee discloses and obtains consent from her seller-client to receive a fee from a property inspector.

Which of the following best defines an agent per Texas statute (1101.557)? Correct Answer A broker who represents a party in a real estate transaction or who lists real estate under an exclusive agreement.

Three of the following answers accurately characterize the duties of an intermediary. Which one does not? Correct Answer Must treat parties honestly, fairly, and impartially.** May not disclose confidential information regardless of circumstances.May not negotiate a lower or higher price without authorization.You Answered Must disclose information materially impacting property condition.

What is the primary function of an appointed intermediary.Correct Answer To carry out specific instructions from the intermediary for the benefit of the principal party.

Brokers are required to maintain office policies and procedures to ensure that, among other things, sponsored sales agent keep current on law changes and their continuing education requirements. Which of the following is NOT a goal served by policy and procedure manuals? Correct Answer Optimized web presence for marketing listings.

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Which of the following is true regarding referrals? Correct Answer The referring party must be licensed if expecting compensation for the referral.

A buyer has limited cash resources, but the seller agrees to execute a purchase money mortgage for $10,000. Correct Answer Seller financing addendum

A rancher needs to convey his family's property to a buyer.Correct Answer Farm and Ranch Contract

A form to advise buyers to have the subject property's title examined by an attorney. Correct Answer Notice to Prospective buyer

A developer wants to purchase a large tract of land. Correct Answer Unimproved property contract.

Which of the following is a violation of license laws as they relate to contracts? Correct Answer Entering language onto a contract clause blank that defines what a tenant can or cannot do if the landlord does not make a timely security improvement.

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Which of the following is true regarding mechanics liens in Texas? Correct Answer There is a specific 75-day time limit for recording the lien.

Which of the following is NOT an accurate characteristic of homestead laws? Correct Answer Homestead rights require a one-time filing with the county clerk.

Utility service to tenants is regulated by Property Code 92. One of these regulations is that Correct Answer the landlord may not cause utility service to be interrupted to the tenant as a means to collect unpaid rent

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Which of the following is NOT a landlord justification for keeping a tenant's security deposit? Correct Answer To eliminate "normal wear and tear" to the apartment, including painting and carpet cleaning

In maintaining proper relations with tenants, landlords and tenants are obligated to meet certain apartment security standards. Which of the following accurately identifies one such standard? Correct Answer The landlord must re-key the locks within seven days following a tenant's vacating.

Texas Property Code Chapter 92 is very specific about fire safety regulations. According to code, Correct Answer there must be a smoke alarm in every bedroom of a dwelling unit.

Texas is a community property state. Effectively, this means that Correct Answer spouses, with some exceptions, share property acquired during the marriage, but not what each owned beforehand.

Which of the following is a true statement regarding equitable interest? Correct Answer Texas mortgagors hold equitable title in the collateralized property.

In a short sale, the sale price is less than the mortgage amount.Which of the following is a critical issue for the seller in completing a short sale? Correct Answer Getting the lender to provide a full release of the lien at closing

According to Texas Property Code, recording real property conveyances has which of the following legal effects? Correct Answer It prevents a transaction from being void with respect to creditors and subsequent buyers.

When tenants default, the landlord may evict by following the correct procedures. Which of the following actions would be considered proper eviction procedure? Correct Answer Armed

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