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TREC (State Exam)questions well answered to pass
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TREC (State Exam)questions well answered to pass
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TREC (State Exam)questions wellanswered to pass
When was TREC Created? - correct answer ✔✔1939
What Does TREC have the authority to do? - correct answer ✔✔Make rules and regulations
How many members are in TREC - correct answer ✔✔9 Members
6 Brokers
3 General Public
How are TREC members appointed? - correct answer ✔✔By the governor or senate
What happens if a License Holder fails to respond to a subpoena - correct answer ✔✔TREC can file a suit
with the attorney general
Who writes promulgated contract forms - correct answer ✔✔The broker Lawyer Committee
How many members are on the Broker Lawyer Committee? - correct answer ✔✔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? - correct answer ✔✔Texas A&M
How many members are on the Texas A&M advisory Committee? - correct answer ✔✔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? - correct answer ✔✔4 years from the
effective date of contract, or the date of the incident
What does TREC have the power to do? - correct answer ✔✔Issue or revoke a Real Estate License
Where are TREC hearings held? - correct answer ✔✔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 - correct answer ✔✔TREC
will automatically schedule a revocation/suspension hearing
What can you do if you license is revoked by TREC? - correct answer ✔✔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?
- correct answer ✔✔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? - correct answer ✔✔$5,000 per day for violation of
the license act by any person; licensed or unlicensed
What is the Real Estate Recovery Trust Account - correct answer ✔✔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? - correct answer
✔✔3x's the amount of money lost
, What happens if the recovery trust account is less than 1 million? - correct answer ✔✔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? - correct answer ✔✔The excess goes
into the states general fund
What happens when Recovery Trust Account balance is not below 1 million - correct answer ✔✔TREC
simply continues to invest funds
What happens to the licensee when TREC pays an amount out of the Recovery Trust Account - correct
answer ✔✔The license of the individual may be revoked or suspended.
The license may never be recovered until the account has been repaid with interest
What is the max payments TREC will pay out of the Recovery Trust? - correct answer ✔✔100,000 per
license holder and 50,000 per transaction
Who is required to have a real estate license? - correct answer ✔✔-Attorneys participating in a
commission split
-Auctioneers involded in any part of a real estate transaction
-Apartment Locators
-Real estate sales agents/brokers
-anyone doing real estate activity with the Texas Secretary of State
-Property Managers
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