RE 2
According to the U.S. Department of Justice, which type of antitrust violation is an agreement between competitors to eliminate discounts to all customers or certain types of customers?
Price fixing
Misrepresenting the facts about the reasons for a price decrease
Tenancy at sufferance
If a farm that's for sale measures one and three-quarter square miles, how many acres is it?
1,120
Which notice must be provided to purchasers of a single residential dwelling unit that is subject to membership in a property owners association?
Addendum for Property Subject to Mandatory Membership in Property Owners Association
Which type of valuation is used by government tax assessment offices?
Assessed value
When measuring elevations, what is used instead of a point of beginning?
Datum
If not satisfied with a real estate license applicant's honesty, trustworthiness, or integrity, what may the Texas Real Estate Commission do?
Deny a license to the applicant
Which of the following is true regarding express agreements?
Express agreements may be written or verbal.
Business is booming for Johnstone Realty, a new brokerage firm in town. The other firms in the area are unhappy about the cooperating split Johnstone offers, and they all agree to not show Johnstone's listings to their buyer clients. What is this an example of?
Group boycotting
Our Sanctuary is a senior living community. It can reject occupancy by families with young children under which of the following circumstances?
If all residents are required to be age 62 or above
James is a real estate licensee in Texas. A complaint has been filed through the TWCCRD against James for a fair housing violation. Which of the following is true?
James could be sanctioned by both the TWCCRD and the Real Estate Commission.
Which area of real estate law covers lease agreements?
Landlord-tenant
Shannon is reading through paperwork related to her upcoming home purchase when she comes across the following: "Southwest quarter of Southwest quarter (SW ¼ of SW ¼) and West Half of Southeast quarter of Southwest quarter (W½ SE¼ SW¼) of Section Eleven (11), Township Four (4) North of Range Eight (8) West." What did Shannon just find?
Legaldescription
What does the concept "first in time" refer to when discussing lien priority?
Liens are paid baes on date of filing
A new real estate professional is getting to know licensees at his new firm, Tremont Homes. One licensee tells him there's an unwritten agreement with a neighboring firm that Tremont serves the mid-town area, and everyone who has prospective clients in that area refer their leads to Tremont. What's this an example of?
Market allocation
If the land is described as "Beginning at the great oak 60 yards from the center of the Rock River that runs north to south through the county," what type of legal description is being used?
Metes and bounds
How do you determine the cost of purchasing land?
Multiply the land area by the cost per unit
What is the source of law for real estate license laws?
State laws and regulations
Samantha is a real estate licensee. She's showing her client a property. The client asks about some spots on the ceiling and wonders if they're an indication of a roof leak. What should Samantha do?
Suggest that her client contact a roofing expert to make a determination.
Ned is a listing agent who has learned of a material fact related to the transaction. To whom and when must he disclose this information?
To all parties as soon as possible
What is the purpose of a buyer agency agreement?
To identify the terms of the buyer agent/buyer agency relationship
Mavis plans to file a lawsuit under the DTPA. How many days prior to filing the lawsuit is Mavis required to send written notification to the licensee that she is suing him for damages?
At least 60 days
Which of the following would be a violation of the Texas Deceptive Trade Practices—Consumer Protection Act (DTPA)?
Misrepresenting the facts about the reasons for a price decrease
Anna and Cindy entered a contract to buy Jake's home. However, at the last minute, Cindy had a change of heart and wanted out of the deal. Anna asked another friend, Sally, if she wanted to take Cindy's place as a co-buyer of Jake's home. Everyone agreed to the substitution of Sally for Cindy on the contract. Of what is this an example?
Novation
In what way is a townhome similar to a single-family detached home?
Ownership includes both the structure and the land.
A consumer is moving to a new area and uses social media to try to line up a real estate professional to help him find a new home. He asks how much he'll need to pay his licensee. One firm he contacts tells him that all licensees in the area charge at least 2%. What antitrust violation does this imply?
Price fixing
Homeowner Shaun loves DIY projects and decided to build some bookshelves for his home office. He bolted the shelves to the wall and installed trim around them so they became an integral part of the room. When he sells his home, the bookshelves will be considered ______.
Real property because of the method of annexation
Early in its history, the Federal Housing Administration officially supported keeping "incompatible" racial groups out of the newly developed white suburbs. What is this practice known as?
Redlining
Navigable and non-navigable waterways are a smaller classification within what kind of water rights?
Riparian
What does the registration of an assumed business name with the secretary of state or county clerk's office in Texas show?
That the broker has the legal authority to use that name
