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57 Cards in this Set
- Front
- Back
In Texas if a salesperson wants to sell their personal real estate what do they need to do? |
disclose in writing that they are selling their own property, prior to a contract |
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If a customer refers a buyer to a licensed salesperson in Texas, how much cash can the salesperson pay the customer? |
Can’t pay unlicensed customer |
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What is MUD? |
municipal utility district |
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Who signs the MUD document? |
seller & buyer |
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Who delivers the MUD document? |
seller |
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When does earnest money need to be deposited into the trust account? |
close of business of the second working day after broker receives trust money |
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A salesperson shall not maintain a ________________. Any trust money received by a salesperson must be immediately delivered to the salesperson's sponsoring broker. |
trust account |
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When must a salesperson deliver earnest money to their sponsoring broker? |
immediately |
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If an out of state salesperson refers a customer, can the out of state salesperson be paid a fee? |
yes, as long as the out of state salesperson has an active real estate license |
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Which form is used by a salesperson to add a contract related item to a P&S? |
39-7 Amendment to Contract |
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How much money can a salesperson take directly from a buyer? |
any amount as long as it comes from the sponsoring firm |
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Express material misrepresentation or Neglect Material misrepresentation is grounds to suspension of a license? |
express |
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A party is not liable for a misrepresentation or a concealment of a material fact made by a license holder in a real estate transaction unless the party? |
concealed the material fact. knew about a falsity with misrepresentation. failed to disclose a matter which could adversely affect the transaction |
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If an unlicensed assistant is hosting an open house for a salesperson. Who is ultimately responsible for the assistant? |
broker |
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Unlicensed salesperson participating is real estate sales could receive? |
-administrative penalty -cease and desist -a complaint from TREC |
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How many years does the broker need to keep sales contracts at the sponsoring firm? |
4 years |
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Texas Property Tax Exemptions state that a person can have ____________ up to ________in the State of Texas? |
One homestead, up to 20 acres |
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When a licensee is up for their first renewal, what is required to complete? |
90 hours of core real estate classes |
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When a Seller requests that his home must appraise for the Selling price, and he wants it to be a condition of the sale, who must add this? |
Agent adds to the special revisions |
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A type of Foreclosure not usually tied to a person's primary residence? |
ad valorem |
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A 15% Broker owner of the business must maintain how much errors and omissions insurance? |
$0.00 |
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As a salesperson when do you advise the Buyer to have the survey pulled and get a title insurance policy? |
Within 20 days of execution of the purchase and sale contract: Within 20 days after the Title Company receives a copy of this contract, Seller shall furnish to Buyer a commitment for title insurance |
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What is the main Difference between Licensee and Intermediary Broker? |
an intermediary must act impartially and represent both parties |
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What is the remedy stated as part of the standard information provided on the One to Four Family Residential Contract? |
mediation |
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If the Termination clause is activated by the buyer, the earnest money is released to? |
buyer, buyer’s agent |
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What is the main factor to consider when determining the appraisal value? |
highest and best use |
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What is the minimum requirement for a 5% owner of a business for Errors and Omissions Insurance? |
$1,000,000 |
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When is it OK to pay a referral to an out-of-state referral? |
referring person is an agent/broker |
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What is the responsibility of a Licensee that decides to perform real estate business by other another name? |
notify sponsoring broker - and update TREC within 30 days |
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When a brokers list "Appraisals Available" on their personal website - it would be Illegal, unless? |
the Broker is a Licensed TREC Appraiser |
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Purchase and Sales Agreement is signed. Agent finds the building is beyond lot lines, the agent should: |
tell the owner to notify the buyer immediately |
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When a Buyer/ Seller request a copy of the Purchase and Sales Agreement, the Agent should? |
supply a copy to the requesting Buyer / Seller |
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In the State of Texas Auctioneers doing real estate auctions are: |
not required to be licensed |
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When MUST an existing agency relationship be disclosed to another party to a proposed transaction? |
At the time of licensee’s first contact. |
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What are the agency disclosure requirements for real estate licensees? |
disclose upon first contact to another party |
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Are licensees required to provide parties with written information relating to agency? |
Yes, at first substantive dialogue using TREC form Information About |
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What is considered a substantive dialogue? |
A substantive dialogue can occur at a face-to-face or telephone meeting or by written communication (including email) that involves a substantive discussion relating to specific real property. If the substantive dialogue occurs at other than a face-to-face meeting, the required written statement should be sent to the party promptly |
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Are there exceptions when the statutory written statement is not required? |
Yes. The statement is not required for either of the following:(1) a transaction which is a residential lease no longer than one year and no sale is being considered; or(2) a meeting with a party represented by another licensee. |
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Are the disclosure and statutory information requirements applicable to commercial transactions, new home sales, farm and ranch sales or transactions other than residential sales? |
Disclosure is required for all applicable real estate transactions, except for a lease less than one year and a party already represented. |
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Is the licensee required to provide the "written statement" to buyer prospects at an open house? |
No, However, at the first substantive dialogue thereafter with the buyer regarding a specific property they are. |
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If a buyer's agent is required to disclose his or her status as the buyer’s agent to a listing broker when setting up a showing appointment, must the listing broker also disclose to the buyer's agent that the listing broker represents the seller? |
Yes, on the first contact with the licensee representing the buyer. |
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A factory has smoke coming out filling the neighborhood with pollution, a house is downwind from the factory suffers from? |
economic functional obsolescence |
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A former client (non licensed) refers a buying customer to a broker. The broker can offer the former client consideration of? |
$50 gift card |
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Realtor has an advertisement in the local paper for one of his listings. The license must include: |
the name of the broker and the firm assumed name if it is registered with the commission phone #, email & fax # |
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What can be deposited in the firm’s trust account? |
funds collected from a buyer |
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During an open house, the broker allows an unlicensed person to show the house to customers. Who gets reprimanded? |
none of them |
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Salesperson didn’t tell the buyer about a material fact defect on the house. He started a disagreement/argument between seller and buyer on purpose. He committed? |
Fraudulent misrepresentation |
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Does a real estate trust account collect interest? |
yes, the broker can keep the interest if the person depositing the money signed an agreement authorizing the broker to keep the interest. |
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As an independent contractor can your broker deduct social security from commission checks? |
no, independent contractors pay this |
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Can an independent contractor ask his broker to deduct federal taxes from his commission checks? |
no |
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As an independent contractor, can a broker have mandatory meetings that all independent contractor / salespersons must attend? |
licensees’ don’t have to attend |
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In a rural homestead, how many acres can be claimed? KEYWORD: Rural |
rural: 200 urban: 10 |
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When a purchase and sales agreement is delivered to the other party, who has the final signature on it? |
seller |
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While at a listing appointment the seller asked the broker not to mention that the roof is leaking. The broker should? |
ask the seller to retract the statement, or the licensee can’t list the property |
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A client dies, with a will. When can the heirs begin to collect real/personal property? |
they can receive the property immediately |
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How does a salesperson tell a client he is the represents another party? |
upon first contact in writing or verbally |
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Can a broker pay all or a portion of a commission or fee to an unlicensed person if they were a party to the transaction? |
In general, no. However, a license holder may rebate all or a portion of the fee or commission to the party being represented in the transaction, or, with consent of the party being represented, the license holder can also pay all or a portion to a party the license holder does not represent in the transaction. |