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An intermediary is a neutral party who assists both parties to complete the transaction. They cannot provide representation to both the buyer and seller in the same transaction, or to a buyer or a seller only, since an intermediary must be impartial unbiased and treat each party fairly and honestly.

Written consent from both parties is required to form an intermediary relationship, which can be accomplished with a provision in the listing agreement that states the duties of the agent.

Any intermediary agreement or provision must specify how the agent will be compensated and by whom and the intermediaries duties.

Dual agency is legal in Texas and occurs when there is an intermediary broker relationship. Stella has completed hours of a Texas sales agent pre-licensing course.

What will she need to do next in order to take the licensing examination? Stella must complete an additional 30 hours of pre-licensure education.

Texas licensing law requires hours of classroom education 60 hours of principles of real estate and hours four 30 hour courses on agency, real estate finance, contract forms and contract law.

When she is ready to take the exam, Stella must schedule an appointment to take the examination. She cannot just show up at a test center on a test date unannounced.

Since she has not yet passed the exam, buying business cards is premature. A Texas military spouse is not exempt from all of the Texas licensing requirements, but the application will be expedited if the spouse is licensed in another state that has similar licensing requirements.

Also, an alternate competency test may be provided aside from basing licensure on the standard licensing exam, experience and education, and the applicant may be re-licensed if they have an expired Texas license.

Pass the Texas real estate examination! Our Texas Broker real estate tests have detailed answer explanations not available on any other practice real estate test prep sites!

Aside from explaining the correct answers, we also explain the wrong answers to enable you to master the material as part of our trademarked Exhaustive Learning Technique, so you will understand why you got the answer wrong and to help solidify your understanding of the issues addressed to make it second nature.

All above information should be confirmed with licensing commission. Toggle navigation. Texas Real Estate Practice Exams. Your Texas real estate exam results are also broken down by the actual TX real estate test topics to best prepare you to pass!

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Results Time has expired! Your Score. We're sorry Texas Free Trial Test. Start Now. Ownership of real property for an undetermined length of time is called:.

Another name for an easement is:. What is another name for swamps, marshes and bogs? A qualified home is a primary or main home for mortgage interest deduction purposes.

The profit realized from the sale of real estate held for 3 years is:. Hint Capital gains represent the profits on a capital investment, such as real estate.

Which of the following is true about Texas intermediary brokers? Can a Texas broker complete a promulgated contract?

Which is not true about Texas military spouses seeking a real estate license? Saving your progress Remember me. Forgot Password?

Citizen of the United States or a lawfully admitted alien. Legal resident of Texas. Salespersons must complete hours of pre-license education before taking the real estate exam; Broker applicants must complete classroom hours of approved core real estate courses, plus classroom hours in acceptable courses.

The Test-BrokerDBConnection cmdlet returns an object describing the status of the selected Broker Service instance that would result if the connection string were used with the Set-BrokerDBConnection cmdlet together with extra diagnostics information for the specified connection string.

The actual current status of the service is not changed. This may be because the service attempted to log on with invalid credentials or because a database has not been installed in the specified location.

The service instance needs upgrading. The database schema needs upgrading. This may be a transitory network error, but may indicate a loss of connectivity that requires administrator intervention.

The service instance cannot operate while its connection to the database is unavailable. If the command fails, the following errors can be returned.

Port has a Lets Encrypt certificate, so you should use your system CA certificates or the appropriate Lets Encrypt CA certificate for verification.

Port requires clients to provide a certificate to authenticate their connection. It is now possible to generate your own certificate.

You are free to use it for any application, but please do not abuse or rely upon it for anything of importance. You should also build your client to cope with the broker restarting.

This server is provided as a service for the community to do testing, but it is also extremely useful for testing the server. This means that it will often be running unreleased or experimental code and may not be as stable as you might hope.

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A blanket mortgage is a commercial mortgage often used by real estate developers to finance a project.

At least two parcels of property are pledged as collateral. The release clause allows the lien to be lifted on particular parcels when a certain amount of the loan balance is paid, such as when a new home is sold and the developer uses the proceeds from the sale to pay off a portion of the Blanket mortgage.

PMI is private mortgage insurance, which is not a type of mortgage. An insurance premium is typically added to the monthly mortgage payment.

A Pledged Account involves the purchaser placing money in a savings account and using the earned interest to supplement the mortgage payment.

The City of Glass wants to expand a public park. It needs to obtain the necessary land from private landowners.

What government power can be used to obtain the land needed to expand the park? Eminent domain is the government power permitting it to obtain private property for public use.

Condemnation is the actual taking of the property pursuant to the eminent domain power. Municipal forfeiture and public seizure are not formal terms.

After-tax cash flow is calculated by adding back the tax loss to the income and then multiplying by the tax rate. A tax savings is possible when a tax loss can reduce the taxable income of a separate investment.

Wetlands are protected areas that include swamps, marshes, wet meadows and bogs. They may serve as protection for storm and flood water and help control erosion and pollution.

They also serve as sanctuaries for wildlife and the natural landscape. Julie is looking to buy her first home.

She locates one and her offer is accepted. Julie applies for a mortgage. Barbali manages a commercial office building.

One of the tenants contacts her to complain about a broken door lock. What type of maintenance is necessary to repair the lock?

Corrective maintenance is repairing something that is already malfunctioning e. Preventative maintenance refers to inspecting equipment pursuant to a schedule and making repairs when necessary.

Property maintenance refers to the overall maintenance of a property. Capital gains represent the profits on a capital investment, such as real estate.

The profit realized from the sale of real estate held for 3 years is long term capital gains. Long term capital gains are profits on assets that are owned for more than 12 months.

Short term capital gains are profits on assets that are owned for 12 months or less. Profit on long term capital gains is subject to a reduced tax rate and is not taxed as ordinary gross income, but profit on short term capital gains is taxed as ordinary gross income.

Lev owns a home. Lev nonetheless permits Francois to show 3 prospective purchasers his home. Has an agency been created?

An implied agency is formed based on the words or actions of the agent and principal that evidences an intent to form the agency.

An express agency is formed through an oral or written agreement. An agency does not necessarily need to be created through a written agreement. A listing agreement is an example of an express agency.

Which of the following is not true about the Amendment to the Fair Housing Act adding protected classes to the law? The Amendment to the Fair Housing act added protected classes to the law.

It added families and persons with mental and physical disabilities to the law. Elderly persons were not added to law. However, senior citizen housing is exempt from the Fair Housing Act if it complies with the exemption requirements.

By restricting tenants to people 55 and over, an exemption to the Fair Housing Act could apply.

Trevor owns an apartment building that is 75 years old. He has not performed much maintenance on the building, so the foundation and structural integrity are starting to crumble.

What does that reduction in value refer to? Depreciation is the loss of value due to a building or property due to any cause, such as deterioration, damage and normal wear and tear.

Functional obsolescence means that the property has become inferior to surrounding properties due to technological changes, such as obsolete equipment e.

External obsolescence refers to changes occurring to land-use in the surrounding area, such as increased traffic, pollution, and zoning changes that affect the permitted use of the property.

Which fiduciary duty requires the agent to act with care with respect to handling funds received on behalf of the principal? Accountability means financial accountability and is the fiduciary duty that requires the agent to act with care and properly handle funds received on behalf of the principal.

A Texas intermediary broker does not represent either party. An intermediary is a neutral party who assists both parties to complete the transaction.

They cannot provide representation to both the buyer and seller in the same transaction, or to a buyer or a seller only, since an intermediary must be impartial unbiased and treat each party fairly and honestly.

Written consent from both parties is required to form an intermediary relationship, which can be accomplished with a provision in the listing agreement that states the duties of the agent.

Any intermediary agreement or provision must specify how the agent will be compensated and by whom and the intermediaries duties. Dual agency is legal in Texas and occurs when there is an intermediary broker relationship.

Stella has completed hours of a Texas sales agent pre-licensing course. What will she need to do next in order to take the licensing examination?

Stella must complete an additional 30 hours of pre-licensure education. Texas licensing law requires hours of classroom education 60 hours of principles of real estate and hours four 30 hour courses on agency, real estate finance, contract forms and contract law.

When she is ready to take the exam, Stella must schedule an appointment to take the examination. She cannot just show up at a test center on a test date unannounced.

Since she has not yet passed the exam, buying business cards is premature. A Texas military spouse is not exempt from all of the Texas licensing requirements, but the application will be expedited if the spouse is licensed in another state that has similar licensing requirements.

Also, an alternate competency test may be provided aside from basing licensure on the standard licensing exam, experience and education, and the applicant may be re-licensed if they have an expired Texas license.

Pass the Texas real estate examination!

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