Exam (elaborations)
Texas Real Estate State Exam Practice Questions and Answers | 100% Pass
Institution
Texas Real Estate
Texas Real Estate State Exam Practice
Questions and Answers | 100% Pass
When was TREC created? - Answer️️ -1947
TREC has the authority to.. - Answer️️ -make rules and regulations. It's rules and laws
govern license holders
TREC has how many commission members? - Answer️️ -9 members...
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©SOPHIABENNETT_2024/2025 EXAM SERIES Monday, September 2, 2024 9:52 AM
Texas Real Estate State Exam Practice
Questions and Answers | 100% Pass
When was TREC created? - Answer✔️✔️-1947
TREC has the authority to.. - Answer✔️✔️-make rules and regulations. It's rules and laws
govern license holders
TREC has how many commission members? - Answer✔️✔️-9 members, 3 represent the
general public and 6 are real estate brokers
TREC has the power to.. - Answer✔️✔️-subpoena books, records, and witnesses and
issue and revoke real estate licenses
If your license is revoked by TREC... - Answer✔️✔️-You can appeal the decision to the
district court
Who writes promulgated contract forms? - Answer✔️✔️-The Broker Lawyer Committee
Who are the members of the Broker Lawyer Committee? - Answer✔️✔️-13 total, 6 are
TREC appointed brokers, 6 are lawyers appointed by the President of the State Bar
Association, and one is a public member appointed by the governor
Penalty of practicing without a license - Answer✔️✔️-People engaged in the real estate
brokerage business without having secured a license from TREC are guilty of a Class A
Misdemeanor and subject to a fine of not more than $4,000.00 or impris- onment in the
county jail for not more than one year, or both. Trials for this would be held in the county
court.
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, ©SOPHIABENNETT_2024/2025 EXAM SERIES Monday, September 2, 2024 9:52 AM
In addition, persons guilty of a violation of the License Act and whoever profited there
from are liable for additional civil penalties of up to three times the amount of money
received.
TREC penalty of violating license act - Answer✔️✔️-TREC may assess an administrative
penalty of up to $5,000 per day for violation of the license act by any person, either
licensed or unlicensed. If TREC assesses a penalty, a license holder has 30 days to
pay the penalty.
Unlicensed assistant is only allowed to - Answer✔️✔️-do clerical duties and greet at an
open house
If an unlicensed assistant does work requiring a license, the penalty is - Answer✔️✔️-
both realtor and assistant get fined
Real Estate Recovery Trust Account - Answer✔️✔️-It was created by TREC to pay
aggrieved persons who suffered a monetary loss due to unscrupulous acts of the
license holders. These persons can receive up to three times the amount of money lost.
If at any time in the calendar year the account balance is below $1,000,000 the Real
Estate Recovery Trust Account can... - Answer✔️✔️-the commission is authorized to
assess each real estate broker and salesman on renewal of his license during the
following calendar year a fee of $10.00, or a pro rata share of the amount necessary to
bring the balance to $1,700,000. TREC invests the fees that have been deposited when
the recovery trust account is above the statutory minimum, to offset future claims. TREC
only invests in Treasury Bills or Notes, or in the same manner as the Employees
Retirement System of Texas. If the bal- ance in the account exceeds $3.5 million the
excess goes into the state's General Fund.
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, ©SOPHIABENNETT_2024/2025 EXAM SERIES Monday, September 2, 2024 9:52 AM
If the Recovery Trust Account balance is not below $1,000,000... - Answer✔️✔️-TREC
simply continues to invest the funds.
When an amount is paid out of the Real Estate Recovery Trust Account on behalf of a
license holder... - Answer✔️✔️-the license of the individual can be revoked or suspended.
This license may never be recovered until the account has been repaid with interest.
***State law limits the maximum payment, which is $100,000 per license holder &
$50,000 per transaction.
People exempt from real estate licensing - Answer✔️✔️-1. Texas licensed attorneys can
handle a real estate transaction for a client for a fee as long as they do not participate in
broker to broker commission splits. Any attorney licensed in a state other than Texas
will need to be licensed in Texas (as an attorney) to handle a real estate transaction for
a client for a fee in Texas.
2. Court appointed receivers, trustees, guardians, and sheriffs.
3. Administrators and executors of a will.
4. On-site apartment managers.
5. New home salesmen working for one builder or owner.
6. Cemetery lot salesmen.
7. A person selling his own property.
8. An employee leasing or renting property for the owner.
9. Corporate employees selling corporate property.
10. Hotel/motel personnel.
11. An attorney-in-fact.
12. An auctioneer calling a real estate auction.
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