Texas Licensing & TREC
What does TREC stand for?
Texas Real Estate Commission
Deposit to show good faith?
Earnest Money
Zoned for single-family or multi-family?
Residential property
Percentage paid upfront?
Down Payment
6% commission on $300,000?
$18,000
How many hours of pre-licensing education are required in Texas?
180 hours
Document that transfers ownership?
Deed
Retail and apartment spaces?
Mixed-uses
Agency that backs FHA loans?
Federal Housing Administration
1.25% tax rate on $400,000?
$5,000
How often must a Texas real estate license be renewed?
Every 2 years
Verifying buyer's ability to purchase?
Pre-approval
Fee Simple
Loan with variable rate?
Adjustable-rate mortgage (ARM)
3 points on $200,000 loan?
$6,000
How many hours of continuing education are required for renewal?
18 hours
Who holds escrow funds?
Title company
Shared ownership with fees?
Condominium
Replacing an existing mortgage?
Refinancing
4% appreciation on $350,000?
$364,000
What document authorizes a broker to act on behalf of a client?
Broker Representation Agreement
Failure to meet contract obligations?
Breach of contract
Used for manufacturing?
Industrial
Document outlining loan terms?
Loan Estimate
LTV for $250,000 loan on $300,000?
83.3%