Texas state combined practice Flashcards
In Texas, what protection does the state constitutional homestead rights offer?
from eviction as result of creditor claims on their owner-occupied primary residence
TREC’s Consumer Protection Notice, which is to be displayed prominently in every broker’s place of business, serves to:
provide Commission contact information for the purpose of directing complaints from the public
The four types of estates include freehold, leasehold, equitable, and ____.
concurrent
Once a business entity is created, what must happen before brokerage can be practiced?
someone must become the broker of record
The Statute of Limitations claim for suit brought for a violation of the DTPA is:
two years
Who holds the legal title to a property during a contract for deed?
the seller
Which type of co-ownership for married couples dictates that each spouse has half ownership of any property obtained during the marriage, and cannot be sold without the signatures of both spouses?
community property
What is the relationship between TILA and Regulation Z?
TILA is a law, Regulation Z are the rules for how the law is carried out.
Kristian and Tara co-own a property under joint tenancy. If Tara dies, what happens to her ownership interest in the property?
It is transferred to Kristian.
What type of agreement is between a broker and a seller?
listing agreement
The most common way that real property is converted to personal property is through the act of:
severance
What protects against defects discovered in the title after closing?
title insurance
When TREC “approves” a form for use, this means:
License holders MAY use the form.
Which of the following would be a ramification of a license holder failing to inform the buyer, in writing and before closing, that they should have an attorney review the abstract or obtain a title insurance policy?
loss of the right to receive payment or recover commission
With intermediary with appointments, who would be considered the intermediary?
the broker only
The sales comparison approach is the most commonly used appraisal method for which type of property?
owner-occupied residential homes
A debit to the seller has what effect on charges made to the parties involved in the transaction?
decreases the amount the seller receives at closing
The provisions of the Americans with Disabilities Act are MOST likely to apply to owners of:
grocery stores
Conventional conforming loans are:
neither insured nor guaranteed by the government
Which of the following are required for joint tenancy?
unity of interest, time, title, and possession
Personal property becomes a fixture via:
attachment
Which of the following environmental hazards must be disclosed by way of an addendum to the sales contract?
lead-based paint
With respect to the handling of a client or customer’s money by a broker or sales agent, what is meant by “conversion”?
the use of a client or customer’s money for the broker or agent’s own purposes
Under CERCLA, a landowner may be liable for cleanup when contamination exists:
regardless of whether the contamination is the result of the landowner’s actions or those of others
Melissa is purchasing her first home using an FHA loan. What will be required?
appraisal
Which lease requires tenants to pay rent and at least some portion of operating expenses?
net lease
The contract forms that are approved and promulgated by TREC are:
required for license holder use
If a listing agent does not have their client fill out the TREC Seller’s Disclosure Notice:
They need to have the seller fill out a separate but equivalent property disclosure form.
A landowner gives a nonprofit permission to host a series of fundraising concerts on the owner’s property every summer. However, the owner is selling the land, and the nonprofit will no longer be guaranteed use of the land. This is an example of a(n):
license
What form does the Canons of Professional Ethics and Conduct say must be on display in a readily noticeable location in each of the real estate brokers places of business?
Consumer Protection Notice 1-2
To put the interests of their client above all others, including their own; to inform their client if they receive material information related to the transaction, including the receipt of an offer; to answer their client’s questions and present any offers to or from the client; and to treat all parties to a real estate transaction honestly and fairly are the full sum of:
TRELA’s minimum services required of brokers
Which law addresses discrimination in employment, public services, public accommodations, commercial facilities, and telecommunication?
Americans with Disabilities Act
