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TEXAS PRINCIPLES OF REAL ESTATE 1 FINAL
EXAM, PRACTICE EXAM AND STUDY GUIDE
NEWEST 2024 ALL IN ONE DOCUMENT COMPLETE
COURSE 800 QUESTIONS AND CORRECT DETAILED
ANSWERS|ALREADY GR ADED A+
TEXAS PRINCIPLES OF REAL ESTATE 1 FINAL EXAM
When does the information about intermediary brokerage contained in the IABS need to be given to a consumer? - ANSWER- At the first face-to-face meeting where substantive dialogue about a specific property occurs
Which party must remain neutral during a transaction? - ANSWER- Broker acting as intermediary
What is the recovery fund used for? - ANSWER- To pay damages to a person from the public who wins a court case against a license holder
Where does the money in the recovery fund come from? - ANSWER- Fees and fines paid by a license holders
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Who is eligible to request that the Real Estate Commission pay out of the trust account to a defendant who has lost a case? - ANSWER- A defendant's previous employer
A license holder is facing three separate complaints. The license holder must pay $45,000 for the first complaint, $62,000 for the second complaint and $21,000 for the third complaint. What is the amount that the Commission will pay on the license holder's behalf? - ANSWER- $100,000
What is the difference between actual and punitive damages? - ANSWER- Actual damages are designed to compensate the claimant; punitive damages are designed to punish the defendant
Agent Sam owes Agent Layla a referral fee. How must he get it to her? - ANSWER- Send it to Layla's sponsoring broker
Shane learned that a seller has already signed a listing agreement with another agent in town. Wanting to represent the seller, Shane attempted to convince the seller to terminate their current agency agreement and sign a representation agreement with him instead. Is this legal? Why or why not? - ANSWER- No, it is against TREC rules to try and convence someone to terminate an agreement with another license holder.
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What must you have if you wish to sell, buy, lease, or transfer an easement or right-of-way? - ANSWER- Certificate
What is the term for when a defendant in a criminal court does not admit they are guilty but still accepts punishment for a crime? - ANSWER- No Contendere
Nolo contendere means that a person was accused of something
and was a defendant in a trial: - ANSWER- And will accept the
decision of the court without pleading guilty to the charge
What are nolo contendere pleas sometimes referred to as? - ANSWER- No Contest
What is it called when an agent illegally mixes their money with client money? - ANSWER- Commingling
An administrative penalty cannot exceed: - ANSWER- $5,000
After receiving a notice of violation, how many days does a license holder have to request a hearing? - ANSWER- 20 days
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How do you pay a penalty while still ensuring that your payment does not go through until the appeal is over? - ANSWER- Given a supersedeas bond
Once all hearings and appeals have been completed, a broker or sales agent will have to start paying what on any owed funds? - ANSWER- Interest
When is a license required to sell property? - ANSWER- When receiving valuable consideration
Committing a real estate act without a license is what kind of crime? - ANSWER- A Misdemeanor
If a license holder does not disclose a defect in a property to a customer or client because the broker or sales agent did not know about the defect, the license holder is still liable. - ANSWER- False
If the buyer asks if the seller has AIDS or HIV, the agent's
response should be: - ANSWER- To give notification that the
question might be a violation of the fair Housing Act
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