Chapter 1
The DTPA helps ensure agents do not do what?
Take advantage of a buyer's lack of knowledge
Who is responsible for enforcing the Texas Real Estate License Act?
Texas Real Estate Commission
The acronym TRELA refers to what?
Texas Real Estate License Act
Who oversees the broker/lawyer committee?
The Texas Real Estate Commission
Who is authorized to provide legal advice to sellers?
Attorneys
The broker/lawyer committee is responsible for which of the following? A. Issuing a license to an agent or broker B. Editing the promulgated contract forms C. Suspending or revoking a real estate license D. All of the above
B. Editing the promulgated contract forms
True or False: As an agent to the seller, the broker should fill out the seller disclosure form on behalf of the seller.
False
True or False: A seller can limit their liability by completing the seller disclosure form.
True
What is the maximum fine an agent can receive for punitive damages?
Unlimited damages
When is a seller's property disclosure not required?
When property is being sold as a result of a court order.
The broker/lawyer committee consists of how many people from the public?
1
The broker/lawyer committee consists of how many member?
13
The Texas Real Estate Commission was created in what year?
1949
If an agent is sued under the DTPA, they may be sued for up to how many times the actual damages?
3x
The broker/lawyer committee consists of how many attorneys?
6
The broker/lawyer committee consists of how many real estate brokers?
6
Real estate brokers are allowed to do which of the following: A. Complete the Special Provisions section of a contract B. Revise the promulgated contract forms C. Draft a deed D. All of the above
A. Complete the Special Provisions section of a contract
A real estate broker's license may be revoked for which of the following acts? A. Drafting a new deed for a client B. Marketing a property on the MLS C. Advertising a property on Facebook D. Entering into a listing contract with a seller
A. Drafting a new deed for a client
According to TRELA, real estate brokers are unauthorized to do which of the following: A. Provide legal advice B. Market properties C. Advertise properties D. Earn a commission from the sale of a property
A. Provide legal advice
The requirements to become a licensed real estate agent in Texas are described in which of the following documents? A. Texas Real Estate Certification Act B. Texas Real Estate License Act C. Texas Employment Act D. Texas Independent Contractor Act
B. Texas Real Estate License Act
Real estate brokers are permitted to do which of the following: A. Draft a contract B. Market a property C. Provide legal advice D. All of the above
B. Market a property
The TREC form OP-H is used for which of the following reasons: A. Agent Disclosure B. Seller Disclosures C. Buyer disclosure D. Attorney disclosures
B. Seller disclosures
Real Estate agents are not permitted to practice which of the following: A. Marketing B. Real estate sales C. Law D. Advertising
C. Law
The DTPA helps protect:
Consumers
Lisa was found guilty under the DTPA. Lisa may be subject to which of the following: A. Suspension of her real estate license B. Revocation of her Association of Realtors membership C. Punitive damages D. All of the above
D. All of the above
Real estate brokers are not permitted to do which of the following: A. Draft new contracts B. Provide legal advice C. Revise the Texas promulgated contract forms D. All of the above
D. All of the above
The DTPA is an acronym for which Act?
Deceptive Trade Practices Act
The moral principles that govern a person's or group's behavior are known as:
Ethics
Ethics
Moral principles that govern a person's or group's behavior.
Once TREC approves a form drafted or edited by the broker/lawyer committee, the form is considered:
Promulgated
The DTPA was enacted to:
Protect the public
Damages simply for the purpose of punishment are known as:
Punitive Damages
The Texas Real Estate License Act was formally known as the:
Real Estate Dealers License Act
Promulgated forms are considered:
Standard forms
