Real Estate Brokerage

QUESTION 1

A real estate agent __________ give an appraisal on a piece of property.

can

cannot

QUESTION 2

Broker must keep transaction records for how many years?

2

3

4

5

QUESTION 3

Broker's __________ pay a commission to an unlicensed individual.

can

cannot

QUESTION 4

How many Canon's of Ethics are there?

5

7

9

12

QUESTION 5

How many active individual sales agents are there in Texas?

52,776

63,345

109,823

110,767

QUESTION 6

If you have a deal that is outside your area of competency you should NOT do which of the following?

refer it to another broker

handle the transaction by yourself

co-broker

QUESTION 7

In order for a commission to be due in Texas, the agreement must:

be signed by an attorney

be in writing and signed by the client

be signed by all parties to the transaction

be approved by the title company

QUESTION 8

Listing agreements are in the name of the _________ only.

Agent

Broker

Attorney

CPA

QUESTION 9

New construction home sales agents working for an owner __________ have to be licensed.

do

do not

QUESTION 10

Not withholding information relates to the duty of:

Care

Disclosure

Relationship

Financial Responsibility

QUESTION 11

Quality of being fair relates to:

Disclosure

Integrity

Omission

Competency

QUESTION 12

Team leaders _________ required to take a Broker's Responsibility Course.

are

are not

QUESTION 13

The fifth canon of real estate brokerage is:

disclosure

efficiency

discriminatory practices

competency

QUESTION 14

What is the standard commission rate in Texas?

3%

6%

10%

there is no standard commission in Texas

QUESTION 15

____________ do not have to be licensed as a broker in Texas to conduct transactions less than 3 times a year.

CPAs

Attorneys

Investors