Texas Real Estate STANDARDS OF CONDUCT. Exam Questions With Revised Answers
5 views 0 purchase
Course
Texas Real estate
Institution
Texas Real Estate
Texas Real Estate STANDARDS OF
CONDUCT. Exam Questions With Revised
Answers
If a broker tells a lender that the sales price on a property is something above its actual sales
price in order to help the buyer obtain a larger loan, the - answerbroker faces loss of license
and a fine.
Brokers are...
Texas Real Estate STANDARDS OF
CONDUCT. Exam Questions With Revised
Answers
If a broker tells a lender that the sales price on a property is something above its actual sales
price in order to help the buyer obtain a larger loan, the - answer✔✔broker faces loss of license
and a fine.
Brokers are not to be parties to a dual contract for the purpose of obtaining a larger loan. Doing
so may subject the license holder to charges of fraud.
In Texas, real estate commissions are - answer✔✔negotiable between the client and the broker.
Commissions are always negotiable between the principal and the agent. The commissions are
not determined by law, the Real Estate Commission, or a group of local brokers. Any attempt to
set commission rates among competitors in the real estate industry would be considered an
antitrust violation. A broker does not commit an antitrust violation by requiring all the broker's
own licensees to charge a specific rate or amount so long as the broker does not conspire or agree
with competing brokers to do the same. All listings and buyer/tenant representation agreements
in the firm belong to the broker. Therefore, the broker is only prescribing a commission amount
for all the broker's own agreements.
Regarding listing agreements in Texas, which of the following might result in the suspension or
revocation of an individual's real estate license? - answer✔✔no definite termination date.
Listings must have a definite termination date not subject to prior notice.
Net listings are - answer✔✔is permitted in Texas but discouraged.
Net listings are legal but discouraged because of a potential conflict of interest. Net listings are
permitted by TREC only when the principal (1) requires a net listing and (2) where the principal
appears to be familiar with current market values. Additionally, when negotiating any listing, net
or otherwise, or even offering to purchase the property on the licensee's own account as a result
of a contact made while acting as a real estate agent, a "licensee is obligated to advise a property
owner as to the licensee's opinion of market value of a property."
The License Act requires that every listing - answer✔✔has a definite termination date.
All listings must specify a definite period during which the broker is to be employed and must
have a definite termination date. Texas statute prohibits the use of automatic extensions of time
in listing agreements.
All of the following are violations of the Texas Real Estate Licensing Act EXCEPT
A)failing to disclose to a potential purchaser any latent structural defects known to the license
holder.
B)receiving a commission without the knowledge and consent of the license holder's client.
C)encouraging a seller to reject an offer because the of the prospective buyer's religion.
D)placing a For Sale sign in front of a house after receiving written permission to post the sign. -
answer✔✔placing a For Sale sign in front of a house after receiving written permission to post
the sign.
A broker must always have written consent to erect a For Sale or lease sign on a property.
In Texas, real estate brokers or salespersons
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 Brightstars. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.49. You're not tied to anything after your purchase.
