Texas Real Estate Exam (State) Questions and Answers Latest 2024/2025 with complete solutions
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Course
Texas Real Estate
Institution
Texas Real Estate
Seller's Disclosure of Property Condition - must be given to a buyer before he signs an offer to
make that offer binding on the buyer
-if the buyer does not have the disclosure before signing, he has 7 days to terminate his offer, after
receiving the disclosure
-disclosure required in most stat...
Texas Real Estate Exam (State)
Seller's Disclosure of Property Condition - must be given to a buyer before he signs an offer to
make that offer binding on the buyer
-if the buyer does not have the disclosure before signing, he has 7 days to terminate his offer, after
receiving the disclosure
-disclosure required in most states, but not all (required in Texas)
Texas Real Estate License Act (TRELA) - -passed by legislation to protect the public against
unscrupulous brokers and salesmen
-rules and regulations are construed liberally with a view toward their purpose, and have the full force
and effect of the law
Broker Lawyer Committee - -writes promulgated contract forms
-13 members (6 are brokers appointed by TREC, 6 are lawyers appointed by the President of the State
Bar Association, 1 is a public member appointed by the governor)
Real Estate Recovery Fund - created by TREC to pay aggrieved persons who suffered a monetary
loss due to unscrupulous acts of the licensees
-persons can receive up to 3 times the amount of money lost
-when an amount is paid out of it, the license of the individual is automatically revoked or suspended
without a hearing (cannot be recovered until the fund has been repaid with interest)
persons who must have a real estate license - 1.attorneys who participate in a commission split
2.auctioneers involved in a real estate transaction
3.apartment locators
4.real estate salespeople
5.the designated officer of a licensed real estate corporation or the designated manager of a licensed
Real Estate Limited Liability Company (the designated one is a broker)
1-4 MUST BE SPONSORED BY A BROKER AND RECEIVE COMMISSIONS ONLY FROM THAT BROKER
, steps in obtaining a real estate license - 1. meet the educational requirements
2. submit an application with or without a sponsoring broker
3. submit the required fees
4. pass the state exam
5. demonstrate integrity
licensing requirements - -18 years of age
-resident of Texas at the time of application
-comply with legal residency requirements (not an illegal alien)
educational requirements - 180 classroom hours with a minimum of 120 in core real estate
courses
-60 hours in Principles of Real Estate, 30 hours in Law of Contracts, 30 hours in the Law of Agency are
mandatory
TREC Consumer information form 1-1 - -notifies the public of the recovery fund
-applies to both real estate licensees and inspectors
-must be displayed in the broker's office
-must be included in listing and buyer representation agreements, as well as any invoices for services
foreign broker - a broker from another state
-must work through resident brokers
-may collect commission from a Texas broker, as long as that broker does not negotiate in Texas
advertising rules - -broker name must be on each page of the web site
-licensee's web site must include the name of sponsoring broker
-when advertising listed property, broker or company name must be in the ad
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