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Legal 2

Quiz by Michelle Bippus

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16 questions
Show answers
  • Q1
    Which of the following could be considered an act of omission by a license holder in a real estate transaction?
    Failing to inquire if freshwater is available to a rural property
    Failing to interpret the terms of a default provision in a commercial lease
    Failing to provide advice as to how a property could be qualified for an agricultural valuation
    Failing to interpret the terms of an easement listed on the commitment for title insurance
    30s
  • Q2
    Consider the following scenario. Mary, a license holder, is an agent for buyer Phyllis. Mary is searching the MLS for properties to show Phyllis. Mary's primary search criteria is properties that have the largest commission to the buyers agent. If Mary uses this criteria as her sole determination of which properties to show her client, Mary would violate which canon of the Canons of Professional Ethics and Conduct?
    Competency
    Integrity
    Fidelity
    Loyalty
    30s
  • Q3
    Whose responsibility is it to determine the geographic competency of a sales agent?
    The broker who sponsors the agent
    The local trade association
    The sales agent
    Texas Real Estate Commission
    30s
  • Q4
    How can a license holder demonstrate geographic competency?
    Going to school in the local area
    Being informed on local market issues and industry developments
    Living in the area for a minimum of 3 years
    Understanding different specializations in real estate brokerage
    30s
  • Q5
    What is a license holder best practice in assisting clients with their Seller's Disclosure Notice?
    Always use their local trade association's Seller's Disclosure Notice form
    Always use TREC's Seller's Disclosure Notice form
    Let the seller find and use the Seller's Disclosure Notice form the seller wants to use
    Provide available choices of Seller's Disclosure Notice forms
    30s
  • Q6
    Why should "love letters" from potential buyers be avoided?
    Basing decisions on the information contained in a "love letter" may be in violation of fair housing laws
    Offers containing a "love letter" must be the last offers presented to the seller
    The are excluded from the MLS
    The agent must help draft the letter which creates additional work for the agent
    30s
  • Q7
    What is a best practice for a license holder if the seller's current survey contains a copyright symbol?
    Give the survey to the buyer with a T-47
    Upload the survey into MLS for publication
    Recommend that the seller get permission from the surveyor to reuse the survey with their buyer
    Recommend that the seller get a lawyer to evaluate the validity of the copyright on the survey
    30s
  • Q8
    Which of the following is NOT a type of water source in Texas?
    Pumped Water
    Surface water
    Diffused surface water
    Groundwater
    30s
  • Q9
    Who owns surface water in Texas?
    The county through which the water flows
    The United States federal government
    The private landowner adjacent to the water
    The State of Texas in trust for the people
    30s
  • Q10
    Who regulates groundwater in Texas?
    The Texas Railroad Commission (TRRC)
    Groundwater Conservation Districts (GCD)
    The Environmental Protection Agency (EPA)
    Texas General Land Office (GLO)
    30s
  • Q11
    Regarding water rights, if the seller of a property is required to provide a Seller's Disclosure Notice, what knowledge must the seller disclose?
    Whether the property is in the jurisdiction of a groundwater conservation district or subsidence district
    Any defect in a neighboring water well
    Knowledge of the characteristics of the aquifer below the property
    Knowledge of any desired future conditions of the groundwater management area
    30s
  • Q12
    What is the most important advice a license holder should give a client about the mineral rights to a property?
    Contact the Texas Railroad Commission to determine what mineral rights the seller owns
    Contact the Texas Railroad Commission to get their form to reserve mineral rights
    Consult an attorney
    Visit the real property records office at the county courthouse and research the mineral rights
    30s
  • Q13
    What form should a license holder use when a seller wishes to reserve some or all of the seller's mineral rights?
    Non-Realty Item Addendum
    Addendum for Reservation of Oil, Gas and Other Minerals
    Amendment to Contract
    Farm & Ranch Contract
    30s
  • Q14
    What is the first step in a property owner's ad valorem tax valuation protest?
    File a formal protest with the Texas Attorney General's Ad Valorem Taxation Division using their forms
    Write a certified letter to the Chief Appraiser of the appraisal district explaining the reasons for the disagreement in valuation
    Write a certified letter to the Texas Comptroller explaining the reasons for the disagreement in valuation within 30 days of the date of the appraisal district's rendering of value
    An informal review with an appraisal district representative to gain an understanding of the reasoning behind the proposed valuation
    30s
  • Q15
    Regarding ad valorem taxes, license holders should NOT:
    Offer opinions about ad valorem methodology (unless the license holder holds an appraisal license)
    Assist their clients in finding an ad valorem tax consultant
    Provide their clients with a Comparative Market Analysis of the property
    Provide their clients with a Broker's Price Opinion of the property
    30s

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