PearsonVue Texas RE Study Guide

A RE license is required for compensation in any of the following: - correct
answer ✔- Lists
-Leases
- Buys
- Exchanges
- Auctions
- Negotiates
- Sells
Acting without a license - correct answer ✔Guilty of a Class A misdemeanor
- Punishable by maximum $4,000 fine and/or up to one year in jail
Addendum for "back-up" contract - correct answer ✔- Used as an addendum
to a second buyer's offer when the seller is already under contract
Addendum for coastal area property - correct answer ✔- May gain or lose
portions of the tract because of changes in the boundary of "state-owned
tidally influence submerged lands"
Addendum for property located seaward of the gulf intracoastal waterway -
correct answer ✔- Notice the property is in close proximity to a beach on gulf
of mexico
Addendum for reservation of oil, gas, and other minerals - correct answer ✔-
Seller can reserve mineral rights in percentage or in whole
- Address existing leases with entities that have ingress an egress rights
Addendum for Sale of Other Property by Buyer - correct answer ✔- Provides
contingency for the buyer