Texas Law Quiz

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THE PRACTICE QUIZ DOES NOT KEEP SCORE (4 Wrong = 67%, 3 Wrong = 75%)
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  1. All of the following are people that can do acts of brokerage without a license except:
    1. An attorney-in-fact
    2. A public official while engaged in official duties
    3. An attorney-at-will
    4. An employee of the owner of the property who leases improved or unimproved real estate.

 

 

 

 

 

 

 

 

 

 

CORRECT!

  1. A salesperson's license becomes inactive in all of the following circumstances except:
    1. When the broker turns the salesperson's license into the Real Estate Commission.
    2. Upon the expiration, suspension, revocation or inactivation of the license of the sponsoring broker.
    3. Upon the death of the salesperson's broker.
    4. When a complaint is made against the salesperson.

 

 

 

 

 

 

 

 

 

 

RIGHT!!

  1. Under Texas Homestead laws:
    1. The Texas state legislature can change the Homestead laws.
    2. A homestead can be taken under the right of eminent domain.
    3. Proceeds from the sale of a homestead are protected for 6 months.
    4. Both B & C.

 

 

 

 

 

 

 

 

 

 

FANTASTIC!!!

  1. Which of the following are grounds for suspension or revocation of a real estate license?
    1. Acting negligently or incompetently.
    2. Disclosing who you are representing if the client asks the information to be kept confidential.
    3. Failure to disclose that a house has been exposed to AIDS or HIV.
    4. All of the above.

 

 

 

 

 

 

 

 

 

 

COOL!!

  1. All of the following are grounds for the suspension or revocation of a license except:
    1. Receiving compensation from more than one party to a real estate transaction with the full knowledge and consent of all parties to the transaction.
    2. Failure to properly account for or remit trust money within a reasonable time frame.
    3. Putting an automatic renewal provision in a listing contract.
    4. Commingling.

 

 

 

 

 

 

 

 

 

 

YOU’VE BEEN STUDYING!

  1. Which of the following is true?
    1. All brokers must maintain a trust account.
    2. The broker may keep trust monies in their business account.
    3. A broker must maintain separate trust accounts for earnest money deposits, security deposits received for the management of rental property, and for other money received in trust.
    4. A broker may not require the principals to a real estate transaction to designate the broker as their escrow agent.

 

 

 

 

 

 

 

 

 

 

MUY BIEN!

  1. The Texas Real Estate Commission is made up of:
    1. Six members who represent the public and three licensed brokers.
    2. Six licensed brokers and three members who represent the public.
    3. Six licensed members who have engaged in real estate as their primary occupation for at least ten years, and three non-licensed members.
    4. Five licensed brokers who have engaged in real estate as their primary occupation for at least five years, and four members who represent the public.

 

 

 

 

 

 

 

 

 

 

CORRECT!

  1. All of the following are true except:
    1. All brokers licensed in Texas must maintain a fixed place of business in Texas.
    2. A broker must submit an application designating the new office location within ten days of moving an office.
    3. A broker must obtain a branch office license for each additional office the broker maintains.
    4. All resident brokers must maintain an office in Texas.

 

 

 

 

 

 

 

 

 

 

RIGHT!!

  1. An agent is working with a buyer who has seen a house he loves, but is not for sale. The agent contacts the homeowners and tells them that they should sell their house because minorities moving into the neighborhood are bringing down property values, and they could lose a lot of money if they stay there. The agent is guilty of:
    1. Blockbusting.
    2. Steering.
    3. Redlining.
    4. Nothing. This is an acceptable business practice.

 

 

 

 

 

 

 

 

 

 

FANTASTIC!!!

  1. A salesperson may accept a commission from:
    1. The broker with whom they are associated as a licensee.
    2. A cooperating broker.
    3. A seller.
    4. All of the above.

 

 

 

 

 

 

 

 

 

 

COOL!!

  1. A broker or salesperson acting as an intermediary between a buyer or seller may:
    1. Disclose to a buyer that the seller would accept a price lower than the asking price if it is necessary to get the buyer to make an offer.
    2. Disclose to the seller that the buyer would be willing to pay more for their house.
    3. Disclose confidential information of the seller, or information the seller asks the licensee not to disclose, if the information materially relates to the condition of the property.
    4. Not disclose to a buyer that the seller would accept a price higher than the asking price of their property.

 

 

 

 

 

 

 

 

 

 

YOU’VE BEEN STUDYING!

  1. Which one of the following is not grounds for revocation or suspension of a real estate license?
    1. Failing to advise a buyer in writing before the closing of a real estate transaction that the buyer should be provided with or obtain a title insurance policy.
    2. Making a material statement of fact in a license application.
    3. Failing or refusing to produce on request, for inspection by the commission or a commission representative, a document that is in the license holder's possession and relates to a real estate transaction conducted by the license holder.
    4. Knowingly making a material misrepresentation to a potential buyer concerning a latent structural defect that would be a significant factor to a reasonable and prudent buyer in making a decision to purchase real property.

 

 

 

 

 

 

 

 

 

 

MUY BIEN!

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