Trec purpose - Study guides, Class notes & Summaries

TREC has the authority under TRELA to suspend or even revoke a broker's license if: Ans~~ They conduct the unlawful practice of law ESAC stands for: Ans~~ Education Standards Advisory Committee What refers to a location from an economic rather than a geographic standpoint? Ans~~ Situs. Which amendment guarantees that a citizen will not be deprived of property without due process of law? Ans~~ 5th Amendment. The CFPB is the: Ans~~ Consumer Financial Protection Bureau A profession...

The principal is also known as - client fiduciary relationship - a relationship founded on trust and confidence Agency Relationship - Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA - Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents. Texas Real Estate Commission TREC - Was created ...

Law of Agency - Champions School of Real Estate Latest Update Graded A+ The principal is also known as client fiduciary relationship a relationship founded on trust and confidence Agency Relationship Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents...

Champions School of Real Estate: Law of Contracts|208 Questions & Answers 100% Correct!.Texas Real Estate Commission - ANSWER-Created by the legislature in 1949 to carry out the provisions of TRELA Unauthorized Practice of Law - ANSWER-When license holders add provisions to contracts that go beyond the factual business details they are engaging in.. Deceptive Trade practices act - ANSWER- Real Estate Recovery Trust account - ANSWER-Administered by TREC, the purpose of the account is to ...

TREC Purpose - Answer- To protect general public in dealing with licensee TREC composition - Answer- 9 members appointed by the governor, 6 must be licensed brokers, 3 must be members who represent the public, all must be voters, public members may not be associate with the commission, they serve six year staggered terms TREC does not - Answer- Mediate disputes among and between licensees, involve itself with compensation disputes among licensees, recommend certain licensees to the public ...

The principal is also known as - correct answer client fiduciary relationship - correct answer a relationship founded on trust and confidence Agency Relationship - correct answer Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - correct answer is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA - correct answer Was passed 1939. The purpose is to protect the public against unscr...

What year did the state enact the Tennessee real estate Broker License Act? correct answer: 1973 What is the purpose of the Tennessee real estate broker license Act? correct answer: to create rules for real estate professionals to protect the public against harmful actions by licenses What does TREC stand for? correct answer: Tennessee real estate commission aka the commission What does the TREC (the commission) do? correct answer: -Administer and enforce laws regarding licensed rea...

Cashiers check or wire transfer - ANSWER-Good Funds What does a buyer need to bring to closing? - ANSWER-Good Funds Where is Good Funds in the TREC promulgated form? - ANSWER-Paragraph 9.B(2) T/F Title companies may accept a small personal check from a buyer as part of the good funds if their policy allows it. - ANSWER-True Created to draft and revise contract forms capable of standardization for use by real estate holders - ANSWER-Texas Real Estate Broker-Lawyer Committee What is...

Law of Contracts - CHAMPIONS TEST|Latest Update Graded A+ The TREC residential contract forms are: Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. goods If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: Enter into a Seller's Temporary Residenti...

Principles of Real Estate 1 – Champions Latest Update 100% Pass Leasehold Estates possession and use of property without ownership Estate for years (tenancy for years) any lease with a specific starting and ending date. Survives the death or sale of the property Periodic Tenancy/periodic estate lease that automatically renews itself for like periods. example month to month. Requires notice to terminate Estate at Will Very loose agreement, terminates on death or sale of the pro...