Real Estate Finance – Practice Test

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Real Estate Finance Practice Test

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

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

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

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

Any anonymous complaint about the licensee

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

The Broker-Lawyer Committee:

Has 12 members

Writes the contract forms used by TREC

Promulgates the contract forms for TREC

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

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

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

Compass directions

Townships and sections

A recorded plat

A point of beginning

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

A contract that meets all the requirements of the law is

Valid

Voidable

Bilateral

Void

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

Money in the account can be invested

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

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

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

Something given in exchange for a promise is called:

A counteroffer

An offer

A bribe

Consideration

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

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

Only licensees who violate the rules of TREC

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

Only brokers who violate the rules of TREC

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

Be a U.S. citizen

Comply with legal residency requirements

Be 18 years old or older

Submit fingerprints to TREC

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

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

The Broker-Lawyer Committee:

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

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

A contract that meets all the requirements of the law is

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

Something given in exchange for a promise is called:

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

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

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Real Estate Finance – Practice Test

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

The Broker-Lawyer Committee:

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

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

A contract that meets all the requirements of the law is

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

Something given in exchange for a promise is called:

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

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

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