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Texas Real Estate Principles 1 questions with actual answers.
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Texas Real Estate Principles 1 questions with actual answers.
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Texas Real Estate Principles 1 questionswith actual answers.
Open listings can be used for any property, but MOST often are found where? ANS
-Commercial/industrial sales
An area of needless controversy that seems to come up regarding many listing is ANS -number of rooms
and accurate measurements. Is it a library or another bedroom? Is it 20-by-18 or 18-by-18 with an
alcove.? Inaccurate measurements can kill deals or certainly become sources of argument between
buyer and seller. Agents should measure rooms themselves.
EPA Renovation, Repair, and Painting (RRP) regulations require which action? ANS -sellers and landlords
must hire certified renovators to complete repairs that disturb more than 6 square feet of surface area
for interior work or 20 square feet for exterior work. EPA Renovation, Repair, and Painting (RRP)
regulations require that renovation or repair work disturbing more than 6 square feet of surface area for
interior work or 20 square feet for exterior work must be carried out by a trained and certified
renovator. Property owners performing the work on a home they occupy do not have to be certified.
However, if the property is to be sold or rented, a certified renovator must be used for repairs exceeding
the stated limits.
With what kind of listing does the seller employ only one broker? ANS -Exclusive agency
A listing contract is ANS -Is a contract of employment. It is a contract between a broker and a landowner
to sell real estate on the owner's terms, within a given time, for a commission. If the broker is to be able
to collect a commission, a listing must be in writing and must include the seller's signed promise to pay
the commission. The broker also must prove that a valid license existed at the time the commission
liability arose and that the statutory title notice was given as required. A listing would terminate on the
death of the broker but not the sales agent.
The Texas Real Estate Commission recommends that brokers and sales agents considering online
promotions or telemarketing campaigns do what? ANS -Contact appropriate legal counsel to stay within
guidelines
Enforcement of the do-not-call list in Texas falls to which agency? ANS -The Texas Public Utility
Commission
, What is a real estate advertisement under TREC rules? ANS -An advertisement is any form of
communication by or on behalf of a license holder designed to attract the public to use real estate
brokerage services.
An agency relationship may be terminated for a number of reasons. Which would NOT be just cause for
terminating a listing agreement? ANS -The death of the listing sales agent. The agency relationship is
between the real estate broker and the seller. The death or incapacity of the broker or the seller would
be just cause for terminating a listing agreement—but not the death or incapacity of the listing sales
agent.
Recovery trust ANS -Money will only be paid out of the RE recovery trust account if the commission
finds that the offending license holder has insufficient assets in Texas or other states to satisfy the
judgment. Limited to $100,000.
Typical contract deed ANS -The seller retains legal title until the buyer has paid the full purchase price to
the seller or has accumulated a down payment. Buyer takes possession, gets equitable title establishing
a homestead shield against the buyer's creditors.
Investment ANS -Mortgaged property financial advantage
Equity ANS -Increasing ownership interest represents the current market value minus any loans.
Cooperative ANS -Similar to a condo, units within a larger building with common walls and facilities own
shares.
Housing Expense Ratio ANS -the total housing payment, including insurance and property taxes as a
percent of the borrower's income. Borrower's monthly PITI payment.
Boycotting competition ANS -results when brokers are unfairly excluded from RE professional
associations.
Subagents ANS -Represents the seller
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