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Real Estate Salesperson State Prep Exam 3
Terms in this set (30)
An unlicensed assistant prospects for leads for their agent employer. Who could be fined, and/or have a license suspended or revoked by TREC?
the unlicensed assistant, agent and sponsoring broker
When is the termination option fee in the 1-4 Family Contract due?
by midnight of the third calendar day after the effective date of the contract
The option period ends:
at 5:00 pm on the day mentioned in the contract
A broker who has a buyer representation agreement with a buyer decided to rebate part of the commission to the buyer to cover closing costs. The broker should:
rebate an amount on the closing disclosure (CD)
Who is eligible for a TVLB loan?
When a broker posts pictures of other brokers' listings on his website, what is required?
A broker's duty consists of updating/notifying agents about:
Who can a broker pay a referral commission to?
a broker license holder in this or any other state
A buyer's agent rebates a portion of their commission to a buyer. Who needs to approve this?
the sponsoring broker
A foreign broker advertises that he sells houses outside his state for a flat fee. What is true?
He must refer this transaction to a resident broker in TX.
How much Continuing Education (CE) may be carried over to the next renewal period?
The total hours required at the end of your SAE renewal period consist of:
270 qualifying hours plus 8 hours of Legal 1 & 2 (278 total)
How long does the buyer have to deliver the Earnest Money Deposit to an escrow agent?
within 3 days after the effective date of the contract
A buyer under contract has had an inspection performed and doesn't want the property. What are the options to back out?
The buyer can back out during a due diligence or option clause in the contract.
An unlicensed person owns an option to purchase real property for a $190,000. He advertises the option for sale for $20,000. This action is:
only legal with full disclosure of the terms of the option
An agent switched brokers in the middle of a sale where the house is already under contract. What is true?
The first broker is the primary broker for the transaction.
An agent is aware of a foundation issue that was not disclosed on the Seller's Disclosure. She discusses it with her broker who advises the agent to let the Seller fill out the Disclosure. Who is in violation of DTPA?
Both the agent and broker are in violation.
Where should the consumer protection notice be?
displayed in the broker's office
Regarding the option fee in the TREC 1-4 Family Resale Contract, what is true?
it must be an amount discussed/agreed to by the buyer and seller
What is an example of something that could be entered in paragraph 11?
the information from any TAR addendum.
Where or to whom does the Earnest Money Deposit go?
to an escrow account
What would NOT cause license revocation by TREC?
a second DUI conviction
A sales agent is hired to list the property of a deceased party who died testate. The license holder must:
obtain the signature of the executor named in the will
A buyer and seller have signed a Texas sales contract. Prior to signing, the buyer did not receive the Seller's Disclosure. If he receives it within the negotiated number of days in the contract, the buyer can:
terminate the contract for up to 7 days after he receives the disclosure
What are the requirements to become a licensed broker in TX?
900 hours of education + 3600 points, in addition to 4 out of the past 5 years active real estate salesperson licensure
A property has been listed for sale at $495,000. Several buyers are interested in the property and after a small bidding war the sellers have accepted an offer for $505,000. Included in the offer was the condition that the dining room furniture, washer and dryer be part of the sale. Where can this information be covered to insure that all parties are protected.
in an addendum to the sales contract and a Bill of Sale
A buyer has purchased an option on a property giving him the right to purchase the property for $500,000 for 60 days. The negotiated option fee is $500 and the parties have agreed that the option fee will be paid within 5 days. How/where may the option fee be paid?
by money order to the seller
The primary purpose of TREC is to:
protect the public
The designated officer of a licensed real estate corporation owns 15% of the corporation. How much E&O insurance is required by TREC?
An unlicensed assistant may do which of the following?
Prepare a CMA
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