Chapter 7 - Texas Real Estate License Act - Mini Quiz

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

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

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

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

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

9

Which of the following is exempt from holding a real estate license...? AA homeowner looking to sell their house on their own BReal estate salesperson CReal estate broker DAssociate broker

AA homeowner looking to sell their house on their own

Which of the following must hold a real estate license...? AReal estate salesperson BReal estate appraiser CReal estate attorney DAll of the above

AReal estate salesperson

Who determines the standards for real estate licensing courses in Texas...? ATexas Real Estate Commission BNational Association of Realtors CTexas Association of Realtors DArello

ATexas Real Estate Commission

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

A real estate broker is authorized to perform which of the following acts...? AAll of the above BDeal or sell options on real estate CIdentify properties for purchase or lease DAuction off real estate

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

If an administrative penalty is not paid, who is responsible for collecting the payment...? AAttorney General BTexas Association of Realtors CState Governor DState Judge

Attorney General

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

Fingerprint

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

After an applicant submits their real estate salesperson application, their license will be mailed to which of the following...? AThe applicant's sponsoring broker BThe applicant CBoth the applicant and the applicant's sponsoring broker DDepartment of State

The applicant's sponsoring broker

A licensee may have their license suspended or revoked for which of the following actions...? AUnlawful practice of law BFailing to close a transaction within 2 calendar years CChanging brokers DAll of the above

Unlawful practice of law

Which of the following is exempt from holding a real estate license...? ALicensed Texas attorneys BReal estate salesperson CReal estate broker DAssociate broker

A Licensed Texas attorneys

Who is legally entitled to receive a commission from a principal for a sale or rental of the principal's property...? AReal estate broker BReal estate salesperson CAssociate real estate salesperson DAll of the above

A Real estate broker

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

Real estate salespersons should not provide which of the following to their clients...? ALegal advice BMarket updates CMarketing advice DFull disclosure

Legal advice

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 sal

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