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Commission Duties And Powers
Licensing
Standards Of Conduct
Agency / Brokerage
Contracts
Special Topics
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The Key To Passing The Texas State Exam Is Understanding The Topic Areas
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Key Point's are important bullet points that relate to Texas state exam topic areas.
Commission Duties And Powers | The primary purpose of the Recovery Trust Account is to reimburse consumers who have obtained final judgments against licensed real estate brokers or salespersons for fraud, misrepresentation, or conversion of trust funds. |
Licensing | Licensees can engage in marketing and advertising activities to promote properties for sale or lease. |
Standards Of Conduct | A valid telephone number for the brokerage firm must be included, allowing prospective clients to contact the firm for further information. |
Agency / Brokerage | If the compensation agreement was in the form of a promissory note or a written contract under seal (also known as a formal contract), the general statute of limitations in Texas is 20 years. This longer time frame allows the broker more time to file a lawsuit if the commission remains unpaid. |
Contracts | If the property is being sold pursuant to a court order, such as in a probate or divorce situation, the requirement to provide the Seller's Disclosure Notice may be exempted. |
Special Topics | Depending on the homeowner's financial situation and the specifics of the short sale, there may be tax implications, including potential taxable income from forgiven debt. |