Real Estate Finance – Practice Test

Real Estate Finance Practice Test

This test is still under development and will be completed shortly. Thank you for your patience.

All of the following are necessary to obtain a real estate license EXCEPT

Be a U.S. citizen

Comply with legal residency requirements

Submit fingerprints to TREC

Be 18 years old or older

TREC will investigate the actions of a licensee if they receive:

Any written complaint about the licensee for the extent of his career while licensed

Any written, signed complaint submitted no later than the second anniversary of the date of the incident

Any written, signed complaint submitted no later than the fourth anniversary of the date of the incident

Any anonymous complaint about the licensee

TREC may assess an administrative penalty of up to $5,000 per day for violation of the License Act by:

Only brokers who violate the rules of TREC

Any license, if a consumer complaint has been filed in writing

Only licensees who violate the rules of TREC

Any person in Texas, licensed or unlicensed, who violates the rules of TREC

A contract that meets all the requirements of the law is

Voidable

Void

Bilateral

Valid

The Broker-Lawyer Committee:

Has 12 members

Writes the contract forms used by TREC

Consists of attorneys, brokers, and a public member all appointed by the governor

Promulgates the contract forms for TREC

The Broker-Lawyer Committee drafts and revises contract forms for use by real estate licensees.

TREC has a Real Estate Recovery Trust Account. What is NOT true about the account?

Every applicant for a license in Texas pays $10 to the account

If the balance in the account goes over $2.5 million, the excess goes to the general revenue fund

Payments out of the account are limited to $100,00 per transaction

Money in the account can be invested

TREC may suspend or revoke a license for any of the following reasons EXCEPT:

Commingling broker funds with client funds

Placing a sign offering property for the sale or lease with written consent of the owner

Selling real property by lottery

Acting in the undisclosed dual capacity of broker and seller within a single transaction

Something given in exchange for a promise is called:

A bribe

Consideration

A counteroffer

An offer

Which of the following is required for a lot and block description of a property?

Townships and sections

Compass directions

A recorded plat

A point of beginning

2 Comments

Isela

February 25, 2018

This practice test says it is under review. Do you when will it will be completed or do you know of a difference website that will be able to help me with Real Estate Finance?

- MrBeeToe
  
  February 27, 2018
  
  Isela, I will be happy to assist in completing this exam for you.

Real Estate Finance – Practice Test

All of the following are necessary to obtain a real estate license EXCEPT

TREC will investigate the actions of a licensee if they receive:

TREC may assess an administrative penalty of up to $5,000 per day for violation of the License Act by:

A contract that meets all the requirements of the law is

The Broker-Lawyer Committee:

TREC has a Real Estate Recovery Trust Account. What is NOT true about the account?

TREC may suspend or revoke a license for any of the following reasons EXCEPT:

Something given in exchange for a promise is called:

Which of the following is required for a lot and block description of a property?

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Real Estate Finance – Practice Test

All of the following are necessary to obtain a real estate license EXCEPT

TREC will investigate the actions of a licensee if they receive:

TREC may assess an administrative penalty of up to $5,000 per day for violation of the License Act by:

A contract that meets all the requirements of the law is

The Broker-Lawyer Committee:

TREC has a Real Estate Recovery Trust Account. What is NOT true about the account?

TREC may suspend or revoke a license for any of the following reasons EXCEPT:

Something given in exchange for a promise is called:

Which of the following is required for a lot and block description of a property?

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