Texas Real Estate Exam Brokerage Practice Flashcards

Texas Real Estate Exam Brokerage Practice Flashcards Licensees must conspicuously display Form 1-1, a consumer disclosure form. It's central message is TREC maintains a recovery fund that may be used to satisfy judgements against licensees who have violated the law.Which of the following is a license law violation?Failing to disclose a previous license tenancy from another state on the license application.Unbeknownst to a buyer, an intermediary informs a seller that the buyer will pay a premium price for the seller's property. Is thus an acceptable disclosure?No, since the intermediary did not receive the buyer's authorization to make such a disclosure.A licensee opts to use a custom-designed form to transact a residential sale. The contract used was a bona fide sales agreement used extensively prior to the existence of TREC promulgated forms. In this case, the licensee could have their license suspended or revoked A sales agent is interested in selling a duplex he owns that is not making enough money. In fact, the units are in the red with no end in sight. Which of the following is true?The sales agent may sell the property provided he makes proper disclosures as to his license status.Which of the following constitutes the unauthorized practice of law?advising a seller that her property has a title defect Three of the following are license law violations, and one is not. Which one is NOT a violation?a broker distributes trust funds during a closing When a homebuyer gives a broker an earnest money deposit, the broker is bound to abide by the terms of the sales contract Which of the following statements would subject a licensee's license to suspension or revocation?Persuading a represented seller to hold off on selling until the listing period ends- at which time the sales agent can get her a much better price.A licensee who is charged with felony fraud pleads no lo contendre and all charges are dismissed. In this case, the licensee may have their license suspended or revoked Three of the following statements constitute a violation of acceptable brokerage practice, and one statement represents acceptable practice. Which one is NOT a violation?A sales agent places a new sign on a property advertising a reduced price- despite the fact that the listing expires in less than a week.Which of the following constitutes practicing law without a license?A licensee altering a lease clause at the direction of a principal.Which of the following best characterizes trust funds?any money held on behalf of another