Texas Real Estate STANDARDS OF CONDUCT Questions and Answers Latest 2024/2025 with complete solutions
10 views 0 purchase
Course
Texas Real Estate STANDARDS OF CONDUCT.
Institution
Texas Real Estate STANDARDS OF CONDUCT.
If a real estate broker maintains a trust account, how many years must that broker retain records of all
deposits and withdrawals from the account? - four.
A licensee maintaining a trust account must retain a documentary record of each deposit or withdrawal
from the account for a period of four ...
Texas Real Estate STANDARDS OF
CONDUCT.
If a real estate broker maintains a trust account, how many years must that broker retain records of all
deposits and withdrawals from the account? - four.
A licensee maintaining a trust account must retain a documentary record of each deposit or withdrawal
from the account for a period of four years.
Which Canon of Professional Ethics requires that the broker or salesperson employ prudence and
caution in the discharge of her duties to avoid misrepresentation? - integrity. The Canons of
Professional Ethics and Conduct define integrity to include "...employment of prudence and caution so
as to avoid misrepresentation...by acts of commission or omission."
A broker or salesperson may perform all of these actions in preparation for a closing EXCEPT -
conduct any title searches that might be required. Conducting a title search for another person in
connection with the license holder's brokerage activity with that person may lead to charges of
practicing law without a license if the licensee advises the person regarding the validity or legal
sufficiency of an instrument or the validity of title to real property.
A broker or salesperson who fails to give the statutory title notice to the buyer at or before closing
A)must forfeit the entire commission on the subject transaction but in so doing is absolved of any other
liability.
B)is required to show cause as to why such disclosure was not made.
C)may have the license suspended or revoked and cannot collect a commission on the subject sale.
D)will have the license suspended without reinstatement for two years. - C)may have the license
suspended or revoked and cannot collect a commission on the subject sale.
, Failure to advise a buyer in writing before the closing of a real estate transaction that the buyer should
obtain title assurance is grounds for suspension or revocation of a license; specifically, the agent must
advise the buyer to have the abstract covering the real estate that is the subject of the contract
examined by an attorney chosen by the buyer or be provided with or obtain a title insurance policy.
A broker signs a listing agreement with a seller. The agreement contains the following clause: "If the
property has not been sold after three months from the date of this signing, this agreement will
automatically continue for additional three-month periods thereafter until the property is sold." Based
on these facts, the agreement - provides grounds for loss of the broker's license.
Listings must contain a definite termination date not subject to prior notice or the licensee could face
TREC disciplinary action.
A real estate license may be suspended or revoked for - publishing an advertisement that may
create a misleading impression.
The commission may suspend or revoke a license if the license holder publishes or causes to be
published an advertisement, including an advertisement by newspaper, radio, television, the internet, or
display, that misleads or is likely to deceive the public, tends to create a misleading impression, or fails to
identify the person causing the advertisement to be published as a licensed broker or agent.
A broker has developed a website advertising the broker's office. What, if anything, does the broker need
to include? - status as a broker on each page of the site. Each page of the website must indicate
her status as a broker or agent.
A salesperson has developed a website to attract buyers and sellers. What, if anything, must the
salesperson include? - name of the sponsoring broker/company. Each page of the salesperson's
website must include the name of the sponsoring broker/company.
A seller told a broker that she wanted to net $50,000 when she sold her house. The broker accepted the
listing and did not specify a maximum amount for the broker's commission in the listing agreement. The
broker sold the house for $160,000. The broker gave $50,000 to the seller and kept the rest. All of the
following are true EXCEPT
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ACADEMICMATERIALS. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
