Sample Texas Examination: Part Two—Texas State-Specific Law and Regulations 1. The Texas Real Estate Commission is composed of 9 members—6 broker members and 3 public members. 9 members—6 public members and 3 broker members. 9 members—6 appointed by the governor and 3 appointed by the state bar. 12 members—6 appointed by the governor and 6 appointed by the state bar. 2. The penalty for a A misdemeanor for acting as a real estate broker or salesperson without a license is $1,000 or six months’ imprisonment or both. $2,000 or six months’ imprisonment or both. $3,000 or one year’s imprisonment or both. $4,000 or one year’s imprisonment or both. 3. Under the provisions of the Texas Real Estate License Act, a licensee must inquire about and make disclosures related to whether a previous or current occupant of a property has or may have AIDS or an HIV-related illness. death occurred on a property by suicide. death occurred on a property by natural causes. death occurred on a property by accident related to the condition of the property. The License Act provisions for the real estate recovery trust account allow for the Commission 4. to collect $25 on each original application for license or registration to deposit into the recovery trust account. assess an additional fee to each broker and salesperson if the recovery trust account balance falls below $1 million. hear consumer complaints against licensees and settlements from the recovery trust account. make payments from the recovery trust account not to exceed $100,000 for claims arising out of one transaction. For which of the following would a real estate license be required? 5. NOT An auctioneer who both the auction and negotiates the contract for the sale of real property A property manager who specializes in the lease of single-family homes for owners who have retained them as investments after purchasing new homes A property owner’s employee who leases single-family homes for the owner An attorney who wishes to receive a referral fee from a broker for assisting with a sales transaction
Sample Texas Examination: Part Two—Texas State-Specific Law and Regulations 1. The Texas Real Estate Commission is composed of 9 members—6 broker members and 3 public members. 9 members—6 public members and 3 broker members. 9 members—6 appointed by the governor and 3 appointed by the state bar. 12 members—6 appointed by the governor and 6 appointed by the state bar. 2. The penalty for a A misdemeanor for acting as a real estate broker or salesperson without a license is $1,000 or six months’ imprisonment or both. $2,000 or six months’ imprisonment or both. $3,000 or one year’s imprisonment or both. $4,000 or one year’s imprisonment or both. 3. Under the provisions of the Texas Real Estate License Act, a licensee must inquire about and make disclosures related to whether a previous or current occupant of a property has or may have AIDS or an HIV-related illness. death occurred on a property by suicide. death occurred on a property by natural causes. death occurred on a property by accident related to the condition of the property. 4. The License Act provisions for the real estate recovery trust account allow for the Commission to collect $25 on each original application for license or registration to deposit into the recovery trust account. assess an additional fee to each broker and salesperson if the recovery trust account balance falls below $1 million. hear consumer complaints against licensees and settlements from the recovery trust account. make payments from the recovery trust account not to exceed $100,000 for claims arising out of one transaction. 5. For which of the following would a real estate license NOT be required? An auctioneer who both the auction and negotiates the contract for the sale of real property A property manager who specializes in the lease of single-family homes for owners who have retained them as investments after purchasing new homes A property owner’s employee who leases single-family homes for the owner An attorney who wishes to receive a referral fee from a broker for assisting with a sales transaction
Sample_Texas_Examination.docx