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31 Cards in this Set
- Front
- Back
- 3rd side (hint)
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What is the time limit on filing a fair housing complaint with the Texas Commission on Human Rights?
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1 year
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A person has one year to bring a complaint of housing discrimination to the Texas Commission on human rights.
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From what source may a Texas real estate salesperson legally collect compensation?
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From the salesperson's sponsoring broker
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Only the salesperson's sponsoring broker may legally disburse compensation.
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A sponsoring broker, has made the decision to terminate his sponsorship of Ralph Cho. What step must he take?
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Notify Ralph in writing and return her license to the Texas Real Estate Commission immediately
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When the broker decides to terminate his sponsorship of Ralph, it is incumbent upon him under Section 13 of the License Act to immediately return her license to the Texas Real Estate Commission and notify Ralph in writing of the termination
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What is the responsibility of an agent or broker, if any, to a seller previously listed with a firm but currently listed with a different brokerage?
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The broker can show the seller's property to current clients but cannot share any inside information on offers received for the property when it was previously listed with the broker.
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In the case where a broker is showing a previous listing to a current client, the broker must not disclose any knowledge of offers received while the broker held the listing because of confidentiality requirements; however, any material facts about the property must be disclosed.
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The Mackys purchased their two-story brick home twenty years ago and have ten years left on their mortgage which has an interest rate of eleven percent. They would like to pay it off now. Will they be subject to a prepayment penalty?
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No, because the interest rate is greater than ten percent.
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When the interest rate is greater than ten percent, a prepayment penalty may not be levied.
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Whose duty is it to prepare promissory notes for a closing statement?
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The attorney representing the lender
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A promissory note is a promise to pay. Written contract between a borrower and a lender that is signed by the borrower and provides evidence of the borrower's indebtedness to the lender. It is the lender's responsibility to prepare any promissory notes.
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How soon following the closing of a transaction may a broker receive a commission check?
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How soon following the closing of a transaction may a broker receive a commission check?
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As soon as the transaction is closed and funded, the broker may receive a commission check.
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Bob Jones, husband and father of four adult children, from a previous marriage, was the victim of a hit-and-run accident. How will his estate be divided among his wife and four children in the absence of a valid will?
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His wife inherits half the estate; the remainder of the estate is divided equally among his children
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In the event that Bob does not have a valid will, half his estate passes to his wife and the other half is divided equally among his four children from his previous marriage. If the four children were from his present marriage his wife would inherit his entire estate.
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What is the minimum required number of witnesses who must sign in the presence of the person writing a will?
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2
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Two witnesses are required to sign in the presence of the person writing the will. |
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Homestead protection serves what purpose?
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To protect a homeowner's equity
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Homestead protection preserves a homeowner's equity.
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What is the maximum time a creditor has to enforce a judgment?
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10 years |
A creditor must enforce a judgment within a 10-year period.
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What is the primary method of describing rural property boundaries in Texas?
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Metes and bounds |
Rural property is primarly described through metes and bounds that delimit the specific parameters of the property. |
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Lucy Smtih signed a contract in the state of Texas six months before her eighteenth birthday. Which of the following statements is true?
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Since she was under 18, the age of majority, she has until “reasonable time” after her 18th birthday to void the contract, if she chooses. |
A minor who signs a contract in the state of Texas has until “reasonable time” after reaching the age of majority to disaffirm the conveyance. The question of “reasonable time” is one of fact, not of law. There is no certain period for the minor to disaffirm,, but what is a “reasonable time” is determined is determined by all facts and circumstances. |
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Which of the following is a qualification for obtaining a prescriptive easement in Texas?
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Continuous, open, and notorious use of land for a minimum period of 10 years |
To establish an easement by prescription in Texas, an individual must prove continous, open, and notorious use of the land for a period of 10 years. |
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Deeds of conveyance should be recorded within what period of time after closing?
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Within a reasonable time |
Deeds of conveyance must be recorded within a reasonable period of time after the closing. |
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How much notice must a landlord give a delinquent tenant, in writing, before filing an action to evict?
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3 days
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A landlord is required to provide 3 days' written notice to a delinquent tenant that an action to evict will be filed if rental payments are not brought up to date.
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Which of the following is true of income earned by separate property in Texas?
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All earnings from community property and separate property are presumed to be community property.
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In Texas, couples can legally partition property and arrange for certain income to be separate, but given that Texas is a community property state, income from community property and separate property is generally (in the absence of legal action) presumed by Texas law to be community property.
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Payments from the Real Estate Recovery Fund are limited to what aggregate amount for claims arising from a single transaction?
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$50,000
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As stipulated by Section 8 (n) (2) of TRELA, Recovery Fund disbursements are limited to a maximum aggregate payment of $50,000 for all claims arising out of a single transaction.
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What is the legal view of dower and curtesy in Texas?
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They are not recognized.
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Since Texas is a community property state, dower and curtesy are not recognized.
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By what date must the current year's real estate taxes be paid in order to avoid a penalty and interest on the taxes?
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By January 31 of the next year
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To avoid having to pay a penalty and interest on taxes, property owners must remit the current year's real estate taxes in full by January 31 of the next year.
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Prior to issuance of an inspector's license, a newly approved inspector must remit what amount to the Real Estate Inspection Recovery Fund?
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$200
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A fee of $200 is collected by the commission prior to issuing an inspector's license; in the case that the Real Estate Inspection Recovery Fund balance falls below $300,000 on Dec. 31 of any year, each licensee may be charged a share of not more than $75 to restore the minimum balance of the fund.
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Rob Harrelson and his girlfriend, Ginny Boyer, signed a listing agreement with Eliott Banks of Lubbock Realty a month ago. Since then, Eliott has moved to Lone Star Realty in a neighboring town. Rob and Ginny would prefer to keep their home listed with Lubbock Realty since it's a local agency with a stellar reputation, but Eliott is telling Rob and Ginny that they are now clients of Lone Star Realty and he has an offer to present to them. Is Eliott following the law in attempting to negotiate the sale of Rob and Ginny's house since moving to a new brokerage?
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Yes, if Eliott has an agreement with his former agency, Lubbock Realty, that his clients migrate with him to his new brokerage then Rob and Ginny's listing may now be held by Lone Star Realty.
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Rob and Ginny need to review their listing agreement to determine who holds the contract. If Eliott and Lubbock Realty have a special arrangement, he may have migrated all his listings to Lone Star. In the absence of such an arrangement, the listings remain with the original brokerage. A real estate licensee who has moved to a new agency and sponsoring broker may solicit business from a client of their former agency but may not legally attempt to negotiate a sale without a new listing.
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Larry Bailis sponsoring broker has asked him to provide an appraisal for one of Roadwalk Realty's clients. Is Robert authorized to provide an appraisal under the Real Estate License Act?
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Yes, but only if he submits the appraisal in his sponsoring broker's name and adheres to the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation -- or, in the case of providing an analysis of market value, includes the mandate
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A real estate licensee may perform an appraisal, in his or her sponsoring broker's name, as long as the licensee complies with the current Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation. A licensee may give an opinion of value for purposes of market analysis only if the following written statement is included verbatim: "THIS IS AN OPINION OF VALUE OR COMPARATIVE MARKET ANALYSIS AND SHOULD NOT BE CONSIDERED AN APPRAISAL. In making any decision that relies upon my work, you should know that I have not followed the guidelines for development of an appraisal or analysis contained in the Uniform Standards of Professional Appraisal Practice of the Appraisal Foundation." Transactions involving the Resolution Trust Corporation or a federal financial institution's regulatory agency require compliance with the Uniform Standards and do not allow a licensee to substitute an opinion of value amended by the above verbiage.
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Texas State Exam Questions (Question ID #4078) A licensed real estate salesperson working at a small brokerage in San Antonio. Which of the following functions can she NOT perform without an agency agreement |
Holding monies for disbursement in escrow until closing
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To safeguard the client's interests, a broker must have a signed agency agreement stipulating the manner of disbursement of funds before they can accept escrow monies. However, a broker can assist clients in locating a property, preparing a contract or lease, or obtaining financing without executing a representation agreement.
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The right of the government to regulte and control the way land is used...
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Police Power |
A change in zoning can result in a non-conforming use of land. |
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If the intended use of a property would be in violation of current zoning, the owners must request a ....
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Variance
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Permission to violate the rules. |
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The right of the government to take private land for public use...
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Eminent Domain |
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Property valve for tax purposes..
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Assessed Value |
Tax rate multipliedby assessed value will equal the tax payment. |
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A person dies intestate (without a will) and without heirs, the government will take title to his real property under the right of....
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Escheat |
If property is abandoned, escheat will also be the solution. |
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