Texas Real Estate Broker Exam Flashcards
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How many scored questions are on the Texas Real Estate Broker exam?
145 scored questions.
How much time are you given to complete the Texas Broker exam?
240 minutes (4 hours).
How many questions must you answer correctly on the National portion to pass?
60 questions correct on the National examination.
What is the fee to take the Texas Real Estate Broker exam?
$39.
On average, how much time do you have per scored question?
About 1.65 minutes per question (240 minutes ÷ 145 questions).
The Texas Broker exam is divided into two parts. What are they?
A National portion and a State portion; the National portion has its own passing threshold of 60 correct.
Term: Fiduciary duties (OLD CAR)
The agent's duties to a client: Obedience, Loyalty, Disclosure, Confidentiality, Accounting, and Reasonable care.
Term: Commingling
Illegally mixing client or trust funds with the broker's own operating funds; brokers must keep earnest money and trust funds in a separate account.
What is the difference between a general agent and a special agent?
A general agent can act broadly on the principal's behalf (e.g., property manager); a special agent is hired for a single, limited task (e.g., a listing broker selling one property).
Term: Novation
Substituting a new contract or new party for an existing one, with all parties' consent, releasing the original obligor.
What distinguishes a broker from a sales agent in Texas?
A broker can operate independently, sponsor sales agents, and hold escrow funds; a sales agent must work under a sponsoring broker.
Term: Steering (Fair Housing)
Illegally directing prospective buyers toward or away from neighborhoods based on protected class characteristics; a violation of the Fair Housing Act.
What is the difference between an appraisal, a CMA, and a BPO?
An appraisal is a formal value opinion by a licensed appraiser; a CMA is a broker's market comparison of similar properties; a BPO is a broker's price opinion, often for lenders, not as rigorous as an appraisal.
Term: Escheat
The reversion of property to the state when an owner dies with no heirs or valid will.
What are the essential elements of a valid contract?
Offer and acceptance (mutual assent), consideration, legal capacity of the parties, legal purpose, and (for real estate) written form under the Statute of Frauds.