Exam (elaborations)
TREC STATE EXAM QUESTIONS AND ANSWERS
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TREC STATE EXAM QUESTIONS AND ANSWERS
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TREC STATE EXAM QUESTIONS AND ANSWERSWhen was TREC Created? - Answers -1939
What Does TREC have the authority to do? - Answers -Make rules and regulations
How many members are in TREC - Answers -9 Members
6 Brokers
3 General Public
How are TREC members appointed? - Answers -By the governor or senate
What happens if a License Holder fails to respond to a subpoena - Answers -TREC can
file a suit with the attorney general
Who writes promulgated contract forms - Answers -The broker Lawyer Committee
How many members are on the Broker Lawyer Committee? - Answers -13 Members
6 Brokers - appointed by TREC
6 Lawyers - appointed by state bar association
1 public member appointed by the governor
Where is the Real Estate Center? - Answers -Texas A&M
How many members are on the Texas A&M advisory Committee? - Answers -10
appointed by the governor
6 are brokers licensed for 5 years
3 representing the public
1 ex-official representing TREC
How long does a individual have to file a complaint with TREC? - Answers -4 years from
the effective date of contract, or the date of the incident
What does TREC have the power to do? - Answers -Issue or revoke a Real Estate
License
Where are TREC hearings held? - Answers -Austin, unless a license holder requests
the hearing be held in their county
What happens if a license holder fails to respond to a summons from TREC - Answers -
TREC will automatically schedule a revocation/suspension hearing
, What can you do if you license is revoked by TREC? - Answers -You can appeal the
decision to the district court
What happens if a person engages in real estate brokerage without having a secured
license from TREC? - Answers -Guilty of a class A misdemeanor, subject to a fine not
more than 4K or imprisonment in the country jail
The broker who profited is liable for 3x's the amount recieved
What is the penalty for violation of the License Act? - Answers -$5,000 per day for
violation of the license act by any person; licensed or unlicensed
What is the Real Estate Recovery Trust Account - Answers -Created by TREC to pay
aggrieved persons who suffered a monetary due to acts of a license holder
How much money can an aggrieved person receive from the recovery trust account? -
Answers -3x's the amount of money lost
What happens if the recovery trust account is less than 1 million? - Answers -TREC
could make agents pay the renal fee ($10) of their license or whatever necessary to
bring the amount to 1,700,000
What happens if the Recovery Trust account exceeds 3.5 Million? - Answers -The
excess goes into the states general fund
What happens when Recovery Trust Account balance is not below 1 million - Answers -
TREC simply continues to invest funds
Who do all license holders receive commission from? - Answers -a Broker
People who do not have to have real estate licenses? - Answers --Texas Licenses
attorneys not dealing with commission split. All other attorneys need to be licensed in
the state of Texas
-Anyone carrying out a foreclosure sale
-Administrators and executors of wills
-On-site apartment managers
-Sales agent working for a builder
-Cemetery lot sales agents
-A person selling their own property
-Employee leasing or renting property for the owner
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