Exam (elaborations)
TEXAS State Real Estate Exam Prep (Champions School of Real estate Chapters 1-6)
- Course
- Institution
TEXAS State Real Estate Exam Prep (Champions School of Real estate Chapters 1-6)
[Show more]
Seller
Follow
Victorious23
Reviews received
Content preview
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
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 or Stuvia-credit 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 Victorious23. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
75632 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now