Appraisal

Regarding water rights, if the seller of a property is required to provide a Seller's Disclosure Notice, what knowledge must the seller disclose?

Any defect in a neighboring water well

If a Texas property owner disagrees with their central appraisal district's proposed value of their property, with what entity may the owner file a Notice of Protest?

Appraisal Review Board

The TREC-required disclosure that license holders must provide when giving consumers a CMA or BPO specifically states that the figure in their report is not the same as ______.

Appraisal value

A water right holder must, prior to diverting a regulated water source, inform the watermaster of the specific ______.

Area to which the water will be diverted

Gabby is selling a leased property to Jon. According to the wording in Addendum Regarding Residential Leases, which action is Gabby permitted to take prior to closing?

Assign the lease to Jon

Paragraph 5 of the One to Four Family Residential Contract (Resale) clarifies the order in which buyer funds should be applied to fees and other buyer payments. To which of the following will buyer funds be applied first?

Option fee

The Texas Farm and Ranch contract states that the ______ owes the rollback taxes on the property.

Party who changes the use

According to TREC's canon of fidelity, an agent who is acting in strict regard for what is considered right or proper is said to be acting ______.

Scrupulously

A recent form change regarding certain accessories made it clear that they are generally to be included in the sale. What sort of accessories are affected?

Security systems that aren't fixtures

Edgar is a Texas license holder. When it comes to ad valorem taxes, he's responsible for ______.

Understanding the process of ad valorem taxation

Which of the following best describes groundwater in Texas?

Water held underground in aquifers and pools

The 2012 Texas Water Development Board water plan projected a ______ increase in water needs by the year 2060.

130%

In Texas, generally speaking, public school district ad valorem taxes make up what percentage of the total annual property tax invoice?

50%

Juan, a Texas property owner, disagrees with his property's proposed appraised value. What should he file?

A Notice of Protest

What is usually required when a Texas landowner wishes to use surface water for a purpose other than domestic, livestock, or emergency use?

A TCEQ permit

Which of the following Texas real estate license holders may interpret GCD by-laws and rules for a client?

A license holder who is a licensed attorney

sWhen a landlord knows that flooding has damaged any portion of a dwelling at least once during the five-year period immediately preceding the lease's effective date, what must the landlord provide to the tenant?

A separate written notice before lease execution

Your buyer client Meghan wants to make a back-up offer on a house, but the seller already has one back-up offer in hand. What should you do in this situation?

Advise Meghan to retain an attorney to prepare the back-up addendum.

Which of the following is NAR's definition of a slur?

An Insulting or disparaging remark or innuendo

The canon of integrity charges a license holder with the employment of prudence and caution so as to avoid misrepresentation by acts of ______.

Commission or omission

For which loans may the Addendum Concerning Right to Terminate Due to Lender's Appraisal form be used?

Conventional

What Texas water source is owned by the landowner, with little or no regulation?

Diffused surface water only

Which of the following is one reason that the number of disability discrimination complaints has grown?

Discrimination based on disability is usually obvious.

Unless they hold an attorney's or ______ license, a Texas real estate license holder may not interpret GCD by-laws or rules for a client.

Engineer's

If a homeowner uses a state-owned lake without a permit, the homeowner may be subject to ______.

Fines

Texas license holder Quinn wans to develop geographic competency by learning more about groundwater regulations in her area. Which of the following is the best resource for her?

GCD general manager

What did Newsday's paired testing investigation using testers of similar backgrounds and qualifications in Long Island reveal?

In the majority of test cases, real estate agents did not show the non-white testers the same properties they showed to white testers.

Texas buyer Penelope's closing is scheduled for a date before the tax rates for the year will be known. How will the title company handle ad valorem tax proration?

It will estimate the tax and prorate appropriately.

Erik's back-up offer has moved into first position. What does this mean for the effective date of Erik's contract?

It's revised to the date Erik received notice of the first contract's termination.

TREC's canon of competency requires license holders to exercise ______ in the performance of brokerage activities.

Judgment and skill

Which of these is true about escalation clauses in Texas?

License holders must advise clients who wish to use an escalation clause to consult with their attorney.

A broker who is included in a copyright lawsuit stemming from illegal sharing of a copyrighted survey may face what penalty?

License suspension

Carol, a seller, and Max, a buyer, enter into a Farm and Ranch contract in Texas. Max changes the property's use to non-agricultural, so rollback taxes will be owed. Who will pay them?

Max will pay.

Texas central appraisal districts must send valuation notices to property owners by what date?

May 1 (April 1 for residential homesteads)

A Texas license holder who violates the mandates regarding escalation clauses may face which of these disciplinary actions?

Monetary fines and/or license suspension or revocation

Generally, a TCEQ permit is required for surface water use for which of the following purposes?

Private use

What is a license holder best practice in assisting clients with their Seller's Disclosure Notice?

Provide available choices of Seller's Disclosure Notice forms

In Texas, a geographically competent agent may ______ to help a client prepare for a property valuation argument, but must hold back in offering legal or tax advice.

Provide comparable sales data

The original Fair Housing Act of 1968 defined that certain classes of people are federally protected from housing discrimination. The original "protected classes" were ______.

Race, religion, national origin, and color

The Texas Legislature recognizes that the landowner owns the groundwater below the surface of the landowner's land as what kind of property?

Real

Assuming a Texas water right holder's diversion of water is authorized, what does the watermaster program do with the information about the diversion?

Records it against the water right

How does the watermaster program ensure water right holders' compliance with their water rights?

Regular field inspections

Stacy is hosting an open house for her seller client. The market is hot, so the open house is busy. How can Stacy make certain she offers the same services to visiting buyers equally?

She should give the same information to all open house visitors.

Which of the following is NAR's definition of harassing speech?

Speech that is intended to threaten, or intimidate

Per the Fair Housing Act, how much does a person's major life activity have to be limited in order for that person to be considered as having a disability?

Substantially

At this time, disclosure about which type of water rights is NOT included in the Texas seller's disclosure notice?

Surface

Which of the following is true regarding residency and competence in Texas real estate?

Texas license holders do not have to reside in Texas, but they must demonstrate geographic competency.

What entity owns the water in a watercourse in trust for Texas citizens?

The State of Texas

Who owes rollback taxes when a piece of land that once qualified for an agricultural appraisal is changed to non-agricultural use?

The current owner

A buyer and seller sign a contract for the sale of the seller's home. The effective date of the contract is Thursday, June 30th. By what date must the option fee be delivered?

Tuesday, July 5

Joaquin, a broker in Houston, needs to act as an intermediary in one of his transactions. He has received written consent from the parties of the transaction. Now he just needs to fulfill the other requirement, which is providing ______.

The source of the broker's expected compensation

In Texas, how are ad valorem taxes handled when a closing occurs before the current year's tax rates are known?

The title company estimates the taxes based on the best available information, and prorates.

Before diverting a water source regulated by a watermaster, a Texas water right holder must notify what entity?

The watermaster program

For how many of the previous years will a property owner owe rollback taxes when a property owner changes its use to non-agricultural?

Three

Sheila is a Texas license holder, and she wants to consult with a civil engineer and architect to help her build geographic competency in her area. What resource could she go to to be connected with these professionals?

Title company

When a seller doesn't provide a buyer with a copy of all relevant natural resource leases within three days after the effective date of the contract, how many days does the buyer have to terminate the contract?

Whatever number the contract specifies

What's the purpose of the Addendum Concerning Right to Terminate Due to Lender's Appraisal form?

When the parties agree to move forward with a transaction even though the appraisal is lower than the contracted sales price

When a landlord fails to provide required flood-related notices to a tenant, when may that tenant terminate the lease?

When the tenant suffers substantial personal property damage or loss due to flooding

What can the TCEQ map site tell someone?

Whether a property is located within a GCD

Martha's back-up offer includes an option period. When must she pay the option money?

Within the time specified in the back-up contract