State Missed Questions FINAL STUDY SET

Which of the following statements about agency by ratification in Texas is true?

Agency by ratification is permitted in Texas.

Joy is a licensee preparing the contract for her buyer client, who's purchasing a condominium. Which of the following is a true statement?

Joy should not use the New Home Contract (Completed Construction).

Which type of document is issued by an HOA and is provided by the seller in a transaction?

Resale certificate A resale certificate provides the buyer with information about the homeowners association requirements placed upon the property owner by the restrictive covenants and association rules.

Which one of the following statements about the Texas Information About Brokerage Services form is true?

The Information About Brokerage Services form is not a contract.

Elisha is a property manager at Oakwood Luxury Apartments in San Antonio. A family of seven recently inquired about renting a three-bedroom unit. What law can guide Elisha in her decision?

The Texas Landlord and Tenant Act

For purposes of performance, what is the effective date of the "Back-Up" contract based upon?

The date the buyer received notice of the termination of the first contract The seller must immediately notify the back-up buyer that the first contract has been terminated. The date that the buyer receives the notification is considered the effective date of the "Back-Up" contract.

Per TREC's One to Four Family Residential Contract (Resale), who is responsible for signing and dating the option fee receipt if the buyer decides to go with the termination option?

The escrow agent

Using the TREC Environmental Assessment, Threatened or Endangered Species, and Wetlands Addendum to the TREC One To Four Family Residential Contract (Resale), a buyer may opt to have a natural resources professional determine if there any threatened or endangered species on the property. If the natural resources professional reports an adverse finding, what right does the buyer have?

The right to terminate the contract within a specified number of days

Carl is a sales agent who works under the supervision of a broker. Which of the following is true?

Carl can be either an employee or an independent contractor.

Which required clause in a Texas deed, also known as "words of conveyance," contains words that state the grantor's intention to convey the property at this time?

Granting The granting clause is an expression of intent and should indicate what interest in the property is being conveyed.

Consuela is selling the family farm, but she has a significant investment in the cotton crop she has already planted. Which of the following is a true statement?

She needs the buyer's permission to harvest the crop after closing. The seller can also reserve the right to come back and harvest for as long as the buyer agrees to this in writing.

What is the term length for a member of the Texas Real Estate Commission?

Six years

Approval for financing as described in the TREC Third Party Financing Addendum will be deemed to have been obtained when ______ are obtained.

The note and deed of trust The Third Party Financing Addendum states that "approval for the financing described above will be deemed to have been obtained when Buyer Approval and Property Approval are obtained."

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