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25 Cards in this Set
- Front
- Back
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If an angry person takes action to recover money from the real estate recovery find the maximum recovery per transaction is |
$50,000 |
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Which of the following single act when performed within Texas for another and for a fee does not require a real estate license |
Negotiating for the sale of a business opportunity where the sale of the real estate is not involved |
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Are real estate licensees empowered to fill in forms promulgated or approved by the Commission for a fee |
Yes |
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Every listing agreement must include a section that informs the parties that the real estate commissions are |
Negotiable |
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Licensee maintaining a trust account must retain a documentarie record of each deposit or withdrawal from the account for |
4 years |
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At what point must a license be disclosed to a potential buyer of a specific residential or commercial property that's a license these represents the seller |
The first contact |
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A broker may act as an intermediary only if among other requirements the written consent of the parties states the source |
Of any expected compensation |
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The information about brokerage services form informs consumers |
they have the right to choose the type representation they wish to receive if any |
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Is a purchase using a contract for deed addressed by the TREC promulgated contract |
No |
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According to the TREC 1 through 4 family residential contract refill toner policy of title insurance fee is paid by which party |
The party stipulated in the agreement |
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When negotiating a commercial or residential lease or rental contract but not a buyer or seller temporary residential lease a license the news which of the following forms |
Either lease forms prepared by the prospective tenant tenants lawyer or lawyer at TAR as appropriate |
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A legal procedure or action rod by either the buyer or the seller to enforce the terms of the contract is known as |
Specific performance |
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The Texas Real Estate Commission is composed |
9 members 6 of whom are brokers and three of whom are lay members each appointed by the Governor with Senate approval |
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If payment is made from the recovery trust account what is true about the licensee |
The license may be revoked if payment is made from the recovery trust account |
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An unlicensed individual who engages in one activity for which a real estate license is required is subject to what penalties |
Administrative penalty of up to 5,000 in addition to other penalties provided by law |
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When terminating the sponsorship of a salesperson what is required of the broker |
The broker must return the salesperson's license along with a letter of termination to the real estate commission |
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A real estate broker or sales person may show an unlicensed person her appreciation for a referral by giving the unlicensed individual |
Non cash gift as long as the retail value does not exceed $50 |
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Real estate brokers and sales people may complete a contract form if |
The form was promulgated by TREC |
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Initial disclosure of an agency relationship May B |
Oral or written |
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Agents appointed to each of the parties by an intermediary broker may give |
Advice and opinions to the party to whom they are appointed |
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If the seller chooses not to allow intermediary status the seller agrees |
The broker will not show the property to any of the brokers buyer client |
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The minimum services requirements of the license act dictates a limited service broker may not instruct another broker |
To negotiate directly with the client |
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When when must you use a TREC promulgated contract form |
They must be used by the real estate license holder in all transactions to which the forms are applicable unless one of the four exceptions apply |
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The maximum tenancy that may be addressed in TREC sellers or buyers temporarily lease is |
90 days |
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A mechanics lien claim arises when on the owners order a general contractor has performed work or provided material to improve a parcel of real estate but has not been paid such a contractor has the right to |
Record a notice of the lien and file a court suit within the time required by state law |
