Texas Real Estate Chapter 1.7

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? o 2 o 3 o 4 o 7

2

TREC may renew a real estate license for no more than...? o 1 year o 2 years o 3 years o 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...? o 1.5x the required renewal fee o 2x the required renewal fee o 3x the required renewal fee o The required renewal fee

2x the required renewal fee

The Texas Real Estate Commission consists of how many non-licensed public members...? o 0 o 3 o 6 o 9

3

The Commission shall notify examinees of their results within how many days after the exam is taken...? o 7 o 30 o 45 o 60

30

Any complaints issued to TREC must be submitted within ............ years of the incident? o 2 o 3 o 4 o 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...? o 1 o 2 o 3 o 4

4

How many members of the Texas Real Estate Commission are real estate brokers...? o 3 o 5 o 6 o 9

6

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...? o 6 months o 1 year o 2 years o 4 years

6 months

Texas Real Estate Commission consists of how many members...? o 5 o 6 o 7 o 9

9

A licensee may have their license suspended or revoked for which of the following actions...? o Acting as a dual agent without full disclosure to all parties involved o Failing to close a transaction within 2 calendar years o Changing brokers o 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...? o Unlawful discrimination o Misrepresentation o Fraud o 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...? o Fraud o Deceit o Misrepresentation o All of the above

All of the above

A real estate broker is authorized to perform which of the following acts...? o All of the above o Deal or sell options on real estate o Identify properties for purchase or lease o Auction off real estate

All of the above

Payments into the Real Estate Recovery Trust Account are provided by which of the following...? o License application fees o Certificate of Registration fees o Administrative penalty fees o All of the above

All of the above

The amount of an administrative penalty is determined by which of the following...? o The seriousness of the violation o The history of previous violations of the licensee o The amount necessary to deter similar future acts o All of the above

All of the above

Which of the following warrants a fee under the Texas Real Estate License Act...? o Real estate salesperson application o Real estate salesperson license renewal o Real estate salesperson State examination o All of the above

All of the above

If an administrative penalty is not paid, who is responsible for collecting the payment...? o Attorney General o Texas Association of Realtors o State Governor o State Judge

Attorney General

What is the primary purpose of real estate licensing laws...? o Define minimum standards and qualifications for salespersons and brokers o Raise revenue o Help licensees earn higher commissions o 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...? o Universal agent o General agent o Single agent o Dual agent

Dual agent

What is an applicant required to submit as part of the licensing application process...? o Three forms of valid government IDs o Fingerprints o Surety Bond o All of the above

Fingerprints

Which of the following is NOT legally capable of obtaining a real estate license...? o Individuals living in Texas under a Visa o Individuals with a Green Card o Permanent residents of the U.S. o 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...? o Principal o Client o Sponsoring broker o Customer

Sponsoring broker

The Texas Real Estate Commission is periodically reviewed under this Act...? o Sunset Act o Fair Housing Act o ADA o Texas Licensing Act

Sunset Act

Educational institutions that offer real estate licensing courses in Texas must hold a...? o Grant o Certificate of Compliance o Surety Bond o 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...? o The Texas Association of Realtors o The Real Estate Recovery Trust Account o The Texas Escrow Account o The U.S. Recovery Trust Account

The Real Estate Recovery Trust Account

After an applicant submits their real estate salesperson application, their license will be mailed to which of the following...? o The applicant's sponsoring broker o The applicant o Both the applicant and the applicant's sponsoring broker o Department of State

The applicant's sponsoring broker

Which of the following is exempt from holding a real estate license...? o A homeowner looking to sell their house on their own o Real estate salesperson o Real estate broker o Associate broker

A homeowner looking to sell their house on their own

A licensee may have their license suspended or revoked for which of the following actions...? o Failing to close a transaction within 2 calendar years o Commingling o Changing brokers o All of the above

Commingling

As an alternative to paying an administrative penalty, the Commission may have a licensee pay which of the following.....? o Refund o Rebate o Commission o Extra renewal fee

Commission

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...? o David's sponsoring broker o Andrew o The Client o The Principal

David's sponsoring broker

Real estate salespersons should not provide which of the following to their clients...? o Legal advice o Market updates o Marketing advice o Full disclosure

Legal advice

Which of the following is exempt from holding a real estate license...? o Licensed Texas attorneys o Real estate salesperson o Real estate broker o Associate broker

Licensed Texas attorneys

What is the primary purpose of real estate licensing laws...? o Protect the public from incompetent or dishonest salespersons and brokers o Raise revenue o Help licensees earn higher commissions o Increase property values

Protect the public from incompetent or dishonest salespersons and brokers

Who administers the Texas Real Estate License Act...? o U.S. Attorney General o National Association of Realtors o Texas Real Estate Commission o Texas Association of Realtors

Texas Real Estate Commission

Who determines the standards for real estate licensing courses in Texas...? o Texas Real Estate Commission o National Association of Realtors o Texas Association of Realtors o Arello

Texas Real Estate Commission

The following exam must be less stringent than the Texas real estate broker's exam...? o Texas appraisal exam o Texas real estate inspector exam o Texas real estate salesperson exam o All of the above

Texas real estate salesperson exam