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Real Estate Exam > State Exam > Flashcards

State Exam Flashcards

1
Q

What does TRELA stand for

A

The Texas Real Estate License Act

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2
Q

What does TREC stand for

A

The Texas Real Estate Commission

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3
Q

What year was TREC founded

A

1949

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4
Q

What year was TRELA passed

A

1939

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5
Q

What is the difference between TREC and TRELA

A

TREC was created to enforce the TRELA law

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6
Q

What are the agencies that are regulated by TREC

A
  1. Real Estate Brokers and Salespersons
  2. Real Estate Inspectors
  3. Real Estate Appraisers
  4. Education Providers for Real Estate and Inspection Courses
  5. Residential Service Companies
  6. Timeshare Developers
  7. Easement or Right-of-Way (ERW) agents
    ALL OF THE ABOVE
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7
Q

How many members does TREC consist of?

A

9 Members - 6 brokers, 3 general public

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8
Q

What is the Broker-Lawyer Committee

A

Advisory body to the TREC

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9
Q

How many Members are in the Broker Lawyer Committee

A

13 members - 6 Brokers, 6 Lawyers, and 1 public appointed by the Gov

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10
Q

How long do the Members of the Broker Lawyer Committees serve for?

A

6 Year terms

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11
Q

What does ESAC Stand for

A

Education Standard Advisory Committee

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12
Q

What Year was ESAC founded

A

2011 under the Senate Bill 747

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13
Q

What does ESAC do

A

Review and revise curriculum standards, course content,

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14
Q

How many Members are in ESAC

A

12 members - 7 Brokers, 4 Real Estate Instructors, 1 Public

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15
Q

What are examples of someone who does not have to have a RE License

A
  1. When a Buyer or a Sell is acting as a Principal
  2. A Lawyer
  3. Manger of an apartment complex
  4. Builder of a new home
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16
Q

What is the RE recovery fund

A

To reimburse consumers who suffer damage caused by RE License holders

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17
Q

What are the 2 Account/Fund to reimburse consumers who suffered damage from RE License holder

A

The Real Estate Recovery Trust Account, and the Real Estate Inspection Recovery Fund

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18
Q

The aggregate amount recoverable from the Real Estate Recovery Fund by all claimants for losses
caused by one licensee shall NOT exceed:

A

$100,000

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19
Q

If TREC revokes the license of a salesman, to whom would the salesperson appeal?

A

The district court

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20
Q

If a license holder fails to comply with a subpoena, what can TREC do?

A

File a suit through the Attorney General’s office

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21
Q

What is TAR

A

Texas Association of Relators

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22
Q

According to TREC rules, when MUST you inform a seller about the market value of their home?

A

When the listing is taken

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23
Q

A residential rental locator shall prominently display in a place accessible to clients:

A

the locators licensed by the commission

24
Q

An individual manages several properties for several owners. Is this person required to have a
real estate license?

A

Yes, he doesn’t need one if it is for one owner

25
Q

Who can appraise any type of property regardless of transaction value or complexity?

A

Certified general appraiser

26
Q

An applicant for a broker or salesperson has _______ to satisfy the requirements after they file
the application

A

1 year

27
Q

An applicant who fails an examination

A

May apply for reexamination by filing a request accompanied by the proper fee

28
Q

How long does a broker have to return a salespersons license to Trec when they quit?

A

Immediately

29
Q

5 Canons of ethics

A

Fidelity, Integrity, Competence, Discriminatory Practices, Consumer information form 1-1

30
Q

Real Estate Investment Trust (REIT)

A

Real Estate company modeled after mutual funds - a way to invest - purchase of equity - like owning stocks

31
Q

Seller’s Disclosure Notice

A

form seller makes available on or before the effective date of contract

32
Q

If Seller’s Disclosure Notice is not give on or before the effective date the Buyer has how many days to cancel the sale?

A

7 days

33
Q

What is Information About Broker Services

A

a mandatory form that brokers need to provide anyone

34
Q

What is a FSBO

A

for sale by owner

35
Q

Residential Real Estate Listing Agreement - Exclusive right to sell

A

Form from TAR - principle contracts with seller to give broker the right to sell for commission

36
Q

what is Intermediary

A

Broker represents buyer and seller

37
Q

What are Non fiduciary duties

A

owe all parties honesty and fairness

38
Q

What are the fiduciary duties

A

OLDCAR (Obedience, Loyalty, Disclosure, Confidentially, Accounting, Reasonable Care, Diligence)

39
Q

What is commingling

A

when a Broker places escrow money into the company operating acct

40
Q

Do licensees have to use standard or promulgated forms of TREC when Applicable (T/F)

A

True

41
Q

What are the three exceptions where a license does not need to use a standard TREC form

A

When you are the principal, when an attorney draws it up, if it is a government required form

42
Q

Which of the following would end a real estates salesmen authority?
When he has accepted earnest money
when he witness a theft
with the death of his broker
when a disagreement w/ a client

A

When broker dies

43
Q

Can we accept earnest money for the broker

A

Yes Agents need a lisncess to deposit money tonto an escrow

44
Q

What must a buyer Representation have

A

a termination date

45
Q

Promising a future profit to a prospect when it is resold is
Permitted
Unethical bot not against the law
cause for suspension
appropriate

A

Cause for suspension - You cannot tell a seller you will sell his house for more

46
Q

A listing contract that pays the agent commission unless the seller procures the buyer is

A

an exclusive agency

47
Q

What are the 4 types of listing

A

Exclusive rights to sell
Exclusive Agency
Open Listing
Net Listing

48
Q

Who owns the listing contracts obtained by a salesmen

A

the employing broker

49
Q

Who is responsible to TREC and the public for the salespeople

A

the sponsoring broker

50
Q

how does TRELA define the first face to face meeting?

A

When substantive discussions occur

51
Q

What is the IABS form

A

the form that must be given a buyer/seller during the first substantive meeting

52
Q

What does the Texas state law say about the IBAS form as it relates to email

A

The form can be attached to the email or the link can be in the body. It can not be in the footnote

53
Q

Which of the following is not a TREC form?
1-4 family residential contract resale
New home contract
Sellers temp residential lease
Tesidential lease application

A

Residential Lease Application

54
Q

What are the 6 promulgated contract

A

1-4 family resale, new home complete, new home incomplete, unimproved property(just land), Farm and Ranch, condo resale

55
Q

What is the number of hours for a broker to renew his license

A

18 hours every 2 years

Real Estate Exam (7 decks)

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