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Question:

You are driving along a divided highway and you see a school bus parked with its red signals flashing on the other side of the highway. Are you required to stop?

A No, but you should proceed with caution
Explaination

Normally, you cannot pass a school bus which has stopped for passengers, no matter what side of the road you're on. A school bus should display its flashing red lights to remind motorists from either direction to stop. However, if you are on the opposite side of a divided highway you are not required to stop. You are still required to proceed cautiously though. [Yield Right-of-Way to School Buses, Chapter 4: Right-of-Way, Texas Driver's Handbook]