* Question Completion Status: QUESTION 1 A real estate license holder can lose his license for failure to make clear, to all parties to a transaction, which party he is acting for receiving compensation from more than one party except with the full knowledge and consent of the other party failure to present the TREC Agency Disclosure Notice form to the appropriate parties in a timely manner as prescribed by TREG rules both A & C QUESTION 2 A license holder who represents a principal in a proposed real estate transaction shall disclose that representation: O in writing at the time of the first contact with another license holder representing the other party O orally or in writing at the time of the first contact with another license holder representing the other party O in writing at least by the time the offer to purchase is presented O all of the above QUESTION 3 TREC may revoke or suspend the license of a broker or sales agent who pursues a continued O flagrant course of advertising that TREC encourages dual agency O flagrant course of advertising that a dual agent can negotiate for either client in a dual agency relationship O course of taking net listings O both A and B QUESTION 4 Which of the following statements is true about net listings? O net listings are discouraged by TREC but are NOT strictly speaking, illegal in Texas O net listings should ONLY be taken when the principal insists and appears to be familiar with current real estate values O TREC discourages net listings because brokers are fiduciaries and net listings have a tendency to place the agent's interests above those of his client with reference to obtaining the BEST possible price O all of the above Click Save and Submit to save and submit. Click Save All Answers to save all answers. SAMSUNGQUESTION 5 The Texas Deceptive Trade Act covers which of the following practices? misrepresenting that goods are new O disparaging the services of competitors concealing property latent defects O all of the above QUESTION 6 The disclosure to an owner, that a license holder is buying real property for his own account, MUST be made by timely by: O disclosure in the contract of sale or orally before being submitted O written disclosure in the sales offer disclosure in writing given prior to entering into any contract of sale O either B or C QUESTION 7 TRELA prohibits a license holder from: O ever using any contract except TREC approved forms O entering into an oral single agency agreement entering into an oral intermediary broker representation agreement O all of the above QUESTION 8 If a license holder is buying brokerage listed property for his own account, the license holder MUST give the seller a true opinion of market value: ONLY if the seller appears NOT to be familiar with current market value O ONLY if the contract was made while acting as a representative of the seller O at all times O ONLY when it appears the seller is familiar with current market value Click Save and Submit to save and submit. Click Sque All Answers to save all answers,QUESTION 9 A real estate broker, acting as an agent for a client in a transaction, has a primary duty to get the transaction closed O help both parties reach a mutually beneficial agreement O treat all parties impartially O represent the interest of his client QUESTION 10 sales agent receive from the sale? A broker recently sold a home for $79,500. The broker charged the seller a 6.5% commission and will pay 30% of that amount to the listing sales agent and 25% to the selling sales agent. What amount of commission will the listing $1,291.87 $1,550.25 $3,617 25 $5, 167 50 QUESTION 11 A seller tells the listing broker that she wants to net $85,000 from the sale of her property If the brokerage fee is 7 5% and the estimate seller's closing costs are 3% of the sales price, at what price should the property be listed? $87.628.87 O $91,375.00 $93,925.00 $94.972.07 QUESTION 12 was the value of the property he sold? A sales agent receives a monthly salary of $1000 plus 3% commission on all of his listings that sell and 2 5%% on all of his sales. None of the listings he took sold last month, but he received $4 175 in salary and commission What $57,727.27 $122,500.00 $127,000.00 $147.000.00 Click Save and Submit to save and submit, Click Save All Answers to save all answers, SAMSUNGQuestion Completion Status: QUESTION 13 A listing broker MUST submit to the seller which of these offers? O an offer submitted through a cooperating broker at $1000 less than an in-house offer O an offer for a price below the amount that the seller said was unacceptable O an offer requiring the seller to pay the buyer broker's commission O all of the above QUESTION 14 What is the relationship of the listing broker's subagent to the seller? O attorney-in-fact O buyer's rep O customer fiduciary QUESTION 15 When selling a home on a single-family zoned lot on filled land with hidden structural damage that is known to the broker, all of the following statements by the broker are likely to lead a claim of misrepresentation EXCEPT the home has a great view O this is a well built home with good foundation O you can build a rental unit in the back there are NO latent defects QUESTION 16 The listing broker has a fiduciary duty to verify all of the following EXCEPT O utility services O structural soundness of the building O amount of property taxes O status of zoning QUESTION 17 Click Save and Submit to save and submit. Click Save All Answers to save all answers. SAMSUNGQUESTION 17 If legal problems arise in a transaction, the broker should: O try to solve them O hire or recommend an attorney for the parties O advise that the attorney for the title company can handle the problems advise the parties to consult an attorney QUESTION 18 The amount of commission due a sales agent by his broker is set by: O Texas law O broker/client negotiations O mutual agreement between broker and sales agent O TRELA QUESTION 19 As an agent for a seller, a broker is allowed to O guarantee a prospective buyer that the seller will accept a certain price O advise a buyer of the quality of title to the property change the terms of the listing contract on behalf of the seller O solicit an offer to purchase the property from a prospective buyer QUESTION 20 A Texas real estate broker may divide a commission with: any attorney O an attorney licensed by the State Bar of Texas O a relative that referred the business who is NOT licensed another licensed real estate broker Click Save and Submit to save and submit. Click Save All Answers to save all answers,Question Completion Status: QUESTION 21 Amount of commission due a broker is determined by: O TREC O TRELA O negotiation with the client Federal Trade Commission QUESTION 22 If a broker and her sales agent have a dispute over the commission split on a sale, the sales agent has the recourse of O complaining to the seller O complaining to the buyer O filing a complaint with the Texas Real Estate Commission O bringing legal action against her broker QUESTION 23 The broker's client is the: O seller O buyer O seller and buyer the party who contracts the broker's services QUESTION 24 The law that applies to the responsibilities and obligations of a person who acts for another is called the: O Statute of Frauds REALTOR's Code of Ethics O Law of Agency Texas Property CodeQuestion Completion Status QUESTION 25 A broker, upon discovering a latent defect in a building, should discuss the problem with the seller and inform the seller that the defect MUST be repaired TREC that the defect exists O city building inspector of the defect prospective buyer of the defect QUESTION 26 Before a broker is entitled to claim or sue for a commission from a seller, he MUST meet which of the following requirements? O currently be licensed as a Texas broker O be the procuring cause of the sale O be employed by seller by an enforceable written listing agreement O all of the above QUESTION 27 A sales agent may be guilty of discrimination for NOT showing a home to which of the following prospects? O Hispanic O Black O Anglo O all of the above QUESTION 28 A listing contract that provides for payment of a commission to a broker even though the owner negotiated the sale without the broker's aid is called an O exclusive agency open contract O exclusive right-to-sell buyer exclusive representation agreement submit. Click Save All Answers to save all answ