Exam (elaborations)
Champions School – Texas Questions And Answers With Verified Solutions 100% Correct!!!
- Course
- Institution
Champions School – Texas Questions And Answers With Verified Solutions 100% Correct!!!
[Show more]
Content preview
Champions School – Texas QuestionsAnd Answers With Verified Solutions
100% Correct!!!
TREC - ANSWER✔✔ The Texas real estate commission - 6 broker members and
3 public members - they promulgate contract forms for licensees
TRELA - ANSWER✔✔ The Texas real estate license act - passed by legislation to
protect the public
Broker Lawyer Committee - ANSWER✔✔ 6 attorneys appointed by the president
of the state bar, 6 brokers appointed by the TREC and 1 public member appointed
by the governor - they write the Texas contract forms
Real estate recovery trust account - ANSWER✔✔ And account established to pay
aggrieved persons who suffer a monetary loss due to unscrupulous acts of licensees
SAE - ANSWER✔✔ Sales agent appreciation education - a 90 core hour
requirement that must be met during the first two years of a license in order for a
licensee to be able to review that license. In addition license holders must complete
the legal 1 & 2 courses with their SAE education for a total of 98 hours to review
(effective January 1 2016)
CE - ANSWER✔✔ Continuing education - an 18 hour course taken once every
two years including eight hours of legal update, required by all licensees with a
total of 270 or more core hours (effective January 1, 2016)
Expired - ANSWER✔✔ No longer licensed - a sales or broker license has not been
renewed on time
, Inactive - ANSWER✔✔ A license has been reviewed but is being held by TREC -
one cannot engage in the business while inactive
Branch office license - ANSWER✔✔ Required if a broker has more than one place
of business
DBA - ANSWER✔✔ Doing business as - also an assumed name - a broker with a
DBA must file it with the County clerk in every county where he / she has an
office
Foreign broker - ANSWER✔✔ A broker with a license from another state or
country outside of Texas - the broker cannot engage in the business In Texas, but it
may collect a commission from a Texas broker
Nonresident broker - ANSWER✔✔ A broker with a Texas real estate brokers
license, but no home or office in Texas - this broker can only work in Texas
through a resident broker
Commission rebate - ANSWER✔✔ Hey broker shares a portion of his commission
with a client within a transaction - taking a reduced commission
Referral gift - ANSWER✔✔ Hey licensee make give a referral gift of up to $50 in
value (not cash) to any unlicensed individual who provides a referral - a gift card is
acceptable
TREC consumer information notice 1-2 - ANSWER✔✔ Notifies the public of the
recovery trust account - it must be displayed in the brokers office
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 classhub. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $15.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
80796 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now
