Texas Law of Agency 8-12
The DTPA was amended in .............to include real property transactions?
1975
The TREC commissioners consists of how many real estate brokers...?
6
Which of the following addenda must be used in a residential real estate transaction, if the house was built prior to 1978...?
Addendum For Seller's Disclosure of Information on Lead-Based Paint and Lead-Based Paint Hazards as Required by Federal Law
A federal law protecting the rights of individuals with physical or mental impairments is known as the...?
Americans with Disabilities Act
A brokerage company's policy should...?
Be in-writing
Which of the following is a consumer protection Act...?
DTPA
A personal assistant serves as a/an ..........to their broker?
Employee
If a broker requires his/her agents to attend weekly training sessions, the IRS may classify the agents as...?
Employees
Which of the following may a broker use to help distinguish between an employee and an independent contractor...?
Employer's Supplemental Tax Guide
Moral principles that govern a person's or group's behavior are known as...?
Ethics
Moral principles that govern a person's or group's behavior.
Ethics
Which of the following laws takes precedent over all other laws...?
Federal law
Which of the following is a cannon of professional ethics and conduct stated in the Texas Administrative Code...?
Fidelity Integrity Competence
Damages simply for the purpose of punishment.
Punitive Damages
Which of the following are protected classes under the Equal Credit Opportunity Act...?
Religion Sex Marital status
Residential Realty recently started to develop a new policies and procedures manual. What is the second step they need to take in developing the manual...?
Review the advantages and disadvantages of each agency relationship
What is the second step in developing a broker's company policies and procedures manual...?
Review the advantages and disadvantages of each agency relationship
What is the third step in developing a broker's company policies and procedures manual...?
Review the size and experience of the broker's office staff
What is the first step in developing a broker's company policies and procedures manual...?
Review the various agency relationships
Which of the following TREC rules requires a broker to maintain written policies and procedures...?
Section 535.2
Which of the following parties may serve as the principal in a transaction...?
Seller Buyer Landlord
The Texas Property Code requires which of the following in a residential transaction...?
Seller's Disclosure of Property Condition
Federal legislation including imposition of civil and punitive damages for anti-trust activities.
Sherman Anti-Trust Act
The DTPA is a ...........law?
State
Sherman Anti-Trust Act prohibits companies from monopolizing a particular market...?
T (True)
Regulation Z is also known as...?
TILA
Which of the following federal laws requires lenders to disclose to borrowers the actual cost of obtaining a loan...?
TILA
A real estate professional may be held criminally liable for violating which of the following...?
TRELA
The five cannons of professional ethics and conduct for real estate professionals is described in which of the following...?
Texas Administrative Code
According to the Independent Contractor Agreement For Sales Associate, the salesperson is a member of which associations...?
Texas Association of Realtors
This document explains to the customer the services offered by the brokerage...?
The Information About Brokerage Services
Which of the following must be satisfied in order for an agent to receive a commission from a transaction...?
The agent must have held a valid real estate license prior to the start of the transaction
Who pays a real estate salesperson their commission for a transaction...?
The salesperson's sponsoring broker
Who owns any listing contracts secured by a real estate salesperson...?
The sponsoring broker
Which of the following elements must be present in order to be found guilty of fraud under the DTPA...?
The victim must have incurred damages An intentional false representation The victim must have relied on the false information provided by the person committing fraud
A real estate salesperson may directly receive compensation from which of the following parties...?
Their sponsoring broker
An independent contractor agreement is signed between a real estate salesperson and...?
Their sponsoring broker
What is the standard term of an independent contractor agreement...?
There is no standard term
The name given to the federal statutes and regulations (Regulation Z) which are designed primarily to insure that prospective borrowers and purchasers on credit receive credit cost information before entering into a transaction.
Truth-in-Lending Act (TILA)
City Realty recently started to develop a new policies and procedures manual. What is the fourth step they need to take in developing the manual...?
Write the company policy manual
What is the fourth step in developing a broker's company policies and procedures manual...?
Write the company policy manual
The TREC commissioners consists of how many public members...?
3
TREC is comprised of how many commissioners...?
9
Section 1101.803 of TRELA states which of the following...?
A broker is responsible for the conduct of his/her sales agents
An unlicensed individual may receive which of the following for referring a client to a broker...?
A gift card
Alex is a real estate salesperson who recently signed a buyer representation agreement with a buyer; however, Alex decided to leave his broker for a new broker. Who owns Alex's buyer representation agreement...?
Alex's original sponsoring broker
Jane owns a multi-family building in Austin. According to this federal law, Jane must make reasonable accommodations for handicapped individuals...?
Americans with Disabilities Act
A federal law protecting the rights of individuals with physical or mental impairments.
Americans with Disabilities Act (ADA)
This is a protected class under the Texas Fair Housing Act, which is not protected under the Federal Fair Housing Act...?
Ancestry
According to the independent contractor agreement, the real estate salesperson is referred to as the...?
Associate
Which of the following is considered a reasonable accommodation under the ADA...?
Building a ramp at the entrance of a building
Fraud in the real estate industry is covered in which of the following statutes...?
Business and Commerce Code
What is the fifth step in developing a broker's company policies and procedures manual...?
Conduct in-house training sessions and monitor the effectiveness of the manual
A consumer may bring a suit against a broker under the DTPA if the broker's actions were the ...........cause to the damages incurred by the consumer?
Contributing
James entered into an independent contractor agreement with City Realty. Which party may terminate the agreement...?
Either James or City Realty
Which of the following prohibits discrimination of protected classes in the lending process...?
Equal Credit Opportunity Act
Laws may be categorized as which of the following...?
Federal laws State laws Local laws
Which of the following is a violation of the DTPA...?
Fraudulent acts by a real estate agent
A personal assistant to a broker may perform which of the following acts...?
Host an open house
A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another.
Independent Contractor
A person who acts for another but who sells final results and whose methods of achieving those results are not subject to the control of another is known as a/an...?
Independent contractor
A real estate salesperson operates as a/an...?
Independent contractor
The Employer's Supplemental Tax Guide helps a broker distinguish between an employee and a/an...?
Independent contractor
Real estate professionals who .............conduct violations can be charged under the DTPA?
Knowingly
A property management agreement is signed between a broker and a/an...?
Landlord
The system of rules that a particular country or community recognizes as regulating the actions of its members and may enforce by the imposition of penalties.
Law
This is a system of rules that a particular country or community recognizes as regulating the actions of its members and may enforce by the imposition of penalties...?
Law
Which of the following was prohibited from being used after 1978...?
Lead-based paint
Failing to disclose which of the following may be considered an act of omission...?
Lead-based paint Ground water contamination Asbestos
The law establishes an agent's ...........duties?
Legal
Who is responsible for enforcing TRELA...?
TREC
Which of the following describes the rules and regulations regarding the practice of real estate in Texas...?
TRELA
Which of the following is an advantage to working as an intermediary...?
The broker can earn a higher commission
What is the minimum standard of conduct for a real estate professional...?
The law
Which of the following takes precedent over an individual's moral standards...?
The law
Who is responsible for paying the taxes on any commissions earned by a real estate salesperson...?
The real estate salesperson
According to the Independent Contractor Agreement For Sales Associate, how often is a salesperson required to be present in the broker's office...?
The salesperson is not required to be present in the broker's office
Matthew signed an independent contractor agreement with his broker. What is the standard term used in the agreement...?
There is no standard term
A real estate salesperson must obtain which of the following to cancel or terminate a brokerage service agreement...?
Written permission from the broker
Which of the following cannot serve as a TREC commissioner...?
A real estate salesperson
Which of the following parties may be eligible to receive a referral fee for referring a client to broker...?
A real estate salesperson
Which of the following sections are included in an independent contract agreement...?
Exclusive Association Associate's Authority Advertising
A listing agreement is signed between a seller and a real estate salesperson...?
F (False)
A federal Prohibition on discrimination in sale, rental, financing, or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status.
Fair Housing Act of 1968
A federal prohibition on discrimination in sale, rental, financing, or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status, is known as the...?
Fair Housing Act of 1968
The intentional and successful employment of any cunning , deception, collusion, or artifice, used to circumvent, cheat or deceive another person whereby that person acts upon it to the loss of property and to legal injury.
Fraud
The intentional and successful employment of any cunning, deception, collusion, or artifice, used to circumvent, cheat or deceive another person whereby that person acts upon it to the loss of property and to legal injury is known as...?
Fraud
A contract in which a property owner employs a real estate broker to market the property described in the contract.
Listing Contract
A broker's written company policies should include which of the following...?
Matters regarding the competency of agents Matters regarding advertising rules Matters regarding continuing education
Town Brokers are developing a company policies and procedures manual. What should be included in the manual...?
Matters regarding the competency of agents Matters regarding advertising rules Matters regarding continuing education
False statements made negligently or innocently are known as...?
Misrepresentation
False statements made negligently or innocently.
Misrepresentation
Self imposed duties that guide a person's conduct are known as...?
Morals
Under the DTPA, a consumer may recover ..............their actual loses?
More than
Which of the following establishes a code of ethics for real estate agents...?
NAR
Which of the following is the oldest code of ethics for real estate professionals...?
NAR code of ethics
Which of the following is a protected class under the Federal Fair Housing Act...?
National origin
Which of the following actions is prohibited under the Sherman Anti-Trust Act...?
Price fixing
The employer of a broker is known as the...?
Principal
The employer of an agent; one of the main parties in a real estate transaction, such as a buyer, borrower, seller, or lessor.
Principal