Chapter 7 - Texas Real Estate License Act
The Texas Real Estate Broker Lawyer Committee consists of how many members...? 6 7 11 13
13
An action for judgment for order of payment from the Real Estate Recovery Trust Account must be made within .......... years of the cause of action? 2 3 4 7
2
TREC may renew a real estate license for no more than...? 1 year 2 years 3 years 4 years
2 years
If an individual's license has been expired for greater than 90 days, but less than 6 months, they may renew their license by paying a fee to the Commission equal to...? 1.5x the required renewal fee 2x the required renewal fee 3x the required renewal fee The required renewal fee
2x the required renewal fee
The Texas Real Estate Commission consists of how many non-licensed public members...? 0 3 6 9
3
The Commission shall notify examinees of their results within how many days after the exam is taken...? 7 30 45 60
30
Any complaints issued to TREC must be submitted within ............ years of the incident? 2 3 4 7
4
If an applicant holds a broker's license in another state, how many years of active experience must the applicant have in the other state in order to satisfy the experience requirement in Texas...? 1 2 3 4
4
How many members of the Texas Real Estate Commission are real estate brokers...? 3 5 6 9
6
4 The education requirements for a broker's application may be waived if the applicant held a broker's license in the State of Texas within the preceding...? 6 months 1 year 2 years 4 years
6 months
The Texas Real Estate Commission consists of how many members...? 5 6 7 9
9
A licensee may have their license suspended or revoked for which of the following actions...? Acting as a dual agent without full disclosure to all parties involved Failing to close a transaction within 2 calendar years Changing brokers All of the above
Acting as a dual agent without full disclosure to all parties involved
A Certificate of Registration may be suspended or revoked for which of the following actions...? Unlawful discrimination Misrepresentation Fraud All of the above
All of the above
A license holder may have their license suspended or revoked if they obtained their license through which of the following means...? Fraud Deceit Misrepresentation All of the above
All of the above
Payments into the Real Estate Recovery Trust Account are provided by which of the following...? License application fees Certificate of Registration fees Administrative penalty fees All of the above
All of the above
The amount of an administrative penalty is determined by which of the following...? The seriousness of the violation The history of previous violations of the licensee The amount necessary to deter similar future acts All of the above
All of the above
Which of the following warrants a fee under the Texas Real Estate License Act...? Real estate salesperson application Real estate salesperson license renewal Real estate salesperson State examination All of the above
All of the above
What is the primary purpose of real estate licensing laws...? Define minimum standards and qualifications for salespersons and brokers Raise revenue Help licensees earn higher commissions Increase property values
Define minimum standards and qualifications for salespersons and brokers
A broker who acts as an intermediary in a transaction operates as a...? Universal agent General agent Single agent Dual agent
Dual agent
What is an applicant required to submit as part of the licensing application process...? Three forms of valid government IDs Fingerprints Surety Bond All of the above
Fingerprints
Which of the following is NOT legally capable of obtaining a real estate license...? Individuals living in Texas under a Visa Individuals with a Green Card Permanent residents of the U.S. None of the above
Individuals living in Texas under a Visa
As a real estate salesperson, all commissions must be paid to them by the...? Principal Client Sponsoring broker Customer
Sponsoring broker
The Texas Real Estate Commission is periodically reviewed under this Act...? Sunset Act Fair Housing Act ADA Texas Licensing Act
Sunset Act
Educational institutions that offer real estate licensing courses in Texas must hold a...? Grant Certificate of Compliance Surety Bond Real estate license
Surety Bond
A seller may be reimbursed for damages caused by their real estate agent or broker from which of the following...? The Texas Association of Realtors The Real Estate Recovery Trust Account The Texas Escrow Account The U.S. Recovery Trust Account
The Real Estate Recovery Trust Account
A licensee may have their license suspended or revoked for which of the following actions...? Failing to close a transaction within 2 calendar years Commingling Changing brokers All of the above
Commingling
David is a real estate agent who referred a client to Andrew, another agent in the office. Andrew agreed to give David a 25% referral fee. Who must pay the referral fee to David...? David's sponsoring broker Andrew The Client The Principal
David's sponsoring broker
What is the primary purpose of real estate licensing laws...? Protect the public from incompetent or dishonest salespersons and brokers Raise revenue Help licensees earn higher commissions Increase property values
Protect the public from incompetent or dishonest
As an alternative to paying an administrative penalty, the Commission may have a licensee pay which of the following.....? Refund Rebate Commission Extra renewal fee
Refund
Who administers the Texas Real Estate License Act...? U.S. Attorney General National Association of Realtors Texas Real Estate Commission Texas Association of Realtors
Texas Real Estate Commission
The following exam must be less stringent than the Texas real estate broker's exam...? Texas appraisal exam Texas real estate inspector exam Texas real estate salesperson exam All of the above
Texas real estate salesperson exam
