1,0002. 50,0003. 75,0004. 150,000

Rowlett Real Estate School Flashcards A real estate license who is also a member of the U.S.armed services has just been placed on active duty. When must that licensee renew their license?1. Within one year of discharge from active duty.2. Within two years of discharge from active duty.3. Since the agent is on active duty, they never have to pay to renew their license again.4.Every two years in the normal expiration date.Within two years of discharge from active duty.The real estate recovery fund has a maximum of how much it will pay out at any one time, what is that amount?1.

$1,0002. $50,0003. $75,0004. $150,000

$50,000

A broker owning two separate brokerage companies, one in the NAR for MLS access and the other not, would have what type of license?1. An associate broker license.2. A group license registering both companies under that broker.3. Multiple licenses, one in the name of each brokerage.4. A normal single broker's license registered as the owner of both brokerages.Multiple licenses, one in the name of each brokerage.If the violation does not endanger the health, safety, or welfare of the public, and it's a first time infraction, what punishment would FREC likely pursue?1. Suspension2.Revocation3. Election of rights4. A notice of non-compliance A notice of non-compliance A broker is defending a EDO handed out by FREC in civil court and loses. Defending FREC's order, the broker incurred defense attorney fees of $2,500. How much will the real estate recovery fund pay out if the customer is suing for $30,000 total, including punitive damages of $12,000 and attorney fees of $2,000?1. $16,5002.

$30,0003. $20,5004. $32,000

$20,500

FREC members are appointed for how long?1. 4 years then never again.2. 2 years with a second term possible.3.

• years with a second term possible.4. 2 years and never

again.

• years with a second term possible.

When an agent receives a citation, how long do they have to challenge it before it becomes effective?1. 10 days2. 30 days3. 3 days4. 15 days 30 days Which of the following punishments may FREC not enforce?1. Revocation2. Imprisonment or restitution3.Suspension4. Fines and citations Imprisonment or restitution Which of the three approaches to value is the best when appraising an ad post office?1. Income2. Sales

Comparison3. Cost Depreciation Cost Depreciation

Which form would a FSBO sign when being brought a buyer from a real estate agent?1. No representation notice2. Single agent notice3. Designated agent notice4.Transaction broker notice No representation notice Which of the following forms does not need to be signed before showing property or entering into an agreement?1.Transaction broker notice2. Designated agent notice3. No representation notice4. Single agent notice Transaction broker notice Agency Disclosure requirements Would apply to which if the following transactions?1. If the property being sold qualifies as a residential property.2. If a licensee is working in the capacity to rent a property.3. Selling property via an auction.4. Appraisal services.If the property being sold qualified as a residential property.Which of the following is not a type of developer construction practice?1. Speculative2. Custom3. Tract4.Model Model The term "dedication" is used when?1. The city requires the developer to follow the state building codes.2. The developer makes a monument in the name of a local figure.3. The developer has gifted land to the local government for public use.4. A contractor donated free landscaping for the city park.The developer has gifted land to the local government for public use.Which of the following is not one of the types of risk that an investor has to deal with?1. Business risk2. Interest-rate risk3. Financial risk4. Asset risk Asset risk A brokerage relationship between a principal or a customer and a broker may not be terminated for which of the following reasons?1. Performance if agent's duties2.Mutual agreement to terminate3. Destruction of the property (including condemnation)4. Buyer withdrawing an offer Buyer withdrawing an offer Real estate is a unique, where no two parcels are exactly alike. This means real estate is considered to be what?1.Immobile2. Indestructible3. Heterogeneous4.Homogeneous Heterogeneous As pertaining to both digital or physical real estate records, how long do all copies of signed contracts or documents need to be held on to for?1. 2 years2. 5 years3. 7 years4.10 years

• years

Which of the following is an example of a general agent relationship?1. A brokerage hired by the seller to list their property2. A broker running their own brokerage working with another broker to help sell a large development3. A sales associate listing a property and working with another agent in a different brokerage who brought a ready, willing,

and able buyer4. A sales associate working under a broker A sales associate working under a broker An example of a professional service conducted by a person or company who is hired to maintain and manage property owned by others for compensation would be called?1. Community Association Management C.A.M.2.Rental Agency3. Property Management4. National