- | Page
TEXAS STATE BOARD EX AM | 81
QUESTIONS AND CORRECT
ANSWERS | LATEST UPDATE |
100% PASS
Question :By what date must the current year's real estate
taxes be paid in order to avoid a penalty and interest on the taxes?
CORRECT ANSWER :By January 31st of the next year
Question :Arthur was a Texas licensed Real Estate Sales
agent for a long time. He then chose to become inactive and TREC has been holding his license in inactive status.He now wants to activate the license. What does he need to do?
CORRECT ANSWER :Apply through a broker, pay
$200 and take an 18-hour continuing education course
Question :Prior to issuance of an inspector's license, a
newly approved inspector must remit what amount to the Real Estate Inspection Recovery Fund?
CORRECT ANSWER:$10
- | Page
Question :A broker has a verbal listing agreement with a
seller. The seller has agreed to sign a written listing agreement but has not done so yet. What is true?
CORRECT ANSWER :The brokers' status at this time is
that of a volunteer
Written permission is required to place a sign on the property. A verbal real estate agreement is not enforceable against the client. A promise to sign is not a signature. The agreement must be signed to be enforceable.
Question :When is it NOT mandatory for the seller to
provide a copy of the "Seller's Disclosure of Property Condition" to prospective buyers?
CORRECT ANSWER :When the property is a
commercial property -- it is required in a FSBO
Question :When a sponsoring broker is unaware that a
salesperson is violating the Texas real estate ode through
- | Page
activities such as blockbusting, discrimination, and commingling funds, which of the following is true of the sponsoring broker's responsibility?
CORRECT ANSWER :If the sponsoring broker is
deemed to be completely unaware of the salesperson's illegal activities, the broker will be absolved of responsibility.
Question :Which of the following licensees is subject to
the provisions of the Texas Real Estate License Act?
CORRECT ANSWER :One whose job entails recruiting
qualified renters and buyers for real estate
Question :Broker Joe has a listing contract and a buyer's
representation agreement, and so is acting as an intermediary in a transaction. The buyer tells Joes that if he is successful in purchasing the property, he plans to buy all the surrounding property too. What should Joe tell the seller?
CORRECT ANSWER :Nothing, as this is confidential
information from the buyer.
- | Page
Question :Patty rents a storefront in downtown Arlington
for her day spa, Boundless Beauty. She pays $1,500 a month in rent, plus a portion of the landlord's taxes, maintenance, and insurance (which fluctuates). Which type of lease does Patty have?
CORRECT ANSWER :Net lease
Patty has a triple net lease because she is paying for a portion of all three of the landlords operating costs (taxes, maintenance, and insurance) on a regular basis -- in addition to her monthly rent. A net lease is one that requires a tenant to contribute to some of the landlord's operating costs. Both types of leases are favorable for the landlord because they allow rising costs to be passed along to tenants. Net leases an include caps on costs. A gross lease, in contrast is most similar to the typical residential lease that stipulates a fixed monthly rent regardless of the landlord's fluctuating operating costs. A gross lease with stops is a lease that allows the landlord to pass along some of the operating costs when they reach a certain level.