The Key To Passing The State Exam Is Understanding The Seven Topic Areas


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Wednesday's Free Key Points
Key Points are important bulletpoints that relate to state exam topics.

Commission Duties And Powers

The TREC has the authority to adopt and enforce rules and regulations related to real estate practices, licensing requirements, ethical standards, and other matters within its jurisdiction.

Licensing

If a licensee has been designated as a supervisor by their broker, they are required to complete a 6-hour Broker Responsibility course to renew.

Standards Of Conduct

An unexplained overage is defined as funds in a brokers trust account which exceed the aggregate trust fund liability and the broker is unable to determine the ownership of the excess funds.

Agency / Brokerage

The written agency disclosure should explain the duties and obligations that the real estate agent owes to the client or customer in each agency relationship.

Contracts

The water well disclosure notice must be provided to the buyer no later than the closing date of the sale, and the buyer has the right to inspect the property and the water well prior to closing.

Special Topics

To establish a valid mechanic's or materialman's lien a written notice called a "Claim of Lien" must be filed in the county where the property is located. The claim must be filed within within 6 months after the last date of work or the last date of furnishing materials.

Wednesday's Free Practice Questions

What type of notice must the seller provide if the property is located within a floodplain or a flood pool


A.) Notice of property value
B.) Notice of recent renovations
C.) Notice of potential flooding
D.) Notice of zoning regulations


A
B
C
D

This Is A Question

You Answered:

What type of notice must the seller provide if the property is located within a floodplain or a flood pool


Correct Answer:
Notice of potential flooding

The seller must provide a notice to inform the buyer of the potential risk of flooding if the property is located within a floodplain or flood pool.



Next Question →

How do the advisory committees contribute to TREC's decision-making processes


A.) By representing real estate licensees needs
B.) By providing legal expertise
C.) By offering a wide range of perspectives and interests
D.) By developing curriculum that educates licensees


A
B
C
D

This Is A Question

You Answered:

How do the advisory committees contribute to TREC's decision-making processes


Correct Answer:
By offering a wide range of perspectives and interests

The advisory committees contribute to TREC's decision-making processes by offering a wide range of perspectives and interests.



Next Question →

Jefferson made an offer on Mikes property. Mike accepted the offer and an escrow was opened. Immediately after opening escrow, Jefferson found another home that he felt fit his family better so he terminated the contract with the seller. Which is true based on this situation


A.) The seller can sue Jefferson for breach the contact without good cause
B.) Jefferson would only be able to use an inspection contingency in order to terminate the contract
C.) The seller will need to file suit in civil court to force Jefferson to purchase the home
D.) Jefferson can terminate the contract for any reason during his option period.


A
B
C
D

This Is A Question

You Answered:

Jefferson made an offer on Mikes property. Mike accepted the offer and an escrow was opened. Immediately after opening escrow, Jefferson found another home that he felt fit his family better so he terminated the contract with the seller. Which is true based on this situation


Correct Answer:
Jefferson can terminate the contract for any reason during his option period.

The buyer has the right to terminate the contract for any reason as long as they deliver an option fee to the escrow agent within three days and gives notice of termination to the seller within the negotiated option period. The option period is not a set or standard timeframe and must be negotiated between the parties. The buyer can terminate the contract for any reason during the opt



Next Question →

Great Job!!!

There are two sides to the state exam:
Knowing the topics
Answering the questions


Our Salesperson Specific Exams will reinforce topics by utilizing over 2,000 questions & our Broker Specific Exams feature over 3,000 questions!

Crash Courses: Designed to help you understand the topics on the state exam.

Practice Exams: Reinforce topics and make it easier to recognize them in questions.



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