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.

The Broker-Lawyer Committee:

Has 12 members

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

Promulgates the contract forms for TREC

Writes the contract forms used by 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?

Money in the account can be invested

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

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

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

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

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

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

Any anonymous complaint about the licensee

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

A point of beginning

A recorded plat

Compass directions

Townships and sections

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

Only licensees who violate the rules of TREC

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

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

Only brokers who violate the rules of TREC

A contract that meets all the requirements of the law is

Valid

Voidable

Void

Bilateral

Something given in exchange for a promise is called:

An offer

A counteroffer

Consideration

A bribe

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

Submit fingerprints to TREC

Be 18 years old or older

Comply with legal residency requirements

Be a U.S. citizen

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

Selling real property by lottery

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

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

Commingling broker funds with client funds

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

The Broker-Lawyer Committee:

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

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

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

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

Something given in exchange for a promise is called:

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

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

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Real Estate Finance – Practice Test

The Broker-Lawyer Committee:

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

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

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

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

Something given in exchange for a promise is called:

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

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

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