TEXAS STATE PORTION REAL ESTATE EXAM PART 2 WITH
ANSWERS
what investment opportunities would involve the greatest risk
even though it would likely produce the highest rate of return?
before construction is started
A real estate salesperson may receive compensation from
only the employing broker.
When an agent does not fulfill the fiduciary duties and perform as
promised, how may the client end the relationship?
unilateral rescission in writing
Can a salesperson function as an intermediary?
no. (Only the designated broker of the firm can function as an
intermediary.)
, TEXAS STATE PORTION REAL ESTATE EXAM PART 2 WITH
ANSWERS
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 offeron the listing on behalf of his client?
present it to the seller ( The listing agent has the duty to present
all offers to the seller unless instructed otherwise by written
instructionfrom 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
partyto whom he or she has been appointed?
written permission of the other party
what agreement is NOT an agreement that must be reduced to
writing to be
enforceable?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 listingagent do?
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 theirtenancy-at-will?
30 days unless otherwise stipulated in the rental agreement
All of the following are approaches that an appraiser may use to
establish value EXCEPT
, TEXAS STATE PORTION REAL ESTATE EXAM PART 2 WITH
ANSWERS
A. market approach.
B. cost approach.
C. income approach.
D. tax assessment approach.
D. tax assessment approach.
what do appraiser take into consideration?
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?
a term loan
The provisions of the Real Estate Settlement Procedures Act
(RESPA) apply to
one- to four-family mortgage loans, including equity loans.
If a seller's agent shares his commission with a buyer's agent
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
ofdual agency.
If a seller receives multiple offers
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?
a shopping center ( complex details of commercial property are
best administered by a professional property manager.)
, TEXAS STATE PORTION REAL ESTATE EXAM PART 2 WITH
ANSWERS
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
recorded.
What is a recording?
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
makingit 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?
The broker is liable for the wrongdoing of his or her
salespersons. The principal is liable for any wrongs committed
by the broker whileacting within the scope of the agency
agreement.
what is the distinction between sales contracts and option
contracts?
One characteristic of sales contracts is mutual obligation. Option
contracts lack mutual obligation. The buyer in an option contract
isnot obligated to buy.
A listing agreement must contain:
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
reachesits decision?
A licensee who faces suspension or revocation of their
ANSWERS
what investment opportunities would involve the greatest risk
even though it would likely produce the highest rate of return?
before construction is started
A real estate salesperson may receive compensation from
only the employing broker.
When an agent does not fulfill the fiduciary duties and perform as
promised, how may the client end the relationship?
unilateral rescission in writing
Can a salesperson function as an intermediary?
no. (Only the designated broker of the firm can function as an
intermediary.)
, TEXAS STATE PORTION REAL ESTATE EXAM PART 2 WITH
ANSWERS
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 offeron the listing on behalf of his client?
present it to the seller ( The listing agent has the duty to present
all offers to the seller unless instructed otherwise by written
instructionfrom 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
partyto whom he or she has been appointed?
written permission of the other party
what agreement is NOT an agreement that must be reduced to
writing to be
enforceable?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 listingagent do?
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 theirtenancy-at-will?
30 days unless otherwise stipulated in the rental agreement
All of the following are approaches that an appraiser may use to
establish value EXCEPT
, TEXAS STATE PORTION REAL ESTATE EXAM PART 2 WITH
ANSWERS
A. market approach.
B. cost approach.
C. income approach.
D. tax assessment approach.
D. tax assessment approach.
what do appraiser take into consideration?
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?
a term loan
The provisions of the Real Estate Settlement Procedures Act
(RESPA) apply to
one- to four-family mortgage loans, including equity loans.
If a seller's agent shares his commission with a buyer's agent
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
ofdual agency.
If a seller receives multiple offers
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?
a shopping center ( complex details of commercial property are
best administered by a professional property manager.)
, TEXAS STATE PORTION REAL ESTATE EXAM PART 2 WITH
ANSWERS
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
recorded.
What is a recording?
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
makingit 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?
The broker is liable for the wrongdoing of his or her
salespersons. The principal is liable for any wrongs committed
by the broker whileacting within the scope of the agency
agreement.
what is the distinction between sales contracts and option
contracts?
One characteristic of sales contracts is mutual obligation. Option
contracts lack mutual obligation. The buyer in an option contract
isnot obligated to buy.
A listing agreement must contain:
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
reachesits decision?
A licensee who faces suspension or revocation of their
