Broker lawyer committee - Study guides, Class notes & Summaries

Texas Real Estate Exam STATE portion Questions And Answers.

'1101' laws are associated with... o :# TRELA '535' laws are associated with... o :# TREC TRELA was established in... o :# 1939 TREC was established in... o :# 1949 The Real Estate Recovery Trust Account is used to... o :# Protect aggrieved individuals who suffer a monetary loss due to illegals acts of license holders. The maximum amount per transaction for Real Estate Recovery is... o :# $50,000 The maximum amount on behalf of any one license holder is... 2024/2025 2 | P a g ...

The TREC residential contract forms are: (Ans- Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: (Ans- fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. (Ans- goods If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: (Ans- Enter into a Seller's Temporary Residential Lease The Buyer and Seller Temp...

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 DTPA helps protect...? Agents Consumers Sellers Attorneys (Ans- Consumers In order to help prevent the buyer from withdrawing their offer, when should a seller provide a prospective buyer with the property disclosure form...? After the contract is signed with the prospective buyer Before the prospective buyer makes an offer After the prospective buyer's offer is accepted After the prospective buyer's home inspector conducts their inspection of the property (Ans- Before the...

The TREC residential contract forms are: - ANSWER Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: - ANSWER fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. - ANSWER goods If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: - ANSWER Enter into a Seller's Temporary Residential Lease The Buyer and Seller ...

How many members in TREC? - 9: 3 general public, 6 brokers Who appoints, confirms TREC members? - Governor appoints, senate approves How many members on the Broker-Lawyer Committee? - 13: 6 brokers, 6 lawyers, 1 public member Who appoints Broker-Lawyer committee members? - Brokers/TREC, Lawyers/Pres of State Bar, Public Member/Governor Where is the Real Estate Advisory Committee? - Texas A & M Who is on the Real Estate Advisory Committee? - 10 members: 6 brokers, 3 public members, 1 ex TR...

"Psychological stigmas," which involve violent or catastrophic events on a property, fall under which category of disclosure? a. Required disclosures b. Prohibited disclosures c. Permitted disclosures d. None of these - Answer c. Permitted disclosures If there is a field in a promulgated form for which you have no information to include, your safest option is which of the following? a. Run a line through it b. Place "N/A" (not applicable) so it is clear that the buyer/buyer's agent...

Describe at least two requirements under TRELA. (Ans- Act created by Texas Congress 1) All professionals are licensed 2) Use same policy, procedures, and forms. Providing correct documentations and forms during a transaction. TREC wanted to get things standardized. TREC was created in 1949 and that's when it began administrating TRELA. Real Estate Dealers license Act was enacted in 1939 for salesperson and brokers. TRELA is the present act which is active and administered until present day. ...

Texas Real Estate Exam STATE Portion Already Graded A How many members in TREC? 9: 3 general public, 6 brokers Who appoints, confirms TREC members? Governor appoints, senate approves How many members on the Broker-Lawyer Committee? 13: 6 brokers, 6 lawyers, 1 public member Who appoints Broker-Lawyer committee members? Brokers/TREC, Lawyers/Pres of State Bar, Public Member/Governor Where is the Real Estate Advisory Committee? Texas A & M Who is on the Real Estate Advisory Committee? 10 membe...