TEXAS State Real Estate Exam Prep (Champions
School of Real estate Chapters 1-6) /Questions And
Answers
Quiz :TREC was created in _________ to administer the provisions of the
license act which passed in _______. - √Answer :1949, 1939
Quiz :Trec has the authority to make _________ and __________. -
√Answer :Rules, regulations
Quiz :TREC consists of how many members? - √Answer :Nine members - six
licensed brokers and 3 members of the public. All are appointed by governor
and approved by senate
Quiz :The broker lawyer committee consists of: - √Answer :13 members. 6
brokers appointed by trec and 6 lawyers appointed by the state bar
association. 1 is a public member appointed by governor
, Quiz :Penalties for unlicensed activity - √Answer :Class A misdemeanor, not
to exceed $4000 for each penalty, or up to 1 year in prison or both. Each day a
violation continues may be considered a separate violation.
Quiz :Administrative penalties for unlicensed activity - √Answer :up to $5,000
per day for violation of the license act, by any person, licensed or unlicensed.
Quiz :Real estate recovery trust account - √Answer :($50,000 max per
transaction and $100,000 max for any one licensee.)
If fund falls below $1 mill, trec can charge all licensee's a $10 fee until balance
goes back up to $1.7 million. If balance is above $3.5 million, Trec reduces
value by flushing excess to the general fund of of texas.
Quiz :Non-resident broker - √Answer :A broker with a Texas Real Estate
brokers license, but no home or office in Texas
Quiz :Trec has the authority to license _______________________________. -
√Answer :Real estate inspectors
Quiz :Fidelity - √Answer :license holder is a fiduciary to his client. faithfulness;
loyalty
Quiz :Integrity - √Answer :Will avoid misrepresentation by commission or
omission
Quiz :Competency - √Answer :Be knowledgeable, informed, and educated
Quiz :Customer Information notice 1-2 - √Answer :Notifies the public of the
recovery trust account. Must be DISPLAYED in a prominent place in brokers
office
Quiz :Discriminatory practices - √Answer :No license holder shall inquire
about, respond to or facilitate inquires about or make disclosures indicating
any discriminatory preferences or limitations
Quiz :Commingling money - √Answer :earnest money must be placed in an
escrow account, not in with broker personal or operating accounts
Quiz :Conversion - √Answer :spending commingled funds is also prohibited
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller HELLENAH. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £6.52. You're not tied to anything after your purchase.
