Texas Real Estate Practice exam 1 Flashcards

Texas Real Estate Practice exam 1 Flashcards Which would be considered acting in a lawful position as an intermediary Appointed licensee communicating with and caring out instructions of different principles in one transaction The constitutional right enjoyed by the head of a Texas household in property occupied by the family is called homestead.Who promulgates forms for mandatory use by Texas brokers and salespersons?Texas Real Estate Commission License Renewal fees are set byTREC Rule A consumer prevails in a suit for a cause of áction involving the Texas Deceptive Trade Practices Act. The maximum the consumer be awarded by a court is actual damages, court costs, attorney fees, and up to treble damages if the court finds conduct committed knowingly or intentionally The mandatory Brokerage Services form must be provided in all of the following situations EXCEPT It need not be provided in any of the above circumstances According to the statute of frauds, which of the following would NOT need to be in writing to be enforceable in a court of law?A month-to-month lease Five years ago, a condominium unit was the site of a brutal and highly publicized murder. The unit was sold to an elderly woman who contracted the AIDS virus in a blood transfusion and died in the unit last year. As the agent for the woman's estate, you are specifically relieved of liability for nondisclosure of the AIDS-related death but should probably disclose the murder Which would be considered acting in a lawful position as an intermediary?Appointed licensees communicating with and caring out the instructions of different principles in one transaction A standard form may be changed in all of the following ways Broker 's business name may appear at the top outside the borderThe broker 's name may be inserted in any blank provided for that purposeThe broker's logo may appear at the top outside the border.Which of the following is true regarding the statutory redemption period after the foreclosure sale in Texas?Texas has no statutory redemption for deed of trust .There is a statutory redemption period for property tax liens, which is two years for a homestead and six months for nonhomestead properties.There is a 180 - day statutory redemption period for homeowner association liens What type of deed is to be used at closing to convey the title to real property, which is the subject of an agreement to purchase based on a TREC-promulgated contract form?General warranty In Texas, licenses are renewedIn the month issued Which statement BEST describes the role of a broker acting as an intermediary in Texas?The intermediary's duties are more restricted than a true agent's duty to one principal.As a result of a hearing, it was determined that a licensee had violated a provision of the licensing act the maximum administrative penalty for the violation may not exceed $5000 for each day the violation continued

The Commission proposes to suspend a saesperson's license for misrepresentation that occurred during the sale of the salesperson's personal residence. The licensee is entitled to a hearing conducted by the State Office of Administrative Hearings I real estate license may be suspended or revoked forPublishing advertisement that may create a misleading impression.A homestead may be foreclosed on for all of the following liens if the owner is in default or delinquent except.A ) an ad valorem property tax lien . ·B ) a mechanic 's lien .C ) a mortgage lien .D) a judgment lien.Judgement lean In Texas, unless stated to the contrary in a deed, ownership of land by a married couple is assumed to be by Community Property Placing escrow money in a licensee's operating account constitues Commingling A consumer prevails in a suit for a cause of action involving the Texas deceptive trade practices Act. The maximum the consumer may be awarded by the court is Actual damages, court costs, attorney fees, and up to treble damages if the court finds conduct committee knowingly or intentionally In Texas, who is authorized to draft deeds, mortgages, deeds of trust, and notes?An attorney licensed to practice law Which of the following is addressed by TRECK-Promulgated contract?

• Assumption of FHA-insured loan2. A purchase using

seller finance3. The purchase of a fee simple townhose After an investigation, the Commission determines that a licensee acting as a property manager improperly withheld a tenant's security deposit. In addition to awarding an administrative penalty, the Commission may also order the licensee to refund the security deposit.When a spouse dies intestate, the deceased's community property passes to the.Heirs, according to the law of decent If engaged in real estate brokerage activities, which persons are exempt from the real estate license he requirement Attorneys at the law licensed in Texas A homestead is protected against judgments that result from Unsecured creditors How long may a temporary lease be used?90 days Regarding community property, which of the following is TRUE?Neither spouse may sell any real estate owned as part of their community property, unless both spouses sign the sales contract and deed.A consumer files a written complaint with the Texas Real Estate Commission regarding a licensee. TREC must investigate the complaint based on assigned pricrities, using a risk based approach regardless of date received Which of the following single acts, performed for another and for a fee, does require a real estate license?

• Referring prospective sellers or buyers to licensed )B.

Showing a property being offered for sale by a brokerC.Assisting in locating'property for rent while operating a rental agency A licensed Texas broker may split fees and commissions with which of the following parties?A nonresident broker

A seller has no knowledge of any plumbing system problems on the property the seller is selling. In actuality, however, the pipes are seriously corroded and will need to be replaced soon. On the sellers disclosure of property condition, when responding to whether the seller is aware of plumbing system problems, the seller should enter No Licensee maintaining a trust account must retain a documentary record of each deposit or Withdrawal from the account for?

• years

According to the TREC One to Four Family Residential Contract (Resale), the owner policy of title insurance fee is paid by which party?The party stipulated in the agréement A broker signed a listing agreement with the seller. The

agreement contains the following classes: parentheses if

the property has not been sold after three months from the date of the signing, this agreement will automatically continue for additional three months . there after until the property is sold." based on these facts, the agreement Provides grounds for loss of the broker license