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A RE license is required for compensation in any of the following: - correct
answer âœâ€- Lists
-Leases
- Buys
- Exchanges
- Auctions
- Negotiates
- Sells
Acting without a license - correct answer âœâ€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 âœâ€- Used as an addendum
to a second buyer's offer when the seller is under contract
Addendum for coastal area property - correct answer âœâ€- 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 âœâ€- 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 âœâ€-
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 âœâ€- Provides
contingency for the buyer
PearsonVue Texas RE Study Guide
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