State Exam Real Estate
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| show | created in 1949, made to administer provisions of license Act.
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| When was license act enacted | show 🗑
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| show | to protect the public
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| What does TREC have the authority to do? | show 🗑
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| Who make up TREC ? | show 🗑
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| show | Writes the prominent gated contract forms .
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| How many members make up the broker lawyer committee? | show 🗑
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| True or false TREC can initiate an investigation against a licensee at its own motion ? | show 🗑
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| show | 4 years
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| How does a consumer research a complaint history About license Holder? | show 🗑
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| Who is the only entity that has the power to revoke or issue a real estate license? | show 🗑
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| show | A hearing for the revocation or suspension is held at TREC in Austin unless they receive a request hearing be held in his County
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| What happens to the license Holder If he fails to respond to a summons from TREC? | show 🗑
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| show | You may appeal the decision to the District Court
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| show | This is a class A misdemeanor and subject to a fine of not more than $4000 or imprisonment For not more than one year or both
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| show | In County court
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| Person's guilty of a violation of the license act and whoever profitted there from are liable for what? | show 🗑
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| show | Up to $5000 per day for violation of the license act by any person, either license or unlicensed.
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| show | 30 days
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| show | Fun created to pay aggrieved parties who win and uncollectible judgment from an agent slash broker.
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| show | $50,000 per lawsuit and up to $100,000 per license number
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| How is the real estate recovery trust account funded? | show 🗑
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| What is done if the real estate recovery trust account ever falls below $1,000,000? | show 🗑
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| show | Reduces the amount 2.5 million dollars buy flushing the access into the general fund of Texas where the Texas legislature spends it.
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| What happens to the license see if an amount is paid out of the real estate recovery trust account on their behalf? | show 🗑
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| show | No TREC does not get involved in resolving conflicts. This is usually handled at the local board of Realtors level.
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| If attorneys want to participate in commission split of real estate, what do they need? | show 🗑
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| there are other besides real estate agents who can participate in commission splits with RE agents. Who are they? What do they need? | show 🗑
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| show | If designated agent has< 10% interest in company then they need E&O with min annual limit of $1 million per occurrence. If agent is 10% or >then E&O can be $0.
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| show | attorneys that do not partic. in comms. Court appt trustees, guardians, sheriffs, foreclosures, will admins. & exec., apt mgrs (on site)New home sales agents working for builder, cem. lot sales, person selling own prop, empl renting property for owner
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| show | They must be licensed as an attorney in the State of TX
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| show | false
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| what does a broker need to do before he advertises and does business in TX? | show 🗑
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| show | a texas licensed broker that does not have an home or office in texas - cannot represent a buyer or seller in TX but can refer and earn a referral commission
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| foreign broker | show 🗑
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| who licenses R.E. Inspectors? | show 🗑
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| show | Texas appraisers licensing certification board. Independent sub of TREC with it's own board.
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| show | 9 - 4 licensed appraisers, 4 members of the public appt by governor and the executive secretary of the TX Veterans land board as an ex-officio member
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| how do you get a real estate license? | show 🗑
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| show | you must take additional both, then 60 hours
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| what are the requirements to become a RE agent? | show 🗑
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| what is needed to get broker's license? | show 🗑
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| who is required to take the 6 hour broker responsibility course? | show 🗑
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| show | required after their first renewal. 18 hour class taken once every 2 years. Includes 4 hrs legal 1, legal 2, and 6 hour TREC Broker Responsibility if needed.
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| Can CE hours be carried over to the next renewal period? | show 🗑
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| If TREC does not have proof of CE at the time of renewal, what happens? | show 🗑
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| If an agent becomes inactive due to lack of CE, what must be done to reinstate? | show 🗑
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| show | If CE was done on time, there is no late renewal penalty. If CE is done 60 days after expiration date $200 CE deferral fee will apply.
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| show | no, TX is a 1 person, 1 license state
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| What is the time limit for TREC to deny an application for RE agent or broker? | show 🗑
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| If an app is turned down by TREC, what can applicant do? | show 🗑
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| show | TREC will refuse to renew license of agent
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| if an applicant applies without a broker and passes the test, what is the time limit for choosing a broker? | show 🗑
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| show | yes, TREC will hold the license. Agent must still pay renewals and meet SAE requirements.
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| Is CE required for Inactive status? | show 🗑
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| show | No
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| Can an inactive license holder engage in RE Business? | show 🗑
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| Does an inactive license holder need a sponsoring broker? | show 🗑
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| What is needed to reactivate a RE license? | show 🗑
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| 5 canons of professional ethics and conduct | show 🗑
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| show | agent is a fiduciary to his client
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| show | agent will avoid misrepresentation by commission or omisssion
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| competency | show 🗑
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| show | notifies the public of the recovery trust account. Applies to both agents and inspectors. Must be displayed in a prominent place in broker's office
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| show | no license holder shall inquire about, respond to or facilitate inquires about or make disclosure indicating any discriminatory preferences or limitations.
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| What are grounds for suspension and Revocation ? | show 🗑
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| what can happen if you commingle funds or steer clients? | show 🗑
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| What can happen if you remove funds from escrow/trust account before transaction has been consummated (closing)? | show 🗑
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| What can happen if you enter a plea of guilty or nolo contendere or convicted of a felony or or a criminal offense involving fraud? | show 🗑
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| If an agent fails to honor within a reasonable time a check issued to TREC after TREC has sent, by certified mail, a request for payment to the license holder's last know n business address? | show 🗑
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| show | your license can be suspended or revoked
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| How long must a licensee wait if their license is revoked by TREC? | show 🗑
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| show | title co, attorneys and brokers.
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| show | by the close of the 3rd day after the effective date of the contract. may be extended if 3rd day falls on Sat, Sun or holiday.
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| if broker is using his own escrow account, when must the funds be deposited? | show 🗑
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| to?who can a broker pay commission yp | show 🗑
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| how can a license holder share or rebate a portion of he commission with to a customer? | show 🗑
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| how much of a give can a license holder give to unlicensed individual who provides a referral? | show 🗑
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| What must be contained in ads for Real Estate? | show 🗑
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| The ideal way to comply with TREC rules about IABS is? | show 🗑
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| show | 10 or better
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| show | 12
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| show | at the time of your first substantial communication about real estate.
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| how can a IABS be delivered? | show 🗑
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| show | broker or company name on every page of the website
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| show | true
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| show | requires agent to give information about brokerage services (disclosure of agency) to a prospect at the first substantive dialoge. Face to face, TREC Info about IABS form is used to make this disclosure - This must be in writing
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| show | 1. leases < 1 yr and no sale is being considered 2. Open houses 3. Already represented
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| show | Before, so before you have a client
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| Does disclosure according to Senate Bill 489 have to be in writing when you are disclosing that your are representing a client to another party or license holder? | show 🗑
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| show | Senate bill 489
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| show | must have written permission of both parties including how ther broker will be paid.
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| Who in a brokerage can be and intermediary? | show 🗑
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| What takes precedence, Statutory Intermediary or Common law dual agency? | show 🗑
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| show | appointed by the broker when broker is working with both the buyer and seller. Associate may give advice and opinions to one part they are working with in transaction
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| When broker is working as an intermediary, who can they give advice to? | show 🗑
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| Minimum service a broker gives a client | show 🗑
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| show | with written permission from that broker
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| show | As long as broker uses TREC from RSC-2 to disclose that relationship. Fees must be appropriate
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| what is the time frame that a broker or delegated supervisor has to respond to clients, agents or other brokers? | show 🗑
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| show | 3 days
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| Who can sue for a commission? | show 🗑
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| show | 1. He was procuring cause of sale 2. has written compensation agreement 3. licensed with TREC 4. He provided written notice to buyer to obtain an attorney's opinion of title, title policy on property
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| Brokerage policy and procedures manual | show 🗑
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| show | He must do so in writing and return the sales agent's license certificate to the commission immediately.
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| show | In writing
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| If a supervisor in a brokerage will be in a supervisor position for more than 3 months, what must a broker do? | show 🗑
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| show | after he has found a broker and the broker has received his license at their brokerage office.
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| show | change to another brokerage immediately - he may begin to engage in business with new broker as soon as that new broker has mailed his fees and sponsorship forms.
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| show | Broker must license each office and pay additional $50 fee per office
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| What things can an unlicensed assistant do? | show 🗑
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| What can an unlicensed assistant not do? | show 🗑
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| show | 1. Attorney prepared 2. owner prepared 3. governmental agency specified or their lawyers
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| What ford does TREC have for commercial, co-op or mobile homes transactions? | show 🗑
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| How do forms made for TREC? | show 🗑
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| Do back-up offers need to be presented to the owner? | show 🗑
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| show | The previous contract must be terminated and the backup buyer must pay the option fee, name any option period, and deposit earnest money to escrow account.
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| contingency clause | show 🗑
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| What if a broker has more than 1 offer on the property? | show 🗑
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| Para 3 of 1-4 Family Residential Contract (Resale) | show 🗑
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| show | TX law requires agent who is a party to a transaction or acting on behalf of a spouse, parent, or child... to notify the other party in writing before entering into a contract of sale.
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| show | Within 3 days after the effective Date, BUYER must deliver earnest money to escrow agent - Time is of the essence for this paragraph
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| show | Title company has 20 days to provide title commitment after they receive sales contract
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| show | Within ____ days after effective date of contract, seller shall furnish to Buyer and title co. Seller's existing survey and Insurance affidavit.
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| Para 6D of 1-4 Family Residential Contract (Resale) | show 🗑
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| Municipal Utility District purpose: | show 🗑
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| Para 6E (e3) of 1-4 Family Residential Contract (Resale) | show 🗑
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| What can buyer do if he has not received the M.U.D. disclosure? | show 🗑
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| show | If property is located in certificated service area of utility service provider (a M.U.D.) the buyer must be given notice of this, disclosing to the buyer that there may be an extra charge for having water an d sewer services connected.
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| show | Seller at seller's expense shall keep the utilities on during the time this contract is in effect.
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| show | If buyer has not recv'd seller's disclosure he chooses a number of days for the seller to provide it. If buyer doesn't get it within that number of days he can terminate the contract. If buyer receives disclosure, buyer has 7 days to terminate.
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| show | foreclosure, guardian, new build, administrator or exec of a will, tax sale, or if house is worth less than 5% of the price of the property
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| show | Buyer accepts property as is.
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| Para 7E of 1-4 Family Residential Contract (Resale) | show 🗑
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| show | SPECIAL PROVISIONS - Factual statements and business details applicable to the sale can be inserted here. Prohibited by TREC rules to insert items covered in an addendum, lease or other form has been promulgated by TREC for mandatory use.
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| show | Default - All TREC contracts have a default paragraph. States that if either party defaults the injured party can sue for performance, seek relief as provided by law or both or can terminate contract
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| show | require parties to agree to mediation for dispute resolution. If mediation fails, they move to arbitration
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| show | mediator hears both sides and tries to help parties to come to mutual agreement
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| arbitration | show 🗑
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| show | If contract is terminated and excrow agent receives a demand of release of earnest money from 1 party, they must notify the other party. If other party does not send objection w/in 15 days, escrow agent may disburse to demanding party.
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| Para 22 of 1-4 Family Residential Contract (Resale) | show 🗑
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| show | 90 days max.
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| Addendum for coastal area property | show 🗑
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| show | given as addendum to notify buyers that structures must not be erected seaward of the vegetation line. If it is erected or becomes seaward of line, it may be subject to lawsuit by State of Texas for removal.
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| What does the HOA or POA addendum allow buyer to do? | show 🗑
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| show | buyer must deliver option fee to seller within 3 days after effective date of contract. Time is of the essence (TIOTE) on the Para.
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| Day 1 of option period is when? | show 🗑
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| show | by 5:00 PM on date specified.
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| Para 24 of 1-4 Family Residential Contract (Resale) | show 🗑
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| show | The broker (agent acting on behalf of the broker)
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| What are para 7D, 11 and 23 of the 1-4 family res contract (Resale) | show 🗑
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| show | requires all contracts that relate to transfer of any interest in real estate be in writing to be enforceable. This applies ot compensation/employment agreements, such as listings, and buyer rep agreements.
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| If you have a verbal agreement (listing, purchase) for real estate what does the court see you as? | show 🗑
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| show | when it is visible. No testing needs to be done.
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| show | mold removal
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| does testing need to be done after mold remediation? | show 🗑
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| show | to be licensed
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| show | yes
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| show | 10 days
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| what does a certificate of mold remediation show? | show 🗑
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| When selling the home, the law requires seller to provide the buyer with all certificates of mold remediation for the past ______ years. | show 🗑
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| show | Statutory estate in Texas. All property acquired after marriage is jointly owned. Income on a separate property is community property. Separate prop is not community property nor their increase.
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| separate owned property prior to marriage, is this community property? | show 🗑
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| how can a spouse waive community property rights? | show 🗑
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| show | statutory estate in Texas. Homestead protection is automatic and cannot be waived. Protected from forced sale by all creditors except: mortgage, property taxes, mechanics and materialmen's liens and HOA's.
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| If a homestead is foreclosed because of HOA fees, how long does the owner have to redeem the property? | show 🗑
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| If a homestead is foreclosed on for unpaid property taxes, how long does the owner have to redeem property? | show 🗑
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| show | 10 acres
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| What is the maximum size of a rural homestead? | show 🗑
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| show | they have the right to designate which land will be considered the homestead. The 200 acres do not have to be connected.
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| show | 1 homestead per person or family
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| show | tax benefit, should not be confused with the homestead protection. Homeowners must apply for the exemption and must own and occupy the home on Jan 1 to qualify. You can back file for up to 2 years if you have failed to claim this exemption.
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| show | allows for the recovery of triple damages. An individual has 2 years from the discovery of the deception to file a complaint.
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| show | negligent misrepresentation of material facts
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| Interstate successons | show 🗑
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| intestate | show 🗑
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| show | with a will at death
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| show | heirs to any real property will have title by decent
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| who has priority over property under laws of descent? | show 🗑
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| show | party dies with a will and has an appointed person to oversee their estate
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| show | heirs are named in a will
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| show | judicial process to prove or confirm a will or to settle an estate of one who dies intestate.
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| show | 30 days
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| show | within 30 days of tenants leaving
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| show | new locks no later than 7 days after tenant moves in. Smoke detectors must be operational at time tenant is granted possession. Keyless deadbolts are required but not double cylinder
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| show | 30 dyas settle depos, 7 days to rekey after possession and 0 days for smoke detectors, must have keyless deadbolt
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| show | first Tues of month
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| how are a majority of foreclosures in TX done? | show 🗑
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| when are foreclosures in TX none non-judicial? | show 🗑
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| What does real estate recording do? | show 🗑
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| show | PROPERTY RIGHTS TO LAND MUST BE RECORDED IN THE COUNTY WHERE THE PROPERTY IS LOCATED. Deed, mortgage, and other instruments affecting real estate are not effective if not recorded.
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| show | lien for labor or material for the improvement of property. Can use to foreclose on a homestead property
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| 2 Programs for TX land board | show 🗑
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| show | interest rates significantly lower than prevailing market rates.
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| If a vet purchases unimproved land from TVLB, what are the guidelines? | show 🗑
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| are veteran's loan benefits available to surviving spouse of vet listed as missing n Action or whose death was service connected? | show 🗑
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| show | The can regulate but not ban flying flying of flags of US, State of TX, or any branch of US armed forces.
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| show | They can regulate but not ban.
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| show | yes
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| If an applicant for a sales license engages in a brokerage transaction the applicant: | show 🗑
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| An unlicensed assistant is hired to increase an agents listing inventory. What may the assistant do? | show 🗑
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| show | being and on site manager of an apartment complex
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| when a sales agents sponsorship is terminated by his sponsoring broker, the broker must: | show 🗑
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| show | $50 gift card, no cash or cards that can be converted to cash.
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| show | be scrupulous and meticulous in performing the agent's functions
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| when a broker is acting for more than one party, the broker should disclose: | show 🗑
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| show | foreclosure
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| show | orally or din writing
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| according to the TREC residential resale contract form, if a termination option fee is paid, day one of the option period is when? | show 🗑
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| your buyer-client insists on entering into a lease-purchase agreement. You must | show 🗑
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| show | Yes, if the agent provided a RSC disclosure and the broker authorized the payment to the agent.
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| show | Advise the attorney for the proper wording to put in the contract
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| show | within the negotiated number of days of the effective date of the contract.
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| show | yes
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| show | principal requires the use of another form
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| when must a property owner declare their primary residence as their homestead to get homestead protection? | show 🗑
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| A DTPA claim cannot be brought against a license holder for what? | show 🗑
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| show | revocation of contract
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| broker entered representation agreement with buyer on the phone, broker found property and was procuring cause of sale, buyer refused to pay comm. What can broker do? | show 🗑
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| show | resale certificate
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| what information is contained in paragraph 7D of he 1-4 family contract? | show 🗑
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| what type of information can you put in para 11 of the 1-4 family resale contract? | show 🗑
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| what information is contained in Para 11 (special provisions) of the 1-4 family contract? | show 🗑
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| show | The VA must be notified prior to foreclosure
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| show | name inspector
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| a broker is not required to: review all contracts, make sure agents use promulgated forms, be sure agents obey laws of advertising, be sure agents follow all TREC rules and regs. | show 🗑
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| if a broker is using an assumed name, or DBA, this must be filed in: | show 🗑
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| show | fine of $4000 and/or imprisonment in county jail of up to 1 year plus civil suit for damages
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| what is the difference from a broker-intermediary and sales agent appointee? | show 🗑
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| when a broker markets his own property he should | show 🗑
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| which of the following is considered community property? property acquired prior to marriage, acquired after marriage, property held in tenancy in common, property inherited by husband | show 🗑
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| show | cause for suspension or revocation of lisense
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| the rules and regs of TREC have what? | show 🗑
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| TREC was created in 1949 primarily to what? | show 🗑
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| The standard contract forms adopted by TREC must: | show 🗑
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| show | Misdemeanor
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| A buyer and seller have signed contract. Buyer has received a survey and is unhappy. What action can he take? | show 🗑
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| what power does the commission have when a license holder fails to comply with a subpoena? | show 🗑
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| show | set a hearing in Austin
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| What remedy is available in every TREC contract from for Breach of contract? | show 🗑
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| a license holder is working as a buyer's agent. Her buyer wants to take his contract to an attorney for advice. Agent should: | show 🗑
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| show | cant be honest or trustworthy
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| show | cannot attach the wages of tenant for rent owed.
Landlord can sell, dispose or pack and store property
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| show | 30 days
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| t or f - only a licensed remediator can remove mold? | show 🗑
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| t or f a homeowner is entitle to a certificate of mold remediation within 10 days of the work being done? | show 🗑
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| t or f - an insurance company cannot make an underwriting decision based on previous mold claims in the property owner has a certificate of mold remediation. | show 🗑
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| t or f - when a property is sold, the seller must provide all certificates of mold remediation he has received in the past 5 years | show 🗑
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| show | 40 hours
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| show | consider the license active for an additional 60 days, during which time the license holder must complete the required education and pay the $200 amount for fees and penalties.
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| If broker represents a seller who does not truthfully disclose all about his property and the sale is later reversed in court, Is the broker entitle to keep the commission earned on the sale? | show 🗑
|
||||
| What are the categories it is illegal to discriminate against? | show 🗑
|
||||
| where do you file a complaint if you feel you have been discriminated against? | show 🗑
|
||||
| What housing is covered under the Fair Housing Act? | show 🗑
|
||||
| show | refuse to let them make reasonable modifications to the dwelling or common use areas at their expense. Cannot refuse to make reasonable accommodations in rules, policies, practices or services if necessary for the disable person to use the housing.
🗑
|
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| show | endangered species
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|
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| show | a commercial investment loan
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|
||||
| show | mortgage
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|
||||
| Agent had listing and property did not sell. It expired. Seller disclosed confidential info to agent. Several months later, the agent has a buyer client interested in purchasing the same property. How long must the seller's private info be kept confid? | show 🗑
|
||||
| a metes and bounds description will always have what? | show 🗑
|
||||
| show | air polution
🗑
|
||||
| an agent designed an innovative technology in the office that would substantially improve service to clients. He must: | show 🗑
|
||||
| show | HUD
🗑
|
||||
| show | totally insured by the FHA
🗑
|
||||
| a broker is most often what type of agent? | show 🗑
|
||||
| show | ARM
🗑
|
||||
| When should an agent advise a client to get title work done? | show 🗑
|
||||
| show | failure to display the equal housing poster in their office.
🗑
|
||||
| show | 0
🗑
|
||||
| In TX a homeowner's association can regulate and ban what? | show 🗑
|
||||
| How much E&O insurance is required when a designated broker has less than 10% interest in the LLC? | show 🗑
|
||||
| With regard to TREC investigating the actions of agent against who a complaint is filed, what would cause a complaint to be a priority? | show 🗑
|
||||
| violation of the license act is a class A misdemeanor. The criminal penalty could be a fine of up to? | show 🗑
|
||||
| income approach for an appraisal would be most widely used for what? | show 🗑
|
||||
| the right to cross over a property owned by another is called: | show 🗑
|
||||
| show | A Lien
🗑
|
||||
| show | county courthouse
🗑
|
||||
| real property owned by the husband or wife prior to marriage is called? | show 🗑
|
||||
| show | the right to take property for public use
🗑
|
||||
| taxes are determined by multiplying the tax rate by the what? | show 🗑
|
||||
| show | mortgagor
🗑
|
||||
| A person who has real property willed to them by a relative is said to acquire title by what? | show 🗑
|
||||
| show | charging an interest rate higher than the legal limit
🗑
|
||||
| who do escrow accounts protect? | show 🗑
|
||||
| show | a lending institution
🗑
|
||||
| anything fastened to real property permanently is called what? | show 🗑
|
||||
| show | creates a lien
🗑
|
||||
| borrowing funds to increase purchasing power is called what? | show 🗑
|
||||
| commingling as used in real estate law is what? | show 🗑
|
||||
| the number of acres in a section is | show 🗑
|
||||
| fannie mae refers to: | show 🗑
|
||||
| show | lessor and lsessee
🗑
|
||||
| show | a principal
🗑
|
||||
| a contract which has no force or effect is said to be | show 🗑
|
||||
| show | a court decree
🗑
|
||||
| show | functional obsolescence
🗑
|
||||
| show | lends the money to mortgagor
🗑
|
||||
| show | land not previously developed
🗑
|
||||
| show | remove a defect in title
🗑
|
||||
| show | written and spoken
🗑
|
||||
| show | 7
🗑
|
||||
| show | market value
🗑
|
||||
| the period in which a building earns sufficient income to justify its operation is: | show 🗑
|
||||
| describing land boundaries using terminal points and angles is called? | show 🗑
|
||||
| the statutory information statement about agency must be provided when? | show 🗑
|
||||
| recission | show 🗑
|
||||
| show | condominium
🗑
|
||||
| appurtenance | show 🗑
|
||||
| show | person whose property rights are transferred
🗑
|
||||
| RESPA stands for: | show 🗑
|
||||
| voluntary alienation | show 🗑
|
||||
| How long under civil rights act of 1968 does a person who has been discriminated against have to file a complaint? | show 🗑
|
||||
| show | the sponsoring broker
🗑
|
||||
| punitive damages for a single violation in a suit brought under the Federal Fair Housing Law are limited to how much? | show 🗑
|
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delorya
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