Exam 5 Real Estate Practice Test
how many lawyers does the govenor appoint to the Broker-lawyer committee?
zero
When a real estate transaction involving a governmental agency takes place, the forms used in the transaction will need to be provided by that agency. This is what is known as an ________ to TREC's rule.
Exeception
Which of the following is true regarding the 2011 amendment to the DTPA?
It prevents frivolous lawsuits against real estate licensees.
June is buying Tom's property in Texas. Who will pay for a roof inspection if June hires an inspector (who charges $300) according to the Property Condition paragraph of the TREC one to four family residential contract.
June
Which of the following describes the Tide Waters notice of the Title Notices provided in the TREC One to Four Family Residential Contract (Resale) in Texas?
Required by the Texas Natural Resources Code if the property abuts tidally influenced waters of the state
Who's responsible for providing the Addendum for Property Located Seaward of the Gulf Intracoastal Waterway in the sale of a property to which this addendum applies?
Seller
Per the Addendum for Sale of Other Property by Buyer, what happens if the buyer waives the contingency but fails to close because of insufficient funds?
The buyer is in default.
Per the Short Sale Addendum, what happens if the seller fails to notify the buyer by the date specified in the addendum that the lienholder's consent and agreement have been obtained?
The contract is terminated and the earnest money is refunded to the buyer.
Real estate professionals handle many documents related to real estate transactions. Which one of the items listed below is one of the most important in detecting mortgage fraud?
the original sales agreement and any addenda
where must a completed Texas IABS form be linked?
Linked to the broker's business website
Licensee Marvin is using a real estate contract form drawn up by his property owner client, instead of using a form with a similar purpose promulgated by the Texas Real Estate Commission. This is ________.
Okay if Marvin's client required that form
Which of the following Texas promulgated forms is most like the TREC New Home Contract?
New HOme Contact (incomplete construction)
You discover that there's a registered sex offender in the neighborhood and decide to disclose this information to your client. Are you breaking the law?
No, revealing this information isn't prohibited, but neither is it required. You should follow your brokerage's policy on the matter.
Archie is behind in his mortgage payments. He wants to sell his house and get out from under the loan. You agree to help Archie list his property. Which TREC addendum will you and Archie need to complete and attach to the sales contract?
Short Sale Addendum
Nancy is explaining the termination option to her buyer client. How would she explain that "time is of the essence" for the termination option?
This means that the deadline for depositing the option fee and the time frame for the option period will be strictly enforced. You don't want to miss these deadlines.