List the 15 classifications/persons that are EXEMPT from Real Estate Licensing. - ANSWER -Texas Licensed Attorneys; Court Appointed Receivers, Trustees,
... [Show More] Guardians and Sheriffs; Administrators & Executors of a will; On-site-Apartment Managers; New Home Sales Persons working for ONE builder or owner; Cemetery Lot Salesperson; FSBO; An Employee leasing or renting property for the owner; Hotel/Motel Personnel; An Attorney-In-Fact; An Auctioneer CALLING in a Real Estate Auction; Anyone selling a Mobile Home; Anyone engaging in or carrying out a foreclosure sale. (MEMORIZE THIS LIST)
In regards to attorneys: Can an attorney handle a real estate transaction for a client for a fee? - ANSWER -Yes, as long as they DO NOT participate in a broker to broker commission split.
Can any attorney in the state of Texas participate in a real estate transaction for a client? - ANSWER -Yes as long as the attorney is licensed in TEXAS as an attorney. Any attorney licensed in another state will also need to be licensed in TX. To be able to charge a fee from a client in Texas. Again, an attorney MAY NOT participate in a broker to broker commission split....If there is a broker involved, he will need to make arrangements for the principal that he is working for to pay the attorney fee.
There are 8 persons who MUST be licensed to sell real estate in Texas. List. NOTE: 1-4 MUST be sponsored BY a BROKER and receive commissions ONLY from that Broker. 5-8 MUST BE LICENSED AS A BROKER. - ANSWER -1. Attorney's WITH A REAL ESTATE license may participate in a broker to broker commission split; 2. Auctioneers INVOLVED in any part of the real estate transaction; 3. Real Estate Sales People; 4. Apartment Locators; 5. (MUST BE A BROKER) The designated officer of a licensed real estate corporation OR the designated manager of a licensed Real Estate Limited Liability Company (the designated one is the BROKER); 6. (MUST BE A BROKER) Business entities that receive compensation on behalf of a license holder (ie a salesman who incorporates and wants commissions paid to his corporation); 7. (MUST BE A BROKER) A third party (person or entity) who controls the acceptance or collection of rent from a single family residence; 8. (MUST BE A BROKER) Any business entity that engages in real estate brokerage and is required to be registered to do business in Texas with the Secretary of State must be a broker. (MEMORIZE THIS LIST ESPECIALLY THE BROKER REQUIREMENTS)
List the 5 steps in obtaining a Real Estate Sales License. - ANSWER -1. Meet the educational requirements; 2. Submit an application with or without a sponsoring Broker; 3. Submit the required fees; 4. Pass a state exam; 5. Demonstrate Integrity.
How does a licensee applicant show that he is competent to practice Real Estate in Texas? - ANSWER -By passing the Texas Real Estate Licensing Exam
How many homes can an unlicensed person sell? - ANSWER -Unlimited as he is a FSBO and can sell his own homes. (PSI trick question)
List 5 offenses which could possibly prevent an applicant from getting a real estate license? - ANSWER -1. Lie on the application; 2. Cheat on the test; 3. Bounce a check to TREC; 4. Steal tests from a real estate school; 5. Be in default of Texas state school loans (ALL THESE OFFENCES SHOW LACK OF HONESTY, TRUSTYWORTHINESS AND INTEGRITY)
An application for a license will be denied if an individual is unable to satisfy TREC as to their ________, ________ and ______________. - ANSWER -1. Honesty; 2. Integrity; 3. Trustworthiness
List the 5 licensing requirements in order to apply for and take the Texas real estate licensing exam. - ANSWER -1. Must be 18 years old or older; 2. Must be a resident of Texas at the time of application; 3. Must comply with the legal residency requirements (not a illegal alien) 4. May retake the exam as many times as necessary, up to one year, from the date of application; 5. Must submit fingerprints to TREC before or after testing.
Educational Requirements for obtaining a license must be memorized if becoming a Broker. List the 5 areas a Broker needs to understand. - ANSWER -1. Salesman's License Requirements; 2. Broker's License Requirements; 3. Renewal of Salesman Apprenticeship Education or SAE Requirements; 4. Mandatory Continuing Education or MCE Requirements; 5. Understanding a licensee's Inactive Status and how to Re-activate
A Salesman's License requirements consist of ________ classroom hours. - ANSWER -180 Classroom Hours
A salesman's license must take 5 basic classes. List the classes and the required classroom hours. - ANSWER -1. Principals of Real Estate, 60 hours; 2. Law of Contract, 30 hours; 3. Promulgated Forms, 30 hours; 4. Law of Agency, 30 hours and 5. Finance, 30 hours. [Show Less]