Texas Real Estate Exam Questions Flashcards

Texas Real Estate Exam Questions Flashcards A license holder, while acting as an agent for another,

should:a. Expect any ambiguities in the contract documents

will be corrected at closing.b. Be scrupulous and meticulous in performing the agents functions.c. Advise the buyers that verbal repair agreements can be documented at closingd. Explain that written contract amendments are not as important as the original agreement.b When a broker is acting for more than one party, the broker

should disclose :a. Confidential information in writing to the

partiesb. Any known material defects on the propertyc. the amount of any previous offersd. the financial assets of the buyer b If the buyer and seller agree to rely on an existing survey,

the survey and the affidavit T-47 must be provided:a.

Within the negotiated number of days of the effective date of the contract.b. at or before closingc. at the earliest convenienced. within the negotiated number of days before closing.a

The rules and regulations of TREC:a. must receive

approval from the governorb. must be approved by the district courtc. have the full force and effect of lawd. are promulgated by the consumer protective agency c A license holder in violation has ignored a summons from TREC. What will TREC automatically do?a. Revoke the licenseb. Suspend the licensec. Fine the license holder $200d. Set a hearing in Austin d The standard contract forms adopted by the TRECa. must be used by all brokers and attorneys handling real estate transactionsb. are optional but may be requested by either principal in a real estate transactionc. must be used by real estate license holders in all transactions to which the forms are applicabled. contain suggested language that a broker or sales agent may wish to include when writing a sales contract c Before closing, if a buyer has not received the MUD disclosure, what options does the buyer have?a.Revocation of the contractb. Can sue for damagesc.Doesn't have to participate in the MUDd. Can select a different MUD district a What information is contained in paragraph 7D of the 1-4 family contracta. business detailsb. survey informationc.

information on sellers disclosured. "as is" provision d

Which of the following is NOT required for a back-up offer to become effective?a. The previous contract must be terminatedb. the back-up buyer must pay any earnest money stated in his offerc. the back-up buyer must pay any option fee and name his option periodd. the back-up buyer must name his inspector(s) d Which of the following would cause TREC to refuse to license an applicant?a. felony convictionb. inability to demonstrate honesty, integrity and trustworthiness to TRECc. misdemeanor convictiond. past revocation of a real estate license b An individual is exempt from real estate licensure in Texas

if the individual is doing which of the following:a. running an

apartment locator service for several different complexesb.listing real estate for sale, rent, exchange or tradec. being an onsite manager of an apartment complexd. procuring prospects for the rental of real estate c

A broker is not required to:a. be sure to review all contracts

prepared by license holders he sponsersb.be sure his license holders use promulgated formsc. be sure his license holders obey the laws in advertisingd. be sure his license holders follow all TREC rules and regulations a

When a broker markets his own property he should:a. use

the IABS to disclose his interestb. Use the TREC promulgated form to disclose his interestc. not mention his interest unless the buyer decides to buy the propertyd.inform the buyer that he is a license holder d An HOA wants to foreclose on a property owned by a soldier on active duty. Based on the Serviceman's Readjustment Act what is true?a. the normal rules of HOA foreclosure applyb, the HOA cannot foreclose on this propertyc. The VA must be notified before this foreclosure can proceedd. An active duty veteran is exempt for paying HOA fees and therefore would never face foreclosure.c Where must a link to the completed IABS form be found in an email?a. below the signatureb. in the footerc. a link is not requiredd. above the signature d A buyer and seller have signed a contract for the sale of the sellers property. The buyer has received the survey and is unhappy with some of the information. Which of the following actions should he pursue?a. the buyer should file the survey with the local courts and sue the seller for failure to disclose the problems shown in the surveyb. the buyer should notify the seller of his discussion not to purchase the propertyc. the buyer has the previously negotiated

number of days to notify the seller of his concerns and ask the seller to correct the problemsd. the buyer has 7 days from receipt of survey to terminate the agreement.c When must disclosure of representation be made in order to comply with the law? Senate Bill 489 requires disclosure

of representation to be made:a. at the first face to face

meetingb. at first contactc. at the first substantive dialogued. on a form approved by a Texas real estate attorney b