CHAMPIONS OF SCHOOL OF REALSTATE QUESTIONS MISSED-A2 WITH ANSWERS

• Which of the following TREC forms does not include the phrase, "time is of the essence"? a) The Short Sale Addendum b) The Third Party Financing Addendum c) The 1-4 Family Resale Contract d) The Notice Regarding Coastal Area Property Time is of the essence is not found in the Notice Regarding Coastal Area Property. Time is of the essence is found in the sales contract in paragraph 23, the termination option paragraph. It is also found in the Third Party Financing Addendum and the Short Sale Addendum. • A broker has several offers on one of his listed properties. What is true? a) He only has to present offers that he believes are in the seller's best interest b) He must present all offers in whatever order he chooses c) He must present all offers in the order in which they were received d) He must present the best offer first and if the seller accepts that offer he does not have to present any additional offers A broker may present all offers in any order he chooses, however he must present all offers. a) The property is community property b) They are immediately eligible for the Homestead exemption on the property, this is FALSE c) They are immediately eligible for Homestead protection d) Their broker can perform property tax consulting services for them on the property The Homestead Exemption is a tax benefit. Homeowners must qualify and apply. To qualify, you must own and occupy the property on January 1st. Homestead protection is automatic for all home owners in TX. Because the buyers are married, the property will be considered community property and because it is a single family home, the broker can provide tax consulting services for the buyers. • Which of the following statements regarding mold and mold remediation is false? a) A property owner can assess and remediate mold on his own property without a license b) If mold is visible, it must be remediated c) A certificate of mold remediation must be provided no more than 10 days after the work is complete d) All certificates no more than 5 years old must be provided by sellers to buyers If mold is visible on a property it should be remediated, but it does not have to be remediated. Property owners can remediate mold on their own property. If a mold remediator is hired, he must provide a certificate of mold remediation no more than 10 days after his work is complete and sellers must provide all certificates no more than 5 years old to buyers. 3. Which of the following about TREC is FALSE? a) TREC has 9 members b) 6 TREC members are public and 3 TREC members are brokers c) TREC has subpoena power d) TREC can advise with reference to its rules and the laws that govern license holders TREC has 3 public members and 6 broker members. 6. Requirements for obtaining a broker license in Texas include: a) 5 years of experience and 3600 points b) 5 years of experience and 9 qualifying classes c) 4 years of experience out of the past five and 3600 points d) 4 years of experience out of the past five and 900 points Requirements to become a broker include 4 years of experience out of the past 5 years and 3600 points. 8. A license holder in Texas can: a) Prepare a contract addendum for a client per their instructions b) Prepare a contract for a client c) Prepare a will for a client d) Prepare a lease purchase agreement for a client A license holder can prepare or write a contract addendum for a client per their instructions. A license holder cannot prepare a contract - he can only fill in the blanks on an already prepared form. Preparing a will or writing a lease purchase agreement would be considered the unlawful practice of law. 9. An unlicensed assistant can: a) Call a prospect and schedule an appointment b) Telemarket for listings c) Prepare a CMA and present it to a client d) Show a buyer no more than 3 listings An unlicensed assistant can call a prospect and schedule an appointment. The assistant cannot telemarket for listings. The assistant can prepare a CMA, but cannot present it to and client and cannot show any properties to a buyer.