A license holder in violation of the TRELA has received a summons from TREC that a hearing will be held regarding the possible revocation or suspension of
... [Show More] his license. The license holder fails to respond to the summons. What will TREC do?
Schedule a hearing at the TREC office in Austin
Which of the following actions is NOT a violation of the Texas Real Estate License Act?
A broker offers a guaranteed buy back of a property for a set price, if the purchaser is not happy with the investment after a two-year period of ownership
Which of the following is the responsibility of the broker?
The listing advertisements of the sales agents he sponsors
May has listed the property at 123 Main St. The sellers have told her that the property has 2,000 sq. ft. May has verified the square footage and entered this information correctly into the MLS. John, a license holder from another firm, shows the property to some buyer customers. He tells them that the property has 2,500 sq. ft. Who is liable for this misrepresentation?
John and his broker
In the event of a conflict between the statutory duties of Intermediary and the common law duties of dual agency of a broker, which takes precedence?
Statutory Intermediary
When must representation be disclosed and in what form?
Orally or in writing at first contact
TREC rules require a license holder to disclose his dual role if he is representing himself in a transaction. TREC also requires a license holder to disclose if his client is his:
Spouse, child or parent
What is the criminal penalty for engaging in the real estate brokerage business in Texas without first becoming licensed by TREC?
A fine of not more than $4,000
Disclosure of agency must be given:
At first substantive dialogue
An appointed associate under Intermediary:
Can give advice and opinions to one party to the transaction
How long does a broker have to deposit earnest money in an escrow account?
Until the close of business of the second business day after the offer was accepted and acceptance was communicated
An unlicensed assistant prospects for leads for their agent employer. Who could be fined, and/or have a license suspended or revoked by TREC?
the unlicensed assistant, agent and sponsoring broker
The option period ends:
at 5:00 pm on the day mentioned in the contract
When a broker posts pictures of other brokers' listings on his website, what is required?
written permission
How much Continuing Education (CE) may be carried over to the next renewal period?
None
An unlicensed person owns an option to purchase real property for a $190,000. He advertises the option for sale for $20,000. This action is:
only legal with full disclosure of the nature of the agreement
What are the requirements to become a licensed broker in TX?
900 hours of education + 3600 points, in addition to 4 out of the past 5 years active real estate salesperson licensure
The Texas Real Estate License Act was passed in:
1939
The designated officer of a licensed real estate corporation owns 15% of the corporation. How much E&O insurance is required by TREC?
$0
An HOA can ban which of the following?
Privacy fences.
Which of the following properties would qualify for homestead protection in Texas?
A life estate of someone who occupies the property as their primary home. [Show Less]