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TX BROKER > Broker 2 > Flashcards

Broker 2 Flashcards

1
Q

In order for a tenant to claim relief for constructive eviction:

A

The landlord must have intentionally withheld required repairs or maintenance, and the tenant must prove continuous residence in the premises.

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2
Q

A buyer purchases a furnished condominium apartment as an investment. The document that evidences the buyer’s ownership of the furniture is a:

A

Bill of sale.

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3
Q

A broker who enters into a property management contract is considered a:

A

Fiduciary

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4
Q

A buyer’s interest in real property, acquired at the moment the seller and the buyer enter into a sales contract, is known as:

A

Equitable Interest

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5
Q

The appropriate time for a selling broker to explain the agency relationship to a prospective buyer is:

A

The initial meeting

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6
Q

A broker is asked to lease 1,200 square feet of warehouse space at $6 per square foot per year. If the broker’s commission will be 8 percent of the first year’s rental income, the MAXIMUM amount payable is:

A

720

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7
Q

A geographic region in which similar properties compete with the subject property for potential buyers is called a:

A

Market area.

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8
Q

In the absence of a formal appraisal report, which of the following choices is the MOST appropriate for setting a listing price in a new, rapidly selling neighborhood?

A

The price that willing buyers have recently paid for similar structures.

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9
Q

Which of the following factors would be included in the description of replacement cost?

A

Similar utility and current material.

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10
Q

Under an exclusive right-to-sell listing, a broker has the authority to take which of the following actions on behalf of a seller?

A

Accept a bona fide offer

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11
Q

Under a lease for a commercial property, a tenant agrees to pay $4,000 per month plus 3% of the gross monthly sales. This type of lease is called a:

A

Percentage Lease

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12
Q

The agency that is charged with enforcing the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA) in the case of an owner who allows the dumping of wastes on a property is the:

A

EPA

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13
Q

A percentage lease would MOST often be used for tenants in:

A

Shopping center

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14
Q

A license holder is showing a home built in 1972 to buyers who notice paint flaking on the woodwork. How should the license holder proceed?

A

Advise the prospective buyers to get a lead-based paint inspection.

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15
Q

A lot was purchased as an investment for $10,500 and sold a year later at a loss of 20%. If the owner paid a 10% commission, what was the owner’s net loss on the sale?

A

2920

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16
Q

A broker lists a property. A potential buyer tells the broker that he has heard that the crime rate in the neighborhood is increasing. Which of the following is the broker’s BEST response to the buyer?

A

Check with local law enforcement authorities about the crime rate.

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17
Q

Which of the following statements about the law of agency is CORRECT?

A

It establishes a fiduciary relationship

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18
Q

A lender’s title policy will protect the:

A

Lender against existing, undiscovered title defects.

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19
Q

The provision in a mortgage or deed of trust that gives the lender the rights to call the entire balance due upon a default in any payment is called a(n):

A

Acceleration clause

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20
Q

In order for a property manager to determine net operating income on a property, which of the following fees is subtracted from the effective gross income?

A

Operating Expenses

21
Q

The value placed on land and buildings by a governmental unit for use in levying annual real estate taxes is called the:

A

Assessed Value

22
Q

If a buyer makes a 20% down payment and obtains a $75,000 mortgage, what is the sales price of the property?

A

$90k

23
Q

A special warranty deed provides:

A

Protection against defects that occurred while the grantor held title.

24
Q

Which of the following acts is illegal under Federal Fair Housing law?

A

Refusing to sell a home to a person with a poor credit history.

25
Q

A loan that provides for increases and decreases in the interest rate during its term is known as a(n):

A

ARM

26
Q

The right of local government officials to acquire title to real estate for public purposes by condemnation is based on the power of:

A

Eminent Domain

27
Q

The price for which a property will sell if offered openly under normal conditions is known as:

A

Market Value

28
Q

The condition which allows a property owner to convey a right to another party while retaining full legal title is a(n):

A

Easement

29
Q

The acquisition of another’s title to real property by means of open, notorious, and continuous use is known as an:

A

Adverse posession

30
Q

Who sets the commission for a listing broker?

A

(d) Agreement between the seller and the broker

31
Q

What document should a seller furnish a buyer for a free-standing appliance sold separately from a real estate transaction?

A

Bill of sale

32
Q

Question 32: In order for a brokerage to be able to represent both the buyer and seller in a real estate transaction, the brokerage needs to have the permission of:

A

Both parties

33
Q

G borrowed $15,000 to buy a business. The interest rate was 11%. If G paid all the interest and the amount borrowed with a single payment at the end of 16 months, what is the amount of this payment?

A

17475

34
Q

Which of the following types of developments allows fee ownership of individual units with joint ownership of common areas?

A

Condos

35
Q

An unimproved lot is located in the service area of a water supply corporation. The seller is subject to the notice requirements relating to a service provider. What is the buyer’s statutory remedy if the seller fails to give the written notice REQUIRED by law?

A

Seek an award of damages in court not to exceed $10,000 plus attorney fees.

36
Q

To be eligible for a real estate license, an individual MUST:

A

satisfy the Commission as to the individual’s integrity

37
Q

Who can pay money to a licensed salesperson to perform sales activities for a house a broker has listed for sale?

A

The salesperson’s sponsoring broker and no one else.

38
Q

According to The Real Estate License Act of Texas, which one of the following actions is a fair and impartial act for an intermediary?

A

Appointing associated licensees to work with the parties.

39
Q

As a marketing promotion, a real estate salesperson offers property for sale by lottery. This practice is:

A

Suspension of license

40
Q

Question 40: When the association of a salesperson with the sponsoring broker is terminated, the broker MUST:

A

return the salesperson’s license to the Commission within 30 days

41
Q

When negotiating contracts binding the sale or lease of property, a real estate licensee MUST use an appropriate Texas Real Estate Commission-promulgated form unless another contract form has been prepared and is REQUIRED by the:

A

owner of the property

42
Q

An individual is exempt from real estate licensure in Texas when performing which one of the following activities?

A

Offering an employer’s property for rent.

43
Q

Absent an agreement, spouse’s rental income from separate property is:

A

community property

44
Q

Who is responsible to the Texas Real Estate Commission, the public, and the clients for the acts of a salesperson?

A

Broker

45
Q

A buyer contracts to purchase a previously occupied single-family residence. The buyer did NOT receive a copy of the Seller’s Disclosure Notice before signing the contract. According to the Texas Property Code, the buyer has the right to:

A

terminate the contract within 7 days after receiving notice

46
Q

Combining a principal’s funds with the licensee’s personal funds is:

A

Comingling

47
Q

When MUST an existing agency relationship be disclosed to another party to a proposed transaction?

A

At the time of licensee’s first contact.

48
Q

A standard contract form has been developed for:

A

SFH

49
Q

What information is in the written statutory statement that a licensee MUST provide for a consumer at their first face-to-face meeting?

A

Duties of the broker representing one of the parties or acting as an intermediary.

TX BROKER (2 decks)

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