state exam study #4

Before Texas established its own occupancy standards law, the federal policy would have likely been considered. How does the Texas law differ from the federal law?

. The Texas law allows for more individuals per bedroom than the federal occupancy standard.

How many days does a broker have to notify TREC if their business address has changed?

10

Mindy and Seth have had to terminate their TREC One to Four Family Residential Contract (Resale). Both parties signed the request to release the earnest money, but only Mindy submitted a written demand for the funds. How many days does Seth have to submit a written objection after receiving notice from the escrow agent of the demand?

15 days

You and your new buyer client have just signed a buyer agency agreement. Per Texas law, how long must your broker keep a copy of the agreement on file?

4 years

How long is a member of TREC's term?

6 years

To be eligible for a real estate license in Texas, a person must be at least 18 years of age, and:

Be a citizen of the United States or a lawfully admitted alien

In order to qualify as a Texas veteran, a person must ______. Be a resident of Mexico Be at least 18 years old Be dishonorably discharged Serve at least 181 days of wartime active duty

Be at least 18 years old

Which of the following statements about waiving the contingency and the Addendum for Sale of Other Property by Buyer is true?

Buyers can waive the contingency, but they have to notify the seller and make an additional deposit.

TREC must notify consumers of their right to file a complaint against a licensed sales agent, broker, or easement or right-of-way agent by which of the following means?

By displaying it in a readily noticeable location in each place of business the brokers maintain

Simone is a trustee for her children's trust fund. Simone is also a broker. When she buys or sells investment property on behalf of that trust, which of the following is required by Texas law?

Simone must disclose in writing to the other party that she holds a real estate license.

Reginald Barker and Stacey Lee are married and purchasing a property together. Which of the following is the best way to identify them as parties on a sales contract? Reginald Barker and Stacey Lee, married persons Stacey and Reginald Barker Stacey Lee and husband Reginald Barker Stacey Lee, as separate property

Stacey Lee and husband Reginald Barker As married persons purchasing community property, they could be identified as "Stacey Lee and husband Reginald Barker," or as "Reginald Barker and wife Stacey Lee."

Texas license holder Alan receives a notice of violation from TREC's executive director. This notice summarizes the alleged violation, includes the executive director's recommendation that an administrative penalty in the amount of $2,500 be imposed upon Alan, and tells Alan he has the right to a hearing to contest the alleged violation and/or the recommended penalty. Alan must submit the written notification for a hearing within 20 days of receiving the notice. Unfortunately, on day 22, he realizes he forgot to mail the written request for hearing. What happens now?

TREC will, by order, approve the determination and order payment of the recommended penalty, which Alan must pay.

twccrd

Texas Workforce Commission Civil Rights Division

Which of the following is a true statement about how Texas contracts must be used?

The Residential Condominium Contract (Resale) can't be used for townhomes. The Residential Condominium Contract is for condominiums only, and can't be used for townhomes, which is one reason why it's important to be able to distinguish the difference between townhomes and condominiums.

You are the Texas agent for the buyers, the Jansens. The Yothers are the sellers, and their mortgage holder is Richard Steele. To which of these parties must you disclose your agency status?

The Yothers only You are required to make an agency disclosure to the parties involved in the transaction whom you do not represent. In this scenario, that's the Yothers. Mr. Steele is not part of the transaction.

Dana is a licensed broker in Texas. She has one primary location from which she conducts most of her business. However, she does have two additional branch locations. What must be included on all branch license certificates? A list of all associated brokers or sales agents Her listing of clientele Her TREC ID The address at which the broker's office is located

The address at which the broker's office is located

Who or what entity executes a Texas deed?

The grantor Only the grantor executes the deed. The grantee is not required to sign unless the grantee is assuming a mortgage.

Joaquin, a broker in Houston, needs to act as an intermediary in one of his transactions. He has received written consent from the parties of the transaction. Now he just needs to fulfill the other requirement, which is providing ______.

The source of the broker's expected compensation

Merry and Nick are purchasing a home from Bill and Jen in San Antonio. They're paying a $50,000 down payment, and taking out a $145,000 FHA loan. Which of the following parties is responsible for doing a search for mechanic's and materialman's liens on that property under the terms of the TREC residential resale contract?

The title company The title company does their title search, as well as a separate search for mechanic's and materialman's liens against the property that may have been filed by unpaid workers and material suppliers.

Which required clause in a Texas deed contains the phrase "to have and to hold" and defines or limits the ownership of interest of the grantee? Consideration acknowledgment Granting Habendum Warranty

Habendum The habendum clause defines or limits the ownership interest of the grantee.

A Texas license holder, who is acting on his own behalf assigning an interest in a contract to purchase real property must disclose to any potential buyer that the license holder is assigning an interest in a contract and that ______.

He doesn't have legal title to the real property

Jonathan is acting as an intermediary in Texas. He has received written consent from the parties involved in the transaction. What additional requirement does Jonathan need to meet?

Information detailing the broker's compensation and the source of that compensation

In instances where the buyer isn't requesting subdivision information, but the title company is, who pays to obtain the information per the Addendum for Property Subject to Mandatory Membership in a Property Owners Association?

It depends In situations where the title company is requiring the subdivision information, either the buyer or the seller may pay for the cost of obtaining the information, or the parties can negotiate to split the costs. This payment must be made prior to the title company ordering the information from the homeowners association.

Karen, the seller, has sent a counter-offer to Fred, a potential buyer. Before Fred accepts the counter-offer on the Texas property, Karen receives another offer from James that is even better. She wants to accept James's offer. What should Karen do?

Karen must withdraw the counter-offer to Fred before responding to James's offer

A person in Texas, who is authorized to conduct a real estate transaction under a court order, is: NOT required to have a real estate license Required to have a broker's license Required to have a real estate certificate Required to have a sales agent's license

NOT required to have a real estate license Texas residents who are performing real estate activities under a power of attorney, court order, will, or other written trust instrument are NOT required to hold a real estate license.

If Drake, an alleged violator, wishes to have a hearing, he must submit a written request for a hearing regarding the occurrence of the alleged violation and/or the penalty amount. He must submit this written notification _______.

No later than the 20th day after the date he receives the violation notice from the Standards and Enforcement Division

TREC receives an anonymous complaint that Holly, the unlicensed assistant at Texas Home and Family brokerage, has been practicing real estate. What will happen next?

Nothing will happen. Anonymous complaints made to TREC will not be investigated or otherwise pursued.

Which of the following statements about being able to sue for unpaid but owed compensation for real estate services rendered is true?

Only a licensed real estate broker or sales agent may sue to collect commissions. brokers can sue clients and sales agents can sue brokers for commision that is owed

Which of the following statements is true about Texas deeds? A. A deed between the parties isn't valid without an acknowledgement. B. Recording is just a formality. It has nothing to do with protecting the title. C. Deeds do not have to be legal to be recorded. D. To make sure there's a good and marketable title, the grantee should require that the grantor's signature on the deed be authenticated by either a jurat or an acknowledgment.

To make sure there's a good and marketable title, the grantee should require that the grantor's signature on the deed be authenticated by either a jurat or an acknowledgment.

How should a licensee identify unmarried persons buying a property together as parties on a Texas sales contract? The names of the persons are Veronica Veronica Charles and Kathy Sharpe, as separate property Veronica Charles and Kathy Sharpe, as tenants in common Veronica Charles and Kathy Sharpe, a Texas partnership Veronica Charles, an unmarried person, and Kathy Sharpe, an unmarried person

Veronica Charles and Kathy Sharpe, as tenants in common

Which veteran loan program in Texas offers qualified veterans help with repairs on their current home? Texas Veterans Land Board Veterans Home Improvement Program Veterans Housing Assistance Program Veterans Land Program

Veterans Home Improvement Program

Which veteran loan program offers qualified veterans help with the purchase of land in Texas? Texas Veterans Land Board Veterans Home Improvement Program Veterans Housing Assistance Program Veterans Land Program

Veterans Land Program

Can an applicant for a real estate license in Texas apply again if their application is denied by the Texas Real Estate Commission?

Yes, the applicant can submit an application two years after the date of the denial

What is the maximum payment amount for a claim from the Recovery Trust Account for a single transaction?

$50,000

esac makes recomendations to

(Education Standards Advisory Committee) TREC

In Texas, a suit for possession breach of lease remedy is also referred to as a

Forcible detainer notification

Per TAR's Release of Earnest Money form, who's responsible for disbursing the earnest money?

Escrow agent

What is it called when a broker pays the buyer a portion of the broker's commission?

a rebate

Which form must be displayed in the broker's office?

consumer protection notice Real estate inspectors and brokers must prominently display the Consumer Protection Notice in their office for all to see.

Nina signed a six-month lease with her landlord. When her six months were up, she moved out without being required to give notice, and the landlord rented to a new tenant. What type of tenancy did Nina have?

estate for years With a written estate-for-years tenancy, the lease expires on the specified end date, so no separate notice (from either party) is required.

Which method of property description is used on the Farm and Ranch Contract?

metes and bounds

Jill and Jackie want to rent an apartment with their three children. Under the occupancy standards established in the Texas Landlord and Tenant Act, which of the following is the smallest unit they can rent?

one bedroom Three adults per bedroom is the occupancy limit in Texas, as established by the Texas Landlord and Tenant Act.

In a sublease situation in Texas, who has the right to evict the sublessee?

only the original tenant

Where would Texas licensees find the requirements for completion of promulgated forms?

texas property code The requirements for completion of promulgated forms are found in the Texas Property Code. Contracts are created by the Broker-Lawyer Committee, and promulgated by TREC.

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.

What is the purpose of the Addendum for Property Subject to Mandatory Membership in a Property Owners Association?

to request subdivision info

Your seller client, William, had multiple offers to consider. He decided to move forward with Ryan's offer, and reject the offer from Kevin. What should your client do with the offer from Kevin?

write rejected on kevins offor