Exam (elaborations)
TEXAS State Real Estate Exam Prep (Champions School of Real estate Chapters 1-6)
TEXAS State Real Estate Exam Prep (Champions School of Real estate Chapters 1-6)
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TEXAS State Real Estate Exam Prep(Champions School of Real estate Chapters 1-
6)
TREC was created in _________ to administer the provisions of the license act
which passed in _______. - -1949, 1939
-Trec has the authority to make _________ and __________. - -Rules,
regulations
-TREC consists of how many members? - -Nine members - six licensed
brokers and 3 members of the public. All are appointed by governor and
approved by senate
-The broker lawyer committee - -writes the promulgated contract forms.
-The broker lawyer committee consists of: - -13 members. 6 brokers
appointed by trec and 6 lawyers appointed by the state bar association. 1 is
a public member appointed by governor
-Penalties for unlicensed activity - -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.
-Administrative penalties for unlicensed activity - -up to $5,000 per day for
violation of the license act, by any person, licensed or unlicensed.
-Real estate recovery trust account - -($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.
-Non-resident broker - -A broker with a Texas Real Estate brokers license,
but no home or office in Texas
-Trec has the authority to license _______________________________. - -Real
estate inspectors
-Fidelity - -license holder is a fiduciary to his client. faithfulness; loyalty
-Integrity - -Will avoid misrepresentation by commission or omission
-Competency - -Be knowledgeable, informed, and educated
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