A HOMEOWNER SELLING HIS IR HER

Lesson 7: Texas Real Estate License Act AND Lesson 8: Legal Descriptions Flashcards Which of the following situations is NOT an example of an exemption for licensure and compliance of the licensing act as listed under Sec. 1101.005 of The Real Estate License Act?Onsite apartment managersA person selling a home for a friend for a feeA homeowner selling his or her own home or real propertyA licensed attorney in this state

A HOMEOWNER SELLING HIS IR HER

OWNFeedback:One who performs the acts of a real estate

practitioner as defined in Section 1101.002 on behalf of another with the anticipation of receiving a fee or compensation is required to obtain licensure and comply with The Real Estate License Act.Can a license holder renew his or her expired license if it has been expired for less than 90 days?No, the license holder must reapply for a new license.Yes, the license holder can pay the standard renewal fee provided he or she meets the continuing education requirements.Yes, but he or she must pay an additional fee equivalent to one and one half times the renewal fee.Yes, but he or she must pay 30% an additional fee of the renewal fee.

YES, PAY ADDITIONAL FEE EQUIVALENT TO ONE AND

ONE HALF TIMESFeedback:Licensing is for a period of no

longer than 2 years and can be renewed within 90 days of expiration by paying an additional fee of 1-1/2 time the renewal fee. If the license has been expired more than 90 days but less than six months, the license can be renewed by paying an additional fee equivalent to two times the renewal fee.A person who is associated with a licensed broker and assist in procuring real estate for sale or lease for compensation must be a _______.Licensed real estate salespersonLicensed real estate inspectorLicensed real estate brokerLicensed real estate corporation

LICENSED REAL ESTATE SALESPERSONFeedback:A

salesperson is defined as a person who is associated (sponsored) with a licensed broker for the purpose of performing any of the practices of real estate as described below. A licensed salesperson must be associated or sponsored with a broker to practice real estate on behalf of another and for compensation or a fee.Sells, exchanges, purchases or leases real estateOffers, or negotiates, or attempts to negotiate the listing, sale, exchange, purchase or lease of real estateAuctions or attempts to, or agrees to auction real estate (the auction caller is exempt from licensing requirements)Deals in options, aids in locating or assists in procuring real estate.Controls the acceptance or deposit of rent(s) from real estateProvides an analysis of value of real estate, (market analysis data, not an official appraisal performed under the guidelines of the Uniformed Standards of Professional Appraisal Practices) Which of the following requires the person to be licensed?A Texas licensed attorney helping a sellerA salesman for a new home builderAn on-site property managerA person admitting customers to a listed property they are interested in

A PERSON ADMITTING CUSTOMERS TO A LISTED

PROPERTY THEY ARE INTERESTED INFeedback:The

Rules of the Commission say that a person that unlocks a door and allows a customer to view a property must have a real estate license."Beginning at a point, thence north 250 feet, then south 180 degrees, 125 feet to the rebar monument, thence back to the point of beginning" best describes what type of legal land description method?Recorded platRectangular

surveyMetes and boundsVertical land description

METES AND BOUNDSFeedback:A recorded plat is a

pictorial representation of a development used in the lot and block method. A rectangular survey is an alternative to the metes and bounds but not used in all areas. It is based

on a grid system of intersecting lines creating sections and a vertical land description is used for elevated areas such as in a condo. The metes and bound system describes the perimeter boundaries of the parcel using measures, direction, and distances. A metes and bounds legal description always returns to the Point of the Beginning

(POB).

What is a benchmark?Mark on a plat indication the pivot point of the parcel of land.Permanent reference marker for both locational and elevation points.A system used to depict parks on a map.The grade of land on which a structure is built.

PERMANENT REFERENCE MARKER FOR BOTH

LOCATIONAL AND ELEVATION POINTS.Feedback:Metal

rods and stone fixtures are ultimately no more permanent than a stream or tree, so how do we ensure that no confusion arises in the event that a parcel's monument is destroyed? To compensate for the impermanence of these monuments and ensure that lot dimensions are not lost even if the monument itself disappears, we record the monument's exact location by means of a connection line to a nearby fixed reference mark of known location and elevation as established by a government survey team.These permanent reference points are called "benchmarks" and they generally consist of a marker attached to a durable object.The Real Estate License Act is Chapter 1101 of the _______.Texas Statute of FraudsTexas Fair Housing LawsTexas Federal Real Estate ActTexas Occupations Code

TEXAS OCCUFeedback:The Real Estate License Act is a

part of the Texas Occupations Code, Chapter 1101.A legal property description must include a method of determining the _______ property.Number of lots in the subdivisionThe boundaries of the propertyThe method to enter and exit the propertyAll of the above

BOUNDARIESFeedback:A legal property description must

include a method of determining the boundaries of the property.A person who negotiates the listing, sale, exchange, purchase or lease of real estate in exchange for something of value must be a _______.Licensed real estate salespersonLicensed real estate inspectorLicensed real estate brokerLicensed real estate corporation

LICENSED REAL ESTATE BROKERFeedback:A broker is

defined as a person who performs any or all of the following acts for another in exchange for, or in anticipation of, receiving something of value or compensation or commission. The practice of real estate includes but is not

limited to the following acts:Sells, exchanges, purchases or

leases real estateOffers, or negotiates, or attempts to negotiate the listing, sale, exchange, purchase or lease of real estateAuctions or attempts to, or agrees to auction real estate (the auction caller is exempt from licensing requirements)Deals in options, aids in locating or assists in procuring real estate.Controls the acceptance or deposit of rent(s) from real estateProvides an analysis of value of real estate, (market analysis data, not an official appraisal performed under the guidelines of the Uniformed Standards of Professional Appraisal Practices)

How many acres are in a section?3610640360 640Feedback:Each 36-square-mile township is divided into 36 individual square mile sections, starting in the upper right-hand corner. Each square mile contains 640 acres.What is the main purpose of the Recovery Trust Account?To reimburse brokers whose salespeople violate TREC rulesTo reimburse the public for financial damages caused by licensed real estate professionalsTo fund real estate education at Texas A&M UniversityTo compensate a complainant in lieu of proceeding to litigation

REIMBURSE THE PUBLIC FOR FINANCIAL

DAMAGESFeedback:Each license applicant pays a fee

that is credited to the Real Estate Recovery Trust Account for the purpose of reimbursing an aggrieved person who suffered actual damages caused by the unlawful act of a license holder. This is a loan to the licensee who has been sued and court ordered to pay restitution from the Real Estate Recovery Account. The commission may suspend the license until the loan is repaid.

TREC regulates all of the following except:Residential

service companiesReal estate brokersNew home buildersReal estate inspectors

NEW HOME BUILDERSFeedback:TREC regulates the

activities of real estate brokers, salespeople, inspectors, and education providers who offer real estate and inspection courses. The Commission also regulates residential service companies, timeshare developers, and easement or right-of-way developers.What is a main function of the Texas Real Estate Commission?Mediate commission disputes between brokersAdopt and enforce rules for governing real estate practitionersGenerate a source of income for the StateProvide low interest loans for low-income, first time homebuyers

ADOPT AND ENFORCEFeedback:TREC's primary

function is to protect the public from unscrupulous or illegal acts of real estate professionals by enforcing the laws of Chapters 1101 and 1102 of the occupations code and adopt new rules as necessary. The Commission does not handle commission disputes between licensees nor generate revenue for the state.Which of the following statements is CORRECT in referring to a street address description such as 123 Buyer Lane, San Antonio, TX 77777?A street address is an adequate legal description.It the same as the lot and block description.A street address in not an adequate legal description.Street addresses are used by surveyors to verify the survey.

A STREET ADDRESS IS NOT AN ADEQUATE LEGAL

DESCRIPTIONFeedback:A street address is not an

adequate legal description; it is considered an informal reference. For purposes of legal documents, the exact size and location of a property requires precise measurements and descriptions.Which of the following terms refers to a surveyor's or developer's map detailing the borders of the individual lots that he or she will develop and sell?SquatLandPlatA plot

A PLATFeedback:A plat, plat map or recorded plat is used

to identify lot and block reference for legal descriptions such as Lot A, Block 2 of Sunny Brook Farms, Happy County, Texas. This is a recorded document and is the only type of legal description that uses a recoded document.In terms of the surface area surveyed, which surveying system is used to describe the most land in the U.S.?Vertical land descriptionMetes and boundsRectangular surveyRecorded plat

RECTANGULAR SURVEYFeedback:A recorded plat is a

pictorial representation of a development used in the lot and block method. The metes and bound system describing the perimeter boundaries of the parcel using measures, direction, and distances is primarily used in Texas. For most of the U.S., the rectangular survey is used; this is an alternative to the metes and bounds method, but it is not used in all areas. It is based on a grid