STATE PRACTICE EXAM (10)

Which one of these activities may an unlicensed assistant in Texas not perform?

Discuss the amenities of a property, with a prospective purchaser or lessee, for compensation $ Unlicensed assistants in Texas may not perform real estate activities, including discussing a property's amenities, for compensation and for others.

Someone whose license has been expired for between 91 days and six months may renew their license by paying TREC a fee. How much is the renewal fee in these instances?

Double the regular required renewal fee $ omeone whose license has been expired for between 91 days and six months may renew their license by paying TREC a fee of double the regular required renewal fee.

The notice that advises the buyer to have the abstract or title policy examined by an attorney is required by which of the following pieces of legislation?

Texas Real Estate License Act (TRELA) $ TRELA requires that every licensee give a written notice advising that either the abstract or title policy should be examined by an attorney. This notice is included in the TREC One to Four Family Residential Contract (Resale).

In Texas, when HUD receives a discrimination complaint, it forwards this complaint to what organization?

Texas Workforce Commission Civil Rights Division $ These complaints are forwarded to the Texas Workforce Commission Civil Rights Division, which enforces fair housing laws.

If a property being sold is located within a municipal utility district (MUD), the seller must provide this statutory disclosure to the buyer before the sales contract is executed.

Statutory Tax District Notice $ The Statutory Tax District Notice includes the district's tax rate, standby fee, or indebtedness.

Which of the following statements about the termination option in TREC's residential One to Four Family (resale) contract is true?

Buyers who choose to take the option and pay the option fee can terminate the contract by giving notice within a specified time frame. $

Homestead exemptions ______ property taxes for all homeowners by protecting a certain amount of a Texas home's value from tax.

Decrease $

If a Texas licensee is found guilty of a fair housing violation, the _____________could also award monetary damages to the complainant.

TWCCRD $

The Lees and the Wongs are closing on a transaction. However, the Wongs, who are selling, must delay closing by two days. In order to do this, what must happen?

The parties must agree to and sign an Amendment to Contract form, changing the closing date. $

Why is it so important that the legal description be captured correctly in the sales contract?

A mistake in the legal description may lead to more or less land being conveyed to the buyer than was intended. $ It's important to ensure that the legal description is accurate so that there is absolutely no doubt as to which property the buyer is purchasing, and which property the seller is conveying.