Texas Principles of Real Estate 1 Exam Questions With Correct Answers
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Course
Texas Principles of Real Estate
Institution
Texas Principles Of Real Estate
Texas Principles of Real Estate 1 Exam
Questions With Correct Answers.
Under what conditions can a supervising broker appoint a license holder associated with the
broker to represent one party to a real estate transaction? - answerWith written consent of all
parties
When must a seller's agent ...
Texas Principles of Real Estate 1 Exam
Questions With Correct Answers.
Under what conditions can a supervising broker appoint a license holder associated with the
broker to represent one party to a real estate transaction? - answer✔✔With written consent of all
parties
When must a seller's agent provide a written statement about brokerage services to a party? -
answer✔✔At the time of the first substantive dialogue with the party
When must a buyer's agent provide a written statement about brokerage services to a party? -
answer✔✔At first contact with the seller, landlord, or either party's agent
What principles govern an agency relationship? - answer✔✔Both parties must consent to the
relationship.
Both parties must agree to form the relationship.
The relationship is fiduciary - meaning the agent owes certain duties to the principal
Implied Agency - answer✔✔when the actions of the parties indicate that they have mutually
consented to an agency. The persons involved may not have consciously planned to form an
agency relationship. However, their actions may unintentionally, inadvertently or accidentally
form the relationship.
In order to generate business, in what four skill areas must a broker be proficient? -
answer✔✔Obtaining a client listing,
Marketing a listing,
Facilitating the closing of a transaction &
Managing market information
What is a salesperson not allowed to do? - answer✔✔Bind a client to any contract
Receive compensation directly from a client
Accept a listing or deposit that is not in the name of the broker
What is an agent's foremost duty following acceptance of an offer? - answer✔✔To submit the
contract and the earnest money to the employing broker without delay
What's the penalty for violating the Sherman Antitrust Act? - answer✔✔Individual violators of
the Sherman Act can be fined up to $350,000 and sentenced to up to 3 years in federal prison for
each offense; corporations can be fined up to $10 million for each offense.
However, the Criminal Antitrust Penalty Enhancement and Reform Act of 2004 increased the
maximum criminal penalty for individuals to 10 years' imprisonment and a $1 million fine, and
the maximum penalty for corporations to a $100 million fine.
Broker Jed tells buyer Sam that when he signs his purchase agreement he must also purchase a
subscription to Jed's monthly newsletter. What would you say about this? - answer✔✔This is a
tie-in arrangement which is prohibited by the Sherman Antitrust Act.
How did the courts make changes to the caveat emptor principle to better protect consumers? -
answer✔✔By making it a requirement for sellers to provide buyers with a Sellers Disclosure
Notice prior to the effective date of a contract and by obligating licensees to disclose any known
or latent defects in a property.
The Texas Deceptive Trade Practices-Consumer Protection Act applies to what aspects of real
estate? - answer✔✔Advertising, offering for sale, selling, or leasing of any real or personal
property
How long does a consumer have to bring a DTPA suit? - answer✔✔within two (2) years after
the deceptive act occurred (or within two (2) years after the consumer discovered, or should have
discovered, the deceptive act.
What is significant about the Fair Housing Amendments Act of 1988? - answer✔✔It added
handicap and familial status to the list of protected classes.
If a person feels like he or she has been discriminated against, how long does that person have to
file a complaint? - answer✔✔With HUD - within one year of the alleged act
In state or federal court - within two years of the alleged act
What was the significance of the Plessy v. Ferguson Supreme Court decision of 1896? -
answer✔✔Allowed the use of "separate but equal" racially-segregated accommodations and
facilities. In other words, as long as separate housing for blacks and whites were judged to be
equal, they were legal.
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