Texas State Portion Real Estate Exam questions with 100% correct answers| Latest Update

Texas State Portion Real Estate Exam questions with 100% correct answers| Latest Update 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 while acting 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 is not 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 reaches its decision? 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? 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. 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 deed, deed of trust, will, or other written instrument that may transfer or affect the title to land. What penalties may a licensee who breaches the agency relationship face?