and Correct Answers | Latest Update 2026/2027 |
Graded A+ | 100% Pass.
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. - ✔✔- Who is responsible for any
wrongs done by a salesperson while acting within the scope of the agency
agreement?
One characteristic of sales contracts is mutual obligation. Option contracts
lack mutual obligation. The buyer in an option contract is not obligated to buy.
- ✔✔- what is the distinction between sales contracts and option contracts?
a standard street address is sufficient. - ✔✔- A listing agreement must
contain:
A licensee who faces suspension or revocation of their license is entitled to a
hearing within 30 days of the commission reaching their decision. - ✔✔- 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?
The Texas Appraiser Licensing and Certification Board has jurisdiction over
state licensed and certified appraisers. In addition to licensing brokers and
salespersons, the Texas Real Estate Commission is responsible for licensing
real estate inspectors and for regulation of companies that sell and issue
residential service contracts ("home warranties"). (Article 65736, Vernon's
Texas Civil Statutes. - ✔✔- Which of the licensed entities does not fall under
the regulatory authority of the Texas Real Estate Commission?
a deed, deed of trust, will, or other written instrument that may transfer or
affect the title to land. - ✔✔- A licensee in Texas may not practice law, unless
,licensed and authorized to do so in Texas. Practicing law includes altering
contracts, or drawing up:
A licensee who breaches the agency relationship may be sued for damages,
termination of the contract, and/or non-payment of the commission. - ✔✔-
What penalties may a licensee who breaches the agency relationship face? a
violation of the TRELA. - ✔✔- Undisclosed dual agency is:
A licensee must notify the real estate program manager within 20 days of
receiving any criminal complaint, information, indictment, or conviction in
which the licensee is named as a defendant; or entry of a civil court order,
verdict, or judgment, against the licensee in any court of competent jurisdiction
in which the subject matter therein involves any real estate or business-related
activity by the licensee. - ✔✔- A real estate licensee must notify the real
estate program manager if:
unacceptable because it involves an activity for which a real estate license is
required. - ✔✔- Pamela, who lives in a suburb in which many homes are
rented, decides to open a rental agency in order to assist her friends in finding
suitable renters. Pamela's conduct is
If the broker's license is suspended or revoked, the salespersons' licenses are
made inactive and must be returned to the commission. A salesperson's
license may be made active when the salesperson is sponsored by a new
broker. - ✔✔- The sole broker of a brokerage firm has his or her real estate
license suspended for two years. What would happen to the licenses of the
salespersons affiliated with this broker?
The Texas Real Estate Commission - ✔✔- Which agency is responsible for
the contract forms used by Texas licensees?
doesn't need to go through probate, must be signed by both spouses, must
include the property description, be in writing, contain wording that makes
evident the intent of survivorship, and be recorded in the county courthouse. -
✔✔- A community property with rights of survivorship agreement must:
represent the financial interests of the client. - ✔✔- Generally, the most
important responsibility of an agent is to:
, voidable at the option of the minor. - ✔✔- Broker Bea recently entered into a
listing contract with Seller Sally. Broker Bea just learned that Sally is actually
17 years old and not married. The listing contract is:
D. The sale of land/lots is an act of brokerage and requires that one have a
license if he or she is not the owner of the lot. The other three answers are
listed as people who do not need a license in Section 3 of the Texas Real
Estate License Act. - ✔✔- Which of the following people would need to obtain
a real estate license if they were involved in a real estate activity?
A. the executor of an estate
B. a court-appointed guardian
C. a trustee of the bankruptcy court
D. one who sells lots in a mobile home park
Six broker members are appointed by the Texas Real Estate Commission; six
attorney members are appointed by the President of the State Bar of Texas.
The appointees serve a term of six years with one-third of them being
appointed every two years. - ✔✔- What is the composition of the Broker-
Lawyer Committee?
may be done orally or in writing. - ✔✔- A licensee must disclose any existing
agency relationships to a new client. This disclosure:
A broker may obtain financing, assist in locating a property, and prepare a
contract or lease for an individual without representing the individual. - ✔✔- A
broker may do which of the following for an individual without actually
representing the individual?
expiration of time, agreement, rescission, abandonment, or by the death of
either party. - ✔✔- An agency relationship may be terminated by
$7,000 dollars - ✔✔- A property owner may claim a homeowner's exemption
in Texas on a residence that is both owned and occupied. The exemption
reduces the assessed value of the residence by