TEXAS PRINCIPLES OF REAL ESTATE 1 FINAL EXAM, PRACTICE EXAM AND STUDY GUIDE NEWEST 2024 ALL IN ONE DOCUMENT COMPLETE COURSE 800 QUESTIONS AND CORRECT DETAILED ANSWERS|ALREADY GRADED A+

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TEXAS PRINCIPLES OF REAL ESTATE 1 FINAL

EXAM, PRACTICE EXAM AND STUDY GUIDE

NEWEST 2024 ALL IN ONE DOCUMENT COMPLETE

COURSE 800 QUESTIONS AND CORRECT DETAILED

ANSWERS|ALREADY GRADED A+

TEXAS PRINCIPLES OF REAL ESTATE 1 FINAL EXAM

When does the information about intermediary brokerage

contained in the IABS need to be given to a consumer? -

ANSWER- At the first face-to-face meeting where substantive

dialogue about a specific property occurs

Which party must remain neutral during a transaction? -

ANSWER- Broker acting as intermediary

What is the recovery fund used for? - ANSWER- To pay

damages to a person from the public who wins a court case

against a license holder

Where does the money in the recovery fund come from? -

ANSWER- Fees and fines paid by a license holders

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Who is eligible to request that the Real Estate Commission pay

out of the trust account to a defendant who has lost a case? -

ANSWER- A defendant's previous employer

A license holder is facing three separate complaints. The license

holder must pay $45,000 for the first complaint, $62,000 for the

second complaint and $21,000 for the third complaint. What is

the amount that the Commission will pay on the license holder's

behalf? - ANSWER- $100,000

What is the difference between actual and punitive damages? -

ANSWER- Actual damages are designed to compensate the

claimant; punitive damages are designed to punish the defendant

Agent Sam owes Agent Layla a referral fee. How must he get it

to her? - ANSWER- Send it to Layla's sponsoring broker

Shane learned that a seller has already signed a listing agreement

with another agent in town. Wanting to represent the seller,

Shane attempted to convince the seller to terminate their current

agency agreement and sign a representation agreement with him

instead. Is this legal? Why or why not? - ANSWER- No, it is

against TREC rules to try and convence someone to terminate an

agreement with another license holder.

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What must you have if you wish to sell, buy, lease, or transfer an

easement or right-of-way? - ANSWER- Certificate

What is the term for when a defendant in a criminal court does

not admit they are guilty but still accepts punishment for a

crime? - ANSWER- No Contendere

Nolo contendere means that a person was accused of something

and was a defendant in a trial: - ANSWER- And will accept the

decision of the court without pleading guilty to the charge

What are nolo contendere pleas sometimes referred to as? -

ANSWER- No Contest

What is it called when an agent illegally mixes their money with

client money? - ANSWER- Commingling

An administrative penalty cannot exceed: - ANSWER- $5,000

After receiving a notice of violation, how many days does a

license holder have to request a hearing? - ANSWER- 20 days

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How do you pay a penalty while still ensuring that your payment

does not go through until the appeal is over? - ANSWER- Given

a supersedeas bond

Once all hearings and appeals have been completed, a broker or

sales agent will have to start paying what on any owed funds? -

ANSWER- Interest

When is a license required to sell property? - ANSWER- When

receiving valuable consideration

Committing a real estate act without a license is what kind of

crime? - ANSWER- A Misdemeanor

If a license holder does not disclose a defect in a property to a

customer or client because the broker or sales agent did not

know about the defect, the license holder is still liable. -

ANSWER- False

If the buyer asks if the seller has AIDS or HIV, the agent's

response should be: - ANSWER- To give notification that the

question might be a violation of the fair Housing Act