Real Estate Exam Questions

Question 1

Which of the following statements is true with regard to the "Seller's Disclosure Of Property Condition" approved and published by the Texas Real Estate Commission?

Accepted Answer

The form is approved by the Texas Real Estate Commission for voluntary use to make it easier for sellers to make the disclosures called for by section 5.008 of the Texas Property Code.

Answer

It must be delivered to the buyer prior to closing.

Answer

If it is not made a part of the contract, the contract is unenforceable if either party decides to terminate it.

Answer

It is promulgated addendum that must be attached to every contract for the sale of a previously occupied single-family residence.

Question 2

No Federal Fair Housing laws are violated if a landlord refuses to rent to

Accepted Answer

Students.

Answer

Vietnamese.

Answer

People with children.

Answer

Deaf persons.

Question 3

Which of the following is the Texas Real Estate Commission NOT empowered to do?

Accepted Answer

Make a payment from the Recovery Fund to pay the legal fees of a salesperson that was found to be innocent.

Answer

Contract with a national firm to write and administer an exam to determine competency of a licensee applicant.

Answer

Suspend or revoke the license of a broker found guilty of giving legal advice.

Answer

Publish forms for mandatory use by those to whom it issues a broker or salesperson license.

Question 4

Which one of the following is authorized by statute to promulgate forms for mandatory use by real estate brokers and sales persons?

Accepted Answer

Texas Real Estate Commission.

Answer

Texas attorney generals office.

Answer

Broker-Lawyer Committee.

Answer

Texas association of REALTORS.

Question 5

Which of the following is NOT registered, licensed, certified or regulated by the Texas Real Estate Commission?

Accepted Answer

Appraisers.

Answer

Residential rental locator's.

Answer

Residential service contract companies.

Answer

Easement and right-of-way agents.

Question 6

The Texas Real Estate Commission is not empowered to

Accepted Answer

Increase license fees when more money is needed to run the agency.

Answer

Adopt a seal of design, which it shall prescribe.

Answer

Name and select an administrator.

Answer

Make rules and regulations necessary for the performance of its duties and establish standards of conduct for its licensees.

Question 7

The obligation of protecting any deposits entrusted to an agent is an example of the fiduciary duty of

Accepted Answer

Accounting

Answer

Disclosure

Answer

Obedience

Answer

Competence

Question 8

A prospect for the lease of a commercial property feels the need for adversarial representation and hires a broker to negotiate the lease on his behalf. The contract entered into between the prospect and the broker is called

Accepted Answer

A buyer broker agreement.

Answer

A cooperative brokerage agreement.

Answer

An authorization to negotiate.

Answer

A property management agreement.

Question 9

Parties can be compelled to take dispute to mediation prior to being able to initiate litigation by

Accepted Answer

A judge.

Answer

Either party.

Answer

The Texas Real Estate Commission.

Answer

A broker.

Question 10

If a seller insist that you not disclose a "latent defect" in the property, what should you do

Accepted Answer

Withdraw or do not take the listing

Answer

Tell the seller you are not allowed to hide any defects

Answer

Agree with the seller and list the property for sale

Answer

List the property and then make sure and disclose the defect to any purchaser