Exam (elaborations)
Texas Real Estate TEXAS – Questions With Solutions A+
- Course
- Institution
Texas Real Estate TEXAS – Questions With Solutions A+
[Show more]
Content preview
Texas Real Estate TEXAS – Questions With Solutions A+How many members in TREC? Right Ans - 9: 3 general public, 6 brokers
Who appoints, confirms TREC members? Right Ans - Governor appoints,
senate approves
How many members on the Broker-Lawyer Committee? Right Ans - 13: 6
brokers, 6 lawyers, 1 public member
Who appoints Broker-Lawyer committee members? Right Ans -
Brokers/TREC, Lawyers/Pres of State Bar, Public Member/Governor
Where is the Real Estate Advisory Committee? Right Ans - Texas A & M
Who is on the Real Estate Advisory Committee? Right Ans - 10 members: 6
brokers, 3 public members, 1 ex TREC officio
How long does an individual have after an incident to file a complaint against
a license holder? Right Ans - 4 years
If your license is revoked by TREC, you may..... Right Ans - appeal to the
district court
Brokerage without a license is defined as a Right Ans - Class A
Misdemeanor
Penalties for Brokerage without a license Right Ans - Fine up to $4,000;
imprisonment in county jail for not more than 1 year, or both
Additional penalties for brokerage without a license Right Ans - Civil
penalties of up to three times the amount of money received
If Real Estate Recovery Trust Account is below $1 million Right Ans -
Brokers and licensees pay a pro rata share of $10 upon license renewal
If Real Estate Recovery Trust Account is above $3.5 million, Right Ans - the
excess goes into the State's General Fund
, When an amount if paid out of the Real Estate Recovery Trust Account on
behalf of a license holder, Right Ans - the license of the person can be
suspended or revoked. It may never be recovered until the account is paid
back with interest.
Maximum amount payable by the Real Estate Recovery Trust Account
Right Ans - is $100,000 per license holder and $50,000 per transaction.
Does TREC resolve disputes between license holders? Right Ans - No
Attorneys receiving a commission. License or No License ? Right Ans -
License
Auctioneers involved in any part of a transaction other than calling. License or
no license? Right Ans - License
Apartment Locators. License or no license? Right Ans - License
Business entities who receives commissions on behalf of license holders.
License or no license? Right Ans - License
Designated broker, officer, or manager of a Real Estate Limited Liability
Company. License or no license? Right Ans - License
A third party who collects rents from a single family residence (property
manager). License or no license? Right Ans - License
Any business that engages in real estate brokerage must have a licensed
broker. License or no license? Right Ans - License
Attorneys receiving a fee but no commission split. License or no license?
Right Ans - Exempt- no license
court appointed receivers, trustees, guardians, and sheriffs; anyone engaged
in or carrying out foreclosure sales. License or no license? Right Ans -
Exempt- no license
Administrators and executors of a will. License or no license? Right Ans -
Exempt- no license
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 LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
82215 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now