All of the following violate the Texas Real Estate License Act, EXCEPT:
Disclosing all known facts pertaining to a property to a client
The aspect of the real estate business that is concerned with bringing together the parties and completing the transactions is:
brokerage
An attorney from another state must have a Texas real estate license to receive a commission for a real estate transaction in Texas.
true
all of the following are true about a Texas homestead, except:
homestead protection can be waived in writing
ad valorem taxes:
Are according to value, Create the highest priority lien on real property, Are always paid first at a foreclosure sale
Which real estate contract is the exception to the Statute of Frauds?
a lease for one year or less
Factors that affect homeowners insurance premiums can include which of the following?
age and condition of the home, location, the policyholder's claims history
Which of the following is required for a lot and block description of a property?
a recorded plat
integrity is best described as:
The duty of a licensee to employ prudence and caution so as to avoid misrepresentation in any way
When a holdover tenant refuses to leave and is not paying rent his interest in the property is called:
tenancy at sufferance
steering is:
Directing buyers to or away from a particular neighborhood based on protected categories
crops are:
emblements
when a Texas real estate licensee is in inactive status:
he is responsible for renewal fees
permanent additions to land are called:
improvements
When a property owner has the right to use water from a river or stream that borders his land he is said to have:
riparian rights
the recovery trust acount:
(a) Protects consumers who suffer a loss due to the illegal acts of licensees, Has two maximum payment amounts: $50,000 per transaction and $100,000 per licensee, Must transfer any amount in excess of $3.5 million to the State's General Fund
Which of the following terms describes the process of real property becoming personal property?
severance
Which of the following is required for a Government Survey System description of land?
sections, townships,
eminent domain is:
the right of the government to take privately owned land for public use
Climate, views, access to natural recreation, good schools and job opportunities are some factors that contribute to the desirability of land in particular locations. These factors best describe:
situs
All of the following types of ownership can be defeated or terminated if the owner violates conditions or terms in the deed, EXCEPT:
terminal fee
The easement created by the continued use of land without the permission of the owner is:
an easement by prescription
which of the following is true about tenancy in common?
ownership passes to heirs at probate
Texas is a community property state. What is true about community property?
Property inherited by one spouse can remain the separate property of that spouse
When a contract is cancelled and a new contract replaces it, this is called:
novation
Agency agreements such as listings and buyer representation agreements:
Are employment contracts, Should be in writing, Establish the principal-client relationship
All of these are factors which can affect insurance premiums, EXCEPT:
policyholder's age
redlining is:
The refusal to lend money in a particular area because of location
How long does a consumer have to file a complaint with TREC against a licensee?
4 years from the date of an incident
A broker in Texas who represents both the seller and the buyer in a transaction with the written consent of both parties is a(n):
intermediary
what is often considered the most important test of a fixture?
intention of the parties
ownership with the most rights in land is called:
fee simple
an easement can be terminated by:
merger
something given in exchange for a promise is:
consideration
All of the following methods of describing land qualify as legal descriptions in a deed, EXCEPT:
street address
When an agent is authorized to carry out the affairs of a business for another, this is:
general agency
the listing that helps the broker avoid procuring cause lawsuits is:
The Exclusive Right to Sell Listing
which of the following is an example of an encroachment?
a neighbor's fence is on your land
TREC may assess an administrative penalty of up to $5000 per day for violation of the License Act by:
Any person in Texas, licensed or unlicensed, who violates the Act
The penalties for violation of the Fair Housing Act are:
Up to $75,000 for the first violation and up to $150,000 for subsequent violations
a homestead in Texas can be foreclosed on for nonpayment of:
an ad valorem tax lien
an example of a voidable contract would be:
a contract entered into with a minor
Annual crops produced for cultivation are known as:
emblements
The economic characteristics of land do NOT include:
texas
The agency information form that must be presented at the first substantive dialogue is the:
Information About Brokerage Services
All of the following will create an agency relationship EXCEPT:
an IABS form
only _____ can be guilty of redlining
banks
48. Which of the following persons must have a real estate license?
The designated officer of a licensed real estate corporation
What is the main purpose of the Texas Real Estate License Act?
to protect the public
listing agreements can be terminated by:
mutual agreement
an intermediary is:
A broker representing both the seller and the buyer in a single transaction A broker representing both the seller and the buyer in a single transaction
in an intermediary transaction:
The written consent of both parties is required
The organization that has the authority to issue and revoke real estate licenses is :
TREC
The relationship between a broker and a client created by a listing agreement is an example of:
special agency
TREC promulgated contract forms and addenda are written by:
The TREC Broker-Lawyer Committee
Causing panic selling in a neighborhood is called:
blockbusting
If a broker wishes to terminate a salesperson's sponsorship, he or she:
must do so in writing, mus return the license to TREC immediately
A party to a transaction who is represented by a broker is:
a client
Offering a property for sale without the knowledge and consent of an owner:
May result in license revocation or suspension
fixtures are:
Personal property that has become part of the real estate