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Texas Real Estate Principles - Key Terms questions & answers.
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Texas Real Estate Principles - Key Termsquestions & answers.
*Define TRELA and TREC and what is their purpose? ANS -- Texas Real Estate License Act - law that
governs all real estate licensees and sets the powers for Texas Real Estate Commission
- purpose is to protect the public of the State of Texas*
*A real estate license is required for any person or business entity that for compensation does any of the
following: ANS -(1) Lists
(2) Leases
(3) Buys
(4) Exchanges
(5) Auctions
(6) Negotiates
(7) Sells
- LLBEANS - acronym to remember when you need a real estate license
*In Texas, a person who acts as a real estate licensee without an active real estate license is guilty of?
- how can they be punished (two ways)? ANS -- Class A misdemeanor
- $4,000 fine and/or up to one year in jail*
- court can charge a penalty of 1 to 3 times the total money received
*Explain the requirements for a salesperson license in Texas? ANS -(1) no experience required
(2) must be 18 years old
- US citizen or legal alien
- legal resident of Texas at time of filing
- working under the supervision of a principal or sponsoring broker
,(3) Complete required salesperson education of 12 semester or 180 hours, which include:*
- 4 semesters or 60 hours of principles of real estate
- 2 semesters of 30 hours each of agency, contracts, contract forms and addenda, and real estate
finance
(4) Submit a written application and required fee to TREC
- Salesperson Sponsorship Form - can be submitted before or after passing the exam, but an active
license cannot be issued without a sponsoring broker*
- Certifications showing completion of the required education
- Fast Fingerprint Pass with fingerprinting
(5) Receive TREC letter of eligibility to take the license exam
- schedule to take the exam with the test provider
- exam must be passed within one year of the date of filing the TREC application*
(6) satisfy TREC as to the honest, trustworthiness, integrity, and competency of the applicant
(information on the application, submitting fingerprints, an passing the licensing exam are considered
proof)
*What is the required education for a salesperson? ANS -12 semesters of 180 hours of:
- 4 semesters (60 hours) - principles of real estate
- 2 semesters (30 hours) each of - agency, contracts, contract forms and addenda, and real estate
finance
*Salesperson Sponsorship Form ANS -- needed to have an active license
- must be sponsored by a broker
- can be submitted before or after passing the exam
*When must the license exam be passed in relation to the TREC application ANS -one year
*Explain the requirements to obtain a broker's license ANS -(1) Must have a minimum of 4 years of
active experience as a Texas licensee (in 5 years preceding application date)
(2) Must complete required education of 60 semesters (900 hours) which include:
- 18 semesters (270 hours) of core courses including 2 semesters (30 hours) of real estate brokerage
, - remaining 42 semesters in any other courses accepted by TREC
(3) Must pass state broker's license exam
*After receiving the broker's license, the licensee is qualified to do what? ANS -(1) hire and supervise
other licensees*
(2) supervising licensees includes:
- making sure all contract obligations are fully met
- meeting all compliance and regulatory requirements
- establishing office policy and compensation requirements
*Active brokers may choose to act as: ANS -(1) managing/principal broker in charge of a brokerage firm
(2) independent broker
(3) broker associate under a principal broker (like a salesperson)
(4) designated broker overseeing a team in a brokerage firm*
(5) delegated licensee who manages one or more licensees for six months or longer
Explain a certificate of registration ANS -- a person who receives compensation for selling, buying,
transferring, or leasing rights-of-way in connection with telecommunication, utility, railroad, or pipeline
companies can have a certification of registration from TREC instead of the active salesperson license
- good for 2 years
- no education or exam is required
- can be revoked if any rules are broken
If TREC declines to issue a license, it: ANS -(1) must immediately give written notice
(2) allow an appeal by the applicant
(3) issue a probationary license - issued when licensee does not meet all the criteria for a full active
license
*Are licensees with an inactive or expired license allowed to practice real estate? ANS -- No
- they are prohibited
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