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Texas Law of Contracts Exam with complete solutions
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Texas Law of Contracts Exam with complete solutions
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Texas Law of Contracts Exam withcomplete solutions
The requirements to become a licensed real estate agent in Texas are described in
which of the following documents...?
Texas Real Estate Certification Act
Texas Real Estate License Act
Texas Employment Act
Texas Independent Contractor Act - Correct Answers -Texas Real Estate License Act
Who is responsible for enforcing the Texas Real Estate License Act...?
Texas Real Estate Commission
Texas Bureau of Real Estate
Texas Congress
Governor of Texas - Correct Answers -Texas Real Estate Commission
The Texas Real Estate Commission was created in what year...?
1931
1949
1988
2001 - Correct Answers -1949
The Texas Real Estate License Act was formally known as the...?
Real Estate Practice Act
Real Estate Commission Act
Real Estate Certification Act
Real Estate Dealers License Act - Correct Answers -Real Estate Dealers License Act
The acronym TRELA refers to which of the following...?
The Real Estate License Administration
The Real Estate Legal Act
Texas Real Estate License Act
Texas Real Estate Legal Administration - Correct Answers -Texas Real Estate License
Act
Real estate agents are not permitted to practice which of the following...?
Marketing
,Real estate sales
Law
Advertising - Correct Answers -Law
According to TRELA, real estate brokers are unauthorized to do which of the
following...?
Provide legal advice
Market properties
Advertise properties
Earn a commission from the sale of a property - Correct Answers -Provide legal advice
Real estate brokers are permitted to do which of the following...?
Draft a contract
Market a property
Provide legal advice
All of the above - Correct Answers -Market a property
Real estate brokers are not permitted to do which of the following...?
Draft new contracts
Provide legal advice
Revise the Texas promulgated contract forms
All of the above - Correct Answers -All of the above
A real estate broker's license may be revoked for which of the following acts...?
Drafting a new deed for a client
Marketing a property on the MLS
Advertising a property on Facebook
Entering into a listing contract with a seller - Correct Answers -Drafting a new deed for a
client
Real estate brokers are allowed to do which of the following...?
Complete the Special Provisions section of a contract
Revise the promulgated contract forms
Draft a deed
All of the above - Correct Answers -Complete the Special Provisions section of a
contract
The Broker/Lawyer Committee is responsible for which of the following...?
Issuing a license to an agent or broker
Editing the promulgated contract forms
Suspending or revoking a real estate license
All of the above - Correct Answers -Editing the promulgated contract forms
The Broker/Lawyer Committee consists of how many members...?
3
7
,11
13 - Correct Answers -13
The Broker/Lawyer Committee consists of how many real estate brokers...?
1
6
11
13 - Correct Answers -6
The Broker/Lawyer Committee consists of how many attorneys...?
1
6
11
13 - Correct Answers -6
The Broker/Lawyer Committee consists of how many people from the public...?
1
6
11
13 - Correct Answers -1
Promulgated forms are considered...?
Custom forms
Standard forms
Adaptable forms
Basic form - Correct Answers -Standard forms
The TREC form OP-H is used for which of the following reasons...?
Agent disclosure
Seller disclosures
Buyer disclosure
Attorney disclosures - Correct Answers -Seller disclosures
A seller can limit their liability by completing the seller disclosure form...?
T (True)
F (False) - Correct Answers -T (True)
As an agent to the seller, the broker should fill out the seller disclosure form on behalf of
the seller...?
T (True)
F (False) - Correct Answers -F (False)
When is a seller's property disclosure not required...?
When a two family residence is being sold
When any single family home is being sold
When property is being sold as a result of a court order
, When the seller elects to pay a fee instead of providing a disclosure - Correct Answers -
When property is being sold as a result of a court order
The DTPA is an acronym for which of the following Acts...?
Deceptive Trade Practices Act
Detrimental Trade Production Act
Deceptive Trade Professionals Act
Dishonest Trade Practices Act - Correct Answers -Deceptive Trade Practices Act
The DTPA was enacted to...?
Protect sellers
Protect agents
Protect principals
Protect the public - Correct Answers -Protect the public
The DTPA helps ensure agents do not do which of the following...?
Help sellers market their property
Discriminate against buyers
Take advantage of a buyer's lack of knowledge
All of the above - Correct Answers -Take advantage of a buyer's lack of knowledge
If an agent is sued under the DTPA, they may be sued for up to how many times the
actual damages...?
2x
3x
4x
10x - Correct Answers -3x
What is the maximum fine an agent can receive for punitive damages...?
3x the actual damages
10x the actual damages
$50,000
Unlimited damages - Correct Answers -Unlimited damages
Lisa was found guilty under the DTPA. Lisa may be subject to which of the following...?
Suspension of her real estate license
Revocation of her Association of Realtors membership
Punitive damages
All of the above - Correct Answers -All of the above
Section 1101.155 of the Texas Real Estate License Act deals with which of the
following...?
Rules regarding the Texas contract forms
Rules regarding broker conduct
Rules regarding agency relationships
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