Texas State Portion Real Estate Study
Exam Questions and Answers7
Per the Short Sale Addendum, when does the time for giving notice of termination begin if the
buyer has the unrestricted right to terminate the contract? - ANSWERS-On the effective date of
the contract
Karen, the seller, has sent a counter-offer to Fred, a potential buyer. Before Fred accepts the
counter-offer on the Texas property, Karen receives another offer from James that is even better.
She wants to accept James's offer. What should Karen do? - ANSWERS-Karen must withdraw the
counter-offer to Fred before responding to James's offer
You're a broker in Houston. Although your former client, Meghan, is on the Texas Do Not Call
list, it's okay for you to call her to solicit business if you have an established business
relationship with that person, and were involved in a business transaction with that consumer
within ______. - ANSWERS-The past 18 months
Which of the following statements about TAR's Release of Earnest Money form is true? -
ANSWERS-The form releases all parties, brokers, and title companies from all liability under the
contract.
Which of the following statements about the termination option in TREC's residential One to
Four Family (resale) contract is true? - ANSWERS-Buyers who choose to take the option and pay
the option fee can terminate the contract by giving notice within a specified time frame.
As a requirement of licensure, which of the following agencies perform a criminal background
check on all license applicants? - ANSWERS-The FBI and the Department of Public Safety
, TREC will issue a notice of violation to anyone it feels has violated the law by performing a
prohibited activity. If an accused violator completely disagrees with TREC, that person has the
right to request a hearing within how many days? - ANSWERS-20 days
(The accused violator has a right to request a hearing no later than the 20th day after the
violation notice is received.)
How many days does a broker have to notify TREC if their business address has changed? -
ANSWERS-10 days
Can a license holder be held liable if they are unaware that a party to a real estate transaction is
concealing information pertaining to that same real estate transaction? - ANSWERS-No, the
license holder was not aware of the dishonesty and is not liable.
Janet is thrilled to have found a beautiful piece of land in the country. She plans to build a home
on her "five acres of heaven." The land was part of a farm where there was previously an
agricultural exemption. What does this mean? - ANSWERS-Rollback taxes will be assessed if the
land's use is changed.
Where would the buyer's agent find the seller's legal name, which is needed to complete the
Parties paragraph of the TREC residential One to Four Family (resale) contract? - ANSWERS-On
the deed or owner's title policy
(The name of the seller(s) must match that on the deed or owner's title policy. Because Texas is
a community property state, the parties' marital status must also be included.)
Atticus is considering using utilities interruption as a means of collecting rent. Which of the
following statements is true about what Atticus is planning to do? - ANSWERS-It's illegal.
Exam Questions and Answers7
Per the Short Sale Addendum, when does the time for giving notice of termination begin if the
buyer has the unrestricted right to terminate the contract? - ANSWERS-On the effective date of
the contract
Karen, the seller, has sent a counter-offer to Fred, a potential buyer. Before Fred accepts the
counter-offer on the Texas property, Karen receives another offer from James that is even better.
She wants to accept James's offer. What should Karen do? - ANSWERS-Karen must withdraw the
counter-offer to Fred before responding to James's offer
You're a broker in Houston. Although your former client, Meghan, is on the Texas Do Not Call
list, it's okay for you to call her to solicit business if you have an established business
relationship with that person, and were involved in a business transaction with that consumer
within ______. - ANSWERS-The past 18 months
Which of the following statements about TAR's Release of Earnest Money form is true? -
ANSWERS-The form releases all parties, brokers, and title companies from all liability under the
contract.
Which of the following statements about the termination option in TREC's residential One to
Four Family (resale) contract is true? - ANSWERS-Buyers who choose to take the option and pay
the option fee can terminate the contract by giving notice within a specified time frame.
As a requirement of licensure, which of the following agencies perform a criminal background
check on all license applicants? - ANSWERS-The FBI and the Department of Public Safety
, TREC will issue a notice of violation to anyone it feels has violated the law by performing a
prohibited activity. If an accused violator completely disagrees with TREC, that person has the
right to request a hearing within how many days? - ANSWERS-20 days
(The accused violator has a right to request a hearing no later than the 20th day after the
violation notice is received.)
How many days does a broker have to notify TREC if their business address has changed? -
ANSWERS-10 days
Can a license holder be held liable if they are unaware that a party to a real estate transaction is
concealing information pertaining to that same real estate transaction? - ANSWERS-No, the
license holder was not aware of the dishonesty and is not liable.
Janet is thrilled to have found a beautiful piece of land in the country. She plans to build a home
on her "five acres of heaven." The land was part of a farm where there was previously an
agricultural exemption. What does this mean? - ANSWERS-Rollback taxes will be assessed if the
land's use is changed.
Where would the buyer's agent find the seller's legal name, which is needed to complete the
Parties paragraph of the TREC residential One to Four Family (resale) contract? - ANSWERS-On
the deed or owner's title policy
(The name of the seller(s) must match that on the deed or owner's title policy. Because Texas is
a community property state, the parties' marital status must also be included.)
Atticus is considering using utilities interruption as a means of collecting rent. Which of the
following statements is true about what Atticus is planning to do? - ANSWERS-It's illegal.
