Real Estate Sales License Questions With Accurate Solutions.
Subpoena - accurate answers-Document ordering a person to appear at
deposition or court proceeding to testify or produce evidence.
Revocation - accurate answers-When someone who granted or offered
something withdraws it; as when a principal withdraws the authority granted
to the agent, an offeror withdraws the offer.
Texas Real Estate Commission - accurate answers-Responsible for
administering provisions of the Texas Real Estate License Act.
Texas Real Estate License Act - accurate answers-Sets of standards of conduct
to protect the public against unscrupulous brokers and salespersons.
Real Estate Recovery Trust Account - accurate answers-An account used to
reimburse members of the public who have been financially injured or
damaged by the actions of a real estate broker or salesperson.
- the aggrieved person must obtain a valid judgment in a court of competent
jurisdiction
- The real estate recovery trust account must have a minimum remaining
balance of $1 million
- No action for judgment, which results in an order for collection from the real
estate recovery trust account, shall be started later than two years from the
accrual of the cause of action.
Continuing Education - accurate answers-Mandatory education requirement
for all licensees every 2 years.
Disclosures - accurate answers-Points or facts that must be revealed. For
example, the law requires certain financial disclosures, specific disclosures for
ARM's, and disclosures under Truth-In-Lending Act.
Earnest Money - accurate answers-1. Money offered as Ain indication of good
faith regarding the future performance of a purchase agreement.
2. A tenant's security deposit. Also called: Deposit
, Federal Fair Housing Act - accurate answers-Common name for Title VIII of
the Civil Rights Act of 1968.
Ethics - accurate answers-A system of moral rules and standards
Suspension - accurate answers-When a real estate agent's license is
temporarily withdrawn. Usually reactivation is automatic the day after the
suspension is lifted.
Canons of Professional Ethics and Conduct - accurate answers-Adopted by the
Texas Real Estate Commission to establish a basis for professional conduct of
licensed real estate brokers and salespeople.
Not all licensees are members of any real estate trade associations; licensees
that are members of a trade association, however, are expected to abide by
the real estate commission Canons of Professional Ethics and Conduct as well
as any Code of Ethics imposed by a trade association.
ECOA - accurate answers-Equal Credit Opportunity Act - Federal law that
prohibits discrimination in granting credit to people based on sex, age, marital
status, race, color, religion, national origin or receipt of public assistance.
Agent - accurate answers-A person licensed to represent another in a real
estate transaction; or a person authorized to represent another (the principle)
in dealings with third parties.
Client - accurate answers-Person who employs a broker, lawyer or other
professional. Real estate clients can be sellers, buyers, or both.
Confidential Information - accurate answers-All information the client directs
to be confidential, which, if disclosed, would have an adverse effect on the
client's position.
Customer - accurate answers-A party in a transaction to whom an agent does
not have a fiduciary duty or relationship, but to whom an agent must still be
fair and honest.
Subpoena - accurate answers-Document ordering a person to appear at
deposition or court proceeding to testify or produce evidence.
Revocation - accurate answers-When someone who granted or offered
something withdraws it; as when a principal withdraws the authority granted
to the agent, an offeror withdraws the offer.
Texas Real Estate Commission - accurate answers-Responsible for
administering provisions of the Texas Real Estate License Act.
Texas Real Estate License Act - accurate answers-Sets of standards of conduct
to protect the public against unscrupulous brokers and salespersons.
Real Estate Recovery Trust Account - accurate answers-An account used to
reimburse members of the public who have been financially injured or
damaged by the actions of a real estate broker or salesperson.
- the aggrieved person must obtain a valid judgment in a court of competent
jurisdiction
- The real estate recovery trust account must have a minimum remaining
balance of $1 million
- No action for judgment, which results in an order for collection from the real
estate recovery trust account, shall be started later than two years from the
accrual of the cause of action.
Continuing Education - accurate answers-Mandatory education requirement
for all licensees every 2 years.
Disclosures - accurate answers-Points or facts that must be revealed. For
example, the law requires certain financial disclosures, specific disclosures for
ARM's, and disclosures under Truth-In-Lending Act.
Earnest Money - accurate answers-1. Money offered as Ain indication of good
faith regarding the future performance of a purchase agreement.
2. A tenant's security deposit. Also called: Deposit
, Federal Fair Housing Act - accurate answers-Common name for Title VIII of
the Civil Rights Act of 1968.
Ethics - accurate answers-A system of moral rules and standards
Suspension - accurate answers-When a real estate agent's license is
temporarily withdrawn. Usually reactivation is automatic the day after the
suspension is lifted.
Canons of Professional Ethics and Conduct - accurate answers-Adopted by the
Texas Real Estate Commission to establish a basis for professional conduct of
licensed real estate brokers and salespeople.
Not all licensees are members of any real estate trade associations; licensees
that are members of a trade association, however, are expected to abide by
the real estate commission Canons of Professional Ethics and Conduct as well
as any Code of Ethics imposed by a trade association.
ECOA - accurate answers-Equal Credit Opportunity Act - Federal law that
prohibits discrimination in granting credit to people based on sex, age, marital
status, race, color, religion, national origin or receipt of public assistance.
Agent - accurate answers-A person licensed to represent another in a real
estate transaction; or a person authorized to represent another (the principle)
in dealings with third parties.
Client - accurate answers-Person who employs a broker, lawyer or other
professional. Real estate clients can be sellers, buyers, or both.
Confidential Information - accurate answers-All information the client directs
to be confidential, which, if disclosed, would have an adverse effect on the
client's position.
Customer - accurate answers-A party in a transaction to whom an agent does
not have a fiduciary duty or relationship, but to whom an agent must still be
fair and honest.
