Texas Crammer Practice Exam

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If a salesperson is found to have missing forms from a transaction file, what have they likely violated?

Code of ethics
Licensing laws
Regulatory requirements
Agency agreements

The correct answer is: Licensing laws

The scenario describes a salesperson who is missing forms from a transaction file, which typically indicates a failure to maintain proper documentation for a real estate transaction. This is a significant concern because licensing laws are designed to enforce professional standards and ensure that real estate professionals adhere to specific legal requirements regarding record-keeping and documentation. When salespersons fail to comply with these licensing laws, they risk disciplinary actions, including fines, suspension, or even revocation of their license. Proper documentation is essential not only for the integrity of the transaction but also for legal compliance and consumer protection. Therefore, the missing forms would signify a violation of these licensing laws, which are critical to maintaining the transparency and legality of real estate practices. The other options touch on important elements of real estate practice, such as ethical standards and agency agreements, but the specific context of missing forms is most directly aligned with the obligations imposed by licensing laws, which are a foundational requirement for operating legally within the real estate industry.