TREC
How long may a temporary lease be used? A) 30 days B) 60 days C) 120 days D) 90 days
90 days The two temporary leases are good for up to 90 days. If the parties want a longer time frame then a different lease agreement must be used. TREC only has the temporary leases.
A broker who has only one associate salesperson may NOT act as an intermediary.
A broker who has only one affiliated license holder (either a salesperson or broker associate) may act as an intermediary but may not make appointments.
A broker may appoint one or more licensees to communicate with and carry out instructions of each of the parties when the broker is acting as a buyer's agent only
A broker who is acting as an intermediary may appoint one or more licensees to each party. A broker acting as a buyer's agent only can never be an intermediary.
A Broker acting as an intermediary may appoint himself to represent a seller and appoint an associate to represent the buyer.
A broker-intermediary cannot be one of the appointed appointed license holders to communicate with, carry out the instructions of, or give advice and opinions to either the buyer or the seller, or the landlord or the tenant.
A broker must obtain a branch office license for each additional office the broker maintains.
True
A broker who dismisses a salesperson must notify the salesperson and return that salesperson's license to TREC immediately.
True
A buyer should be informed, in writing and prior to or at the time an offer is singed, to get title insurance or an attorney's opinion of an abstract of title.
True
A contract from has been promulgated by TREC for the sale of farms ad ranches.
True
A licensed Texas broker may split fees with the broker's own salespersons, other licensed Texas brokers, and under the proper circumstance non resident brokers.
True
A licensed broker is liable to TREC, the public, and the broker's clients for any conduct engaged in under this chapter by the broker or by a salesperson associated with or acting for the broker.
True
A licensee concerned about the condition of a property inserted a clause specifying that the buyer agrees to accept the property "as is." The licensee is still responsible for accurate representations according to the Deceptive Trade Practices Act.
True
A licensee may place a For Sale sign on a property only with the written consent of the owner or the owner's authorized agent.
True
A listing contract must a definite termination date.
True
A mechanic's lien is an example of a statutory lien.
True
A person who negotiates on behalf of a buyer for the purchase of a business opportunity that does not include any real property is NOT required to hold a license.
True
A person who refers prospective buyers to a licensed broker for another person and for a fee or valuable consideration, to be received either now or in the future, must have a license.
True
A real estate licensee may legally fill in contract forms that have been promulgated by the Commission.
True
A ruling by TREC can be appealed to a district court.
True
According to the statute of frauds, a contract of sale of real estate must be in writing to be enforceable.
True
Attorneys-at-law licensed in Texas are exempt from the licensing requirements of the Real Estate License Act as long as they are not attempting to hire others to conduct the business of a broker without a license to do so.
True
Computer-driven printed copies, following mandatory guidelines, are an acceptable source of TREC-promulgated forms.
True
Contract forms are drafted and revised by the Real Estate Broker-Lawyer Committee.
True
Each corporation is required to file a certificate of assumed name with the secretary of state.
True
Guaranteeing that a property will turn profit is grounds for revocation or suspension of a real estate license.
True
If disciplinary action is take against a salesperson, the Commission may also take action against the salesperson's broker.
True
Insufficient sale proceeds in a foreclosure may entitle the lender to seek a deficiency judgement, unless otherwise prohibited by law. Action to obtain the judgement must be commenced within two years of the foreclosure sale.
True
Licensees may use forms promulgated or approved by the Commission, prepared by an attorney licensed in Texas, or prepared by the property owner.
True
Nonjudicial foreclosure is allowed when the deed of trust contains a power of sale clause.
True
Numbered photocopies of forms obtained from the Commission are acceptable sources for reproduced copies of standard forms.
True
Placing escrow money in a licensee's operating account constitutes commingling.
True
Rental income form separate property is community property.
True
Someone who, for another and or a fee, commission, or other valuable consideration, list or sells real estate must hold a real estate license (unless otherwise exempt)
True
TREC has the power to suspend or revoke a license and to place on probation or reprimand a license.
True
TREC is authorized to hold hearings and subpoena witnesses.
True
The broker's name may be inserted in any blank provided for that purpose.
True
The fund administered by TREC for reimbursing aggrieved persons who suffer actual damages by acts committed by a licensee is the Real Estate Recovery Trust Account
True
The licensee representing a seller must, at the time of first contract with a buyer or the buyer's agent in a proposed real estate transaction for that seller's property, disclosed to the potential buyer or the buyer's agent who the licensee represents.
True
To be eligible for a salesperson's license, an individual must be a U.S. citizen or legal alien and a resident of Texas at the time of filing.
True
Upon receipt of the final payment, the contractor must furnish a final bills paid affidavit.
True
When a spouse dies leaving a will, all separate property is devised vests immediately in the devises.
True
When negotiating a sale of real property for another person for a fee, a licensee must, with a few expectations, use forms promulgated by the Commission for that kind of transaction.
True
While acting as an agent for another in a fiduciary capacity, a licensee must act in the best interests for the licensee's principal.
True
The Texas Real Estate Commission consist of nine members.
True- The Texas Real Estate Commission (TREC) consists of six brokers and three public members, appointed by the Governor to staggered six-years terms.
The recovery fund maximum per transaction is $50,000.
True- The recovery fund maximum is $50,000 per transaction and $100,000 per licensee, regardless of the number of claimants.
TREC is authorized to settle commission
False, the commission does not mediate disputes between or among licensees concerning entitlement to sales commissions, nor does it recommend individual licensees to the public.
An individual licensee operating under a name other than the licensee's full legal name must file a certificate of a real estate value.
In this instance, the licensee must file a certificate of assumed name and must notify TREC of the assumed name.
An applicant for a salesperson's license is legally authorized to practice real estate after completing the required education, acquiring a sponsoring broker, and passing the license examination.
The new licensee may not practice real estate for another person for a fee until the sponsoring broker receives the license.
Under Texas Deceptive Trade Practices Act a person who acquires goods and services under the is identified as a A) consumer. B) client. C) customer. D) principal.
consumer. Anyone who acquires goods and/or services for purchase or lease is identified as a consumer under the statutory provisions.
Which Canon of Professional Ethics requires that the broker or salesperson employ prudence and caution in the discharge of her duties to avoid misrepresentation? A) Accounting B) Competency C) Fidelity D) Integrity
integrity. The Canons of Professional Ethics and Conduct define integrity to include "...employment of prudence and caution so as to avoid misrepresentation...by acts of commission or omission."
Which of the following addenda contains the words "time is of the essence"? A) Addendum for Coastal Area Property B) Property Condition Addendum C) Addendum for Sale of Other Property by Buyer D) Seller Financing Addendum
C) Addendum for Sale of Other Property by Buyer
A licensed Texas broker may split fees commissions directly with a salesperson licensed to a different broker.
A licensed Texas broker may not split fees and commissions directly with such a salesperson - only with the salesperson's broker or with the other broker's consent.
A licensed salesperson may legally accept compensation from any licensee.
A licensee may receive compensation only from the broker under whom the sales person was licensed at the time the compensation was earner or with the broker's consent.
A broker's unlicensed assistant worked late nights and weekends to help ensure the successful closing of a difficult transaction. The assistant's extra work included making several phone calls to the prospective buyers, encouraging them to accept the seller's counteroffer. Largely because of the assistant's efforts, the sale went through with no problem. Now the broker wants to pay the assistant a percentage of the commission "because the assistant has really earned it." Under Texas law, the broker may A) pay a commission to the assistant only if the assistant is an independent contractor. B) not pay the assistant a cash commission, but is permitted to make a gift of tangible personal property. C) compensate the assistant in the form of a commission under the circumstances described here. D) not pay a commission to the assistant under the facts presented here. They are both in violation of rules regarding unlicensed assistants.
B) not pay the assistant a cash commission, but is permitted to make a gift of tangible personal property. The broker may not pay a commission to the assistant under the facts presented here.
Regarding community property, which of the following is TRUE? Neither spouse may sell any real estate owned as part of their community property, unless both spouses sign the sales contract and deed.
Because each has an undivided interest in the property, without a suit to partition, neither spouse may sell any real estate owned as part of their community property, unless both spouses sign the sales contract and deed, particularly for homestead property. This may not be entirely true in every case, but the exceptions will not be considered here or likely on any exam. Texas does not recognize tenancy by the entirety.
A salesperson for a brokerage company obtained a written listing agreement with a seller authorizing the salesperson's broker to act as an intermediary and to make appointments should the situation arise. Another salesperson for the same brokerage company has an oral agreement to represent a buyer. The buyer also agreed orally that the broker could act as an intermediary and make appointments should the situation arise. The broker may A) act as an intermediary but may not make appointments to either the buyer or the seller. B) legally act as an intermediary and make appointments to both the buyer and the seller because they are separate associates. C) not act as an intermediary or make appointments under this scenario. D) legally act as an intermediary but may appoint a salesperson only to the seller.
C) not act as an intermediary or make appointments under this scenario.
A licensed broker from another state can NEVER receive a commission split from a Texas broker.
Commission can be recieved, as long as the out-of-state broker did not perform negotiations in Texas
The Texas Real Estate Commission may suspend or revoke a real estate license for all of the following causes EXCEPT A) offering real estate for sale through a lottery. B) receiving an undisclosed commission from the buyer. C) placing a sign on real estate without written consent of the owner. D) failing to specify a definite termination date in a lease.
D) failing to specify a definite termination date in a lease. The requirement of the Texas Real Estate License Act regarding termination dates in contracts does not apply to lease agreements. The license, however, may be suspended or revoked for accepting an undisclosed commission; offering property for sale by means of a lottery; or placing a sale or lease sign on property without the written consent of the owner.
A salesperson obtains a listing contract on behalf of the salesperson's sponsoring broker. When a prospective buyer asks to look at the property, the salesperson must provide the prospect with the TREC Information About Brokerage Services form, or another statutorily acceptable version, and A) show them the property without making any disclosures about the salesperson's relationship with the seller because such disclosure would be a violation of the salesperson's fiduciary duties. B) tell them that they must first enter into a buyer representation agreement with another license holder sponsored by the broker. C) inform them in writing that the salesperson represents the seller's interests. D) inform them orally or in writing that the salesperson and salesperson's broker represent the seller's interests.
D) inform them orally or in writing that the salesperson and salesperson's broker represent the seller's interests.
Which statement BEST describes the role of a broker acting as an intermediary in Texas? A) The intermediary's duties are more restricted than a true agent's duty to one principal. B) The broker represents both the buyer and seller and may disclose confidential information unless specifically instructed not to do so. C) The intermediary must remain impartial to the interests of both parties and must maintain confidentiality with both parties. D) The broker is paid by the seller and must not disclose any confidential information to the buyer.
Is the intermediary's duties are more restricted than a true agent's duty to one principal. The intermediary must remain impartial to the interests of both parties and must maintain confidentiality with both parties. A real estate broker acting as an intermediary is a limited agent of both parties and is specifically prohibited from disclosing confidential information unless instructed in writing or the information materially relates to the condition of the property.
A legal procedure or action brought by either the buyer or the seller to enforce the terms of contract is known as estoppel.
It is known as a suit for specific performance.
Property acquired by either spouse during the marriage is trust property.
It is the community property, with some exceptions.
A licensee maintaining a trust account must retain a documentary record of each deposit or withdrawal from the account for one year.
It must be retained for four years.
If escrow or other money belonging to another is held by a licensee, it must be maintained in a certificate of deposit.
It must be retained in trust with the title company authorized to do business in this state, or in a custodial, trust, or escrow account maintained for that purpose in a banking institution authorized to do business in this state.
The residential tenant's security deposit must be returned within 60 days after termination of the occupancy.
It must be returned within 30 days.
If agreed by the seller, licensees may prepare a residential listing that lasts until sold.
Licensees can lose their license if they fail to specify a termination date that is not subject to prior notice in a contract; the exception is a contract for performance of property management services.
The purpose of the Deceptive Trade Practices Act is to protect consumers from hidden finance charges.
Regulation Z protects consumers from hidden finance charges.
The Commission proposes to suspend a salesperson's license for misrepresentation that occurred during the sale of the salesperson's personal residence. The licensee is entitled to a hearing conducted by the A) Texas Real Estate Commission. B) Real Estate Broker/Lawyer Committee. C) State Office of Administrative Hearings. D) district court in the county in which the offense occurred.
State Office of Administrative Hearings. Hearings are no longer conducted by the Commission. Instead, licensees are entitled to a hearing conducted by an administrative law judge of the State Office of Administrative Hearings with the right to appeal the finding to a district court.
What state agency is responsible for the licensing of real estate appraisers?
Texas Appraiser Licensing and Certification Board
A licensee must provide a provide a potential buyer who is already represented by another licensee the Information About Brokerage Services form, or another version of the statutory written statement, at the time of the first substantive dialogue about a specific property.
The Information About Brokerage Services form (the written statement) is not required if a party is represented by another licensee.
A seller conceals a previous condition of significant water damage resulting from faulty plumbing. Even though the agent representing the seller is unable to see the damage, under TRELA, the agent is responsible for concealing that it existed at one time.
The agent is not responsible unless the agent knowingly concealed this fact.
When calling a real estate auction, an auctioneer who holds an auctioneer's license must also hold a real estate license.
The auctioneer is exempt in this circumstance.
A broker who sponsors an applicant for a salesperson's license affirms that the broker will directly supervise the salesperson.
The broker is responsible for salesperson's professional acts; however, the broker does not have to manage the salesperson directly. 9/1/11, TRELA sec 1101.458 states, " A broker who sponsors a salesperson, or a license holder, must attend during the term of the current license at least six classroom hours of broker responsibility education courses approved by the commission."
The brokers's logo may appear in any place on the contract form deemed appropriate by the broker.
The broker's logo may appear at the top of a form and outside of the border of the contract form.
A broker, acting as an escrow agent in a transaction, receives a check for earnest money. The contract is executed. The broker has until the end of the first business day to deposit the check in the broker's trust account or in trust with a title company.
The broker, acting as the escrow agent in a transaction has until the end of the second working day to deposit the money in a trust account or with title company unless the parties to the contract agree to another time.
A listing contract terminates with the death of the listing salesperson.
The contractual parties to the listing agreement or buyer representation agreement are the broker and the seller of the property in listing or a buyer in a buyer rep agreement, not the salesperson. Consequently, a listing contract and/or a buyer/tenants the intermediary's duties are more restricted than a true agent's duty to one principal. The interme representation agreement terminates with the death of the broker or the principal, but not the salesperson.
The education requirement for obtaining a salesperson's license is the completion of sic semester hours, (90 classroom hours).
The education requirement for obtaining a salesperson's license is the completion of 12 semester hours (180 Classroom hours)
In order for a corporation to engage in real estate brokerage, the entity must be licensed and all officers must be licensed as brokers.
The entity plus at least one officer must hold a broker's license.
When assisting in the negotiation of a lease or rental of property for a client, a licensee mat only use forms drafted by the licensee.
The form must be prepared by the Texas Real Estate Broker-Lawyer Committee and adopted by and promulgated by TREC, prepared by a Texas attorney, or prepared by the principal, unless the licensee is one of the principals and is not acting as an agent in the transaction.
A buyer is concerned about being contractually bound to buy a property before selling his own property. His broker should write, in the Special Provisions paragraph of the contract, a provision which allows the buyer to terminate if his property is NOT sold first.
The licensee assisting the parties to the contract should use the Addendum for Sale of Other Property By Buyer form promulgated by TREC for that purpose. To do as the question suggest would constitute the unauthorized practice of law violate TRELA. Alternatively, either principal to the agreement may direct his attorney to draw up a contingency on the sale of the buyer's property to protect his client in that situation.
When a person dies intestate, the estate passes tot he individual or individuals named in the deceased's will.
There is no will if a person dies intestate. Instead, if there are heirs and a person dies intestate, real and personal property will pass according to the Statue of Descent and Distribution. If there are no heirs, the property will vest in the State of Texas through the doctrine of escheat.
A buyer and seller agree to rescind a contract. To release the earnest money, they should sign a novation.
They should carefully follow the instructions concerning the demand for any earnest money in the sales contract, and unless advised otherwise by their attorneys, sign the appropriate release papers. Novation refers to the process of making a new contract to replace the old one.
The tenant's security deposit may be applied by the tenant to the last month's rent.
This is specifically prohibited by Texas law.
Each applicant pays a fee $100 at the time of application to the recovery fund.
a $10 fee is paid to he recovery fund.
The purpose of the Real Estate Recovery Trust Account is to provide A) a mechanism for the Real Estate Commission to recover funds from unethical licensees. B) a source from which to collect unpaid commissions. C) protection to the public from dishonest salespeople. D) a means by which an injured party can collect a judgment award.
a means by which an injured party can collect a judgment award. The Commission maintains the Recovery Trust Account to reimburse aggrieved persons who suffer actual damages caused by an act for which a license can be suspended or revoked.
For a business entity to be licensed as a broker the following is required: A) the entity must provide proof of E&O insurance of $1 million for each occurrence if the designated agent owns less than 10% of the entity. B) a managing officer of the entity must be designated as the agent for purposes of TRELA. C) all of these are required. D) the designated agent must have a broker's license in active and good standing with TREC.
all of these are required. For a business entity to hold a broker license, a managing officer of the entity must be designated as the agent for purposes of TRELA and must have an active broker's license in good standing with TREC. The business entity must have E&O insurance with a minimum of $1 million for each occurrence if the designated agent is less than a 10% owner of the entity.
In Texas, who is authorized to draft deeds, mortgages, deeds of trust, and notes? A) The title company clerk B) A licensed real estate broker C) An attorney licensed to practice law D) The mortgage lender
an attorney licensed to practice law. Only licensed attorneys may prepare legal documents such as deeds, mortgages, deeds of trust, and notes.
Who is responsible for filling in the effective date on the promulgated purchase contracts? A) Seller B) Broker C) Last party to sign D) Buyer
broker. The contract calls for the broker to fill in the date of final acceptance.
After the first renewal, what mandatory classes are required to renew a salesperson's real estate license? A) Completion of 15 hours of continuing education acceptable to the Commission B) No mandatory requirements C) Completion of 60 additional hours in core real estate courses D) 18 hours of home study
compleion of 15 hours of continuing education acceptable to the Commission. A licensee applying for first renewal of a salesperson license must provide satisfactory evidence of completion of a total of 18 semester hours (270 classroom hours), with 180 hours being the application education requirement courses. Please note that this means only 6 additional semester (90 classroom) hours in core real estate courses are required to be filed during the term of the license as a licensed salesperson. These hours are known as SAE, or Salesperson Apprentice Education. These 90 additional classroom hours in core real estate courses for the SAE must be submitted and in the TREC system by the end of the second year of licensure. After the first renewal, a license holder is required to complete 15 MCE (Mandatory Continuing Education) hours of acceptable mandatory continuing education every two years.
When acting as an active broker or salesperson, a Texas real estate licensee is permitted to do all of the following EXCEPT A) add an addendum to a promulgated contract form. B) draft a sales contract. C) strike from a promulgated contract matter that is desired by the principals. D) add to a promulgated contract factual statements and business details desired by the principals.
draft a sales contract. TRELA provides a license shall be suspended or revoked by the Commission if a licensee drafts any instrument (other than a form described in TRELA) that transfers or otherwise affects an interest in real property. The rules of the Commission, however, state that while a licensee may not draw or prepare legal documents, the licensee may fill in promulgated forms; add to a promulgated contract any factual statements and business details desired by the parties; and add or strike matter desired by the principals.
The Texas Real Estate Commission has all of the following powers EXCEPT A) compose the examination questions on the state exam. B) enact the laws that govern real estate license holders. C) administer the exams given at the testing sites. D) make and enforce the rules by which all real estate license holders must abide.
enact the laws that govern real estate license holders. The Real Estate Commission is authorized to adopt and enforce rules that have the force of law. Only the legislature, however, may enact law.
In Texas, brokers and salespersons who are NOT lawyers may A) complete a bill of sale after a sales contract has been signed. B) suggest additional language to be added to a preprinted sales contract by a buyer or seller. C) fill in blanks on preprinted contract forms promulgated by the Texas Real Estate Commission. D) explain the legal significance of specific preprinted contract clauses to a buyer or a seller.
fill in blanks on preprinted contract forms promulgated by the Texas Real Estate Commission. Texas license holders must use TREC-promulgated forms, unless another is required by the property owner or otherwise fits one of the four specific exemptions under TREC Rules: TREC does not promulgate contract forms for commercial transactions or leases, except for two temporary residential lease forms which are part of a sales contract. The blanks may be filled in at the direction of the consumers who make final decisions and sign the contract. However, real estate license holders who are not lawyers must be careful to avoid any appearance of the Unauthorized Practice of Law. The broker and salespersons are special agents hired for a very narrow purpose, which does not ordinarily include signing the name of the principal.
If the Seller's Disclosure Notice is NOT given prior to the execution of the contract, the purchaser may, within seven days after receiving the notice, terminate the contract A) only if the buyer's loan is not approved. B) for just cause. C) only if the property does not pass inspections. D) for any reason.
for any reason. The owner must disclose latent structural defects or any other known structural defects on or before the effective date of a contract for the sale of real property. If a contract is entered into without the seller's providing the notice, the seller is given a limited time to provide the notice to the buyer. If the seller delivers the notice within the time frame, the buyer may still terminate the contract for any reason within seven days after receiving the notice.
All of the following are true regarding the Texas homestead law EXCEPT A) the homestead is exempt from forced sale by creditors, with a few exceptions. B) homestead rights in property may be terminated by the death of a spouse. C) the homestead may be either urban or rural. D) a single person may hold a homestead.
homestead rights in property may be terminated by the death of a spouse. Homestead rights in Texas may be vested in a single or married person and may be either urban or rural. Regardless, the homestead is protected from forced sale by most creditors. Furthermore, a homestead may be selected from the community property or from the separate property of either spouse. Even if selected from the separate property of a spouse who later dies, the surviving spouse retains a conditional life estate in that homestead.
A broker or salesperson who fails to give the statutory title notice to the buyer at or before closing A) will have the license suspended without reinstatement for two years. B) must forfeit the entire commission on the subject transaction but in so doing is absolved of any other liability. C) may have the license suspended or revoked and cannot collect a commission on the subject sale. D) is required to show cause as to why such disclosure was not made.
may have the license suspended or revoked and cannot collect a commission on the subject sale. Failure to advise a buyer in writing before the closing of a real estate transaction that the buyer should obtain title assurance is grounds for suspension or revocation of a license; specifically, the agent must advise the buyer to have the abstract covering the real estate that is the subject of the contract examined by an attorney chosen by the buyer or be provided with or obtain a title insurance policy.
When must the broker or salesperson give the seller a written Information About Brokerage Services form that explains agency positions? A) On the first substantive dialogue with the seller B) Within three days after the initial meeting with the seller C) On or before a sales contract is signed D) At the time the listing agreement is signed
on the first substantive dialogue with the seller. On the first substantive dialogue meeting with the seller, the broker or salesperson must give the seller the written Information about Brokerage Services form that explains agency positions.
A real estate licensee who receives an offer must A) present offers from highest sales price to lowest price. B) present any offers in the order they were received. C) hold offers to make sure all buyers have a fair chance at the property. D) present the offer as quickly as possible.
present the offer as quickly as possible. All offers should be in writing and presented to the property owner as quickly as is reasonably practical. The TREC rules call for immediate presentation. No real estate broker or salesperson has the right to withhold an offer from a property owner.
In any real estate sales transaction that a broker negotiates, the broker would be well advised to do all of the following EXCEPT A) keep copies of all documents involved in the transaction in the broker's files for five years after the year in which the transaction was closed. B) provide the buyer the broker's personal opinion of the condition of the seller's title to the property. C) make sure that the closing statement is accurate and that a copy of it is delivered to both the buyer and the seller. D) make sure that the written purchase and sales agreement includes all of the terms of the parties' agreement.
provide the buyer the broker's personal opinion of the condition of the seller's title to the property. Offering an opinion of title is a legal opinion and would constitute the Unauthorized Practice of Law.
All of the following are true of the Texas Deceptive Trade Practices Act EXCEPT A) recovery is limited to economic damages if the act is committed knowingly. B) a reasonable offer of settlement made within specified time limits is a defense. C) recovery of court costs and attorney fees is possible if the lawsuit was frivolous or harassing. D) transmittal of written information prepared by others along with a written statement of reliance on such information is a defense
recovery is limited to economic damages if the act is committed knowingly. Recovery under the Deceptive Trade Practices Act (DTPA) is limited to economic damages-costs of repair and replacement. However, if the defendant is found to have committed the act knowingly, then damages for mental anguish may also be awarded (and in some cases, up to three times the amount of economic damages). If the defendant is found to have committed the act intentionally, then the economic and mental anguish damages may be trebled.
After real estate has been sold by the city or county to satisfy a delinquent tax lien, the defaulted owner of a homestead usually has a right to A) have the sale canceled by paying the back taxes and penalties. B) file a judgment lien against the purchaser at the tax foreclosure sale. C) redeem the property within a two-year time limit. D) redeem the property within a three-year time limit.
redeem the property within a two-year time limit. Texas law provides for a statutory right of redemption (two years for homestead property) after the tax sale during which the defaulted owner may redeem the property by paying the amount paid at the tax sale, plus interest and other charges, including 25% of the purchase price during the first year and 50% during the second year.
The Texas Real Estate Commission prohibits a license holder from using a sales contract drafted by A) by the broker. B) an attorney. C) the seller. D) the buyer.
the broker. Either buyer or seller can draw up their own contractual agreement; however, a licensee that draws up a contractual agreement for one or both parties is in violation of TRELA and TREC and is guilty of the Unauthorized Practice of Law.
