TEXAS STATE PORTION REAL
ESTATE EXAM
A real estate salesperson may receive compensation from -
ANSWERS-only the employing broker.
When an agent does not fulfill the fiduciary duties and perform as
promised, how may the client end the relationship? - ANSWERS-
unilateral rescission in writing
Can a salesperson function as an intermediary? - ANSWERS-no.
(Only the designated broker of the firm can function as an
intermediary.)
Your seller says that he doesn't want to accept any offers from buyers
who are represented by a buyer's agent. As the listing agent, what
should you do when a buyer's agent brings an offer on the listing on
behalf of his client? - ANSWERS-present it to the seller ( The listing
agent has the duty to present all offers to the seller unless instructed
otherwise by written instruction from the seller.)
What is required in order for a salesperson, who has been appointed
and assigned to one of the parties, to be able to convey confidential
information about the other party to the party to whom he or she has
been appointed? - ANSWERS-written permission of the other party
,what agreement is NOT an agreement that must be reduced to writing
to be enforceable? - ANSWERS-multiple listing
A seller received an offer last evening and is considering how to
respond to it. While the seller is still thinking about the first offer,
another offer is given to the listing agent. What should the listing
agent do? - ANSWERS-present the second offer immediately
Sam and Sally are occupying an apartment on a month-to-month lease
with rent due and payable on the 15th day of each month. How much
notice must they give their landlord to terminate their tenancy-at-will?
- ANSWERS-30 days unless otherwise stipulated in the rental
agreement
All of the following are approaches that an appraiser may use to
establish value EXCEPT
A. market approach.
B. cost approach.
C. income approach.
D. tax assessment approach. - ANSWERS-D. tax assessment
approach.
what do appraiser take into consideration? - ANSWERS-analyzes
physical, political, and social conditions in the neighborhood of the
subject property.
,A loan in which the borrower pays interest only over the life of the
loan and then pays the entire principal at maturity of the loan is
called? - ANSWERS-a term loan
The provisions of the Real Estate Settlement Procedures Act (RESPA)
apply to - ANSWERS-one- to four-family mortgage loans, including
equity loans.
If a seller's agent shares his commission with a buyer's agent -
ANSWERS-this is not necessarily an indication of agency
representation.
If a broker negotiates on behalf of both the buyer and the seller, this
would indicate some form of - ANSWERS-dual agency.
If a seller receives multiple offers - ANSWERS-he may accept any
one of them regardless of when it was received "in time."
Administration of ____________ would best be handled by a property
manager? - ANSWERS-a shopping center ( complex details of
commercial property are best administered by a professional property
manager.)
The Sinclair's needed two different loans to buy their first home. The
loan that will have first claim on the value of the house in case of
foreclosure is the one that was first - ANSWERS-recorded.
, What is a recording? - ANSWERS-The noting in the registrar's office
of the details of a properly executed legal document, such as deed,
mortgage note, satisfaction of mortgage, or extension of mortgage,
thereby making it a part of the public record
Who is responsible for any wrongs done by a salesperson while acting
within the scope of the agency agreement? - ANSWERS-The broker
is liable for the wrongdoing of his or her salespersons. The principal
is liable for any wrongs committed by the broker while acting within
the scope of the agency agreement.
what is the distinction between sales contracts and option contracts? -
ANSWERS-One characteristic of sales contracts is mutual obligation.
Option contracts lack mutual obligation. The buyer in an option
contract is not obligated to buy.
A listing agreement must contain: - ANSWERS-a standard street
address is sufficient.
If the commission investigates a complaint and determines that an
individual's real estate license should be suspended or revoked, the
licensee is entitled to a hearing before the commission within how
many days after the commission reaches its decision? - ANSWERS-A
licensee who faces suspension or revocation of their license is entitled
to a hearing within 30 days of the commission reaching their decision.
Which of the licensed entities does not fall under the regulatory
authority of the Texas Real Estate Commission? - ANSWERS-The
Texas Appraiser Licensing and Certification Board has jurisdiction
ESTATE EXAM
A real estate salesperson may receive compensation from -
ANSWERS-only the employing broker.
When an agent does not fulfill the fiduciary duties and perform as
promised, how may the client end the relationship? - ANSWERS-
unilateral rescission in writing
Can a salesperson function as an intermediary? - ANSWERS-no.
(Only the designated broker of the firm can function as an
intermediary.)
Your seller says that he doesn't want to accept any offers from buyers
who are represented by a buyer's agent. As the listing agent, what
should you do when a buyer's agent brings an offer on the listing on
behalf of his client? - ANSWERS-present it to the seller ( The listing
agent has the duty to present all offers to the seller unless instructed
otherwise by written instruction from the seller.)
What is required in order for a salesperson, who has been appointed
and assigned to one of the parties, to be able to convey confidential
information about the other party to the party to whom he or she has
been appointed? - ANSWERS-written permission of the other party
,what agreement is NOT an agreement that must be reduced to writing
to be enforceable? - ANSWERS-multiple listing
A seller received an offer last evening and is considering how to
respond to it. While the seller is still thinking about the first offer,
another offer is given to the listing agent. What should the listing
agent do? - ANSWERS-present the second offer immediately
Sam and Sally are occupying an apartment on a month-to-month lease
with rent due and payable on the 15th day of each month. How much
notice must they give their landlord to terminate their tenancy-at-will?
- ANSWERS-30 days unless otherwise stipulated in the rental
agreement
All of the following are approaches that an appraiser may use to
establish value EXCEPT
A. market approach.
B. cost approach.
C. income approach.
D. tax assessment approach. - ANSWERS-D. tax assessment
approach.
what do appraiser take into consideration? - ANSWERS-analyzes
physical, political, and social conditions in the neighborhood of the
subject property.
,A loan in which the borrower pays interest only over the life of the
loan and then pays the entire principal at maturity of the loan is
called? - ANSWERS-a term loan
The provisions of the Real Estate Settlement Procedures Act (RESPA)
apply to - ANSWERS-one- to four-family mortgage loans, including
equity loans.
If a seller's agent shares his commission with a buyer's agent -
ANSWERS-this is not necessarily an indication of agency
representation.
If a broker negotiates on behalf of both the buyer and the seller, this
would indicate some form of - ANSWERS-dual agency.
If a seller receives multiple offers - ANSWERS-he may accept any
one of them regardless of when it was received "in time."
Administration of ____________ would best be handled by a property
manager? - ANSWERS-a shopping center ( complex details of
commercial property are best administered by a professional property
manager.)
The Sinclair's needed two different loans to buy their first home. The
loan that will have first claim on the value of the house in case of
foreclosure is the one that was first - ANSWERS-recorded.
, What is a recording? - ANSWERS-The noting in the registrar's office
of the details of a properly executed legal document, such as deed,
mortgage note, satisfaction of mortgage, or extension of mortgage,
thereby making it a part of the public record
Who is responsible for any wrongs done by a salesperson while acting
within the scope of the agency agreement? - ANSWERS-The broker
is liable for the wrongdoing of his or her salespersons. The principal
is liable for any wrongs committed by the broker while acting within
the scope of the agency agreement.
what is the distinction between sales contracts and option contracts? -
ANSWERS-One characteristic of sales contracts is mutual obligation.
Option contracts lack mutual obligation. The buyer in an option
contract is not obligated to buy.
A listing agreement must contain: - ANSWERS-a standard street
address is sufficient.
If the commission investigates a complaint and determines that an
individual's real estate license should be suspended or revoked, the
licensee is entitled to a hearing before the commission within how
many days after the commission reaches its decision? - ANSWERS-A
licensee who faces suspension or revocation of their license is entitled
to a hearing within 30 days of the commission reaching their decision.
Which of the licensed entities does not fall under the regulatory
authority of the Texas Real Estate Commission? - ANSWERS-The
Texas Appraiser Licensing and Certification Board has jurisdiction
