Texas Real Estate Commission (TREC) - CORRECT ANSWER -created in 1949
-purpose: to administer the provisions of the License Act
-authority to make rules
... [Show More] and regulations
-9 members (3 represent the general public, 6 are real estate brokers)
-all appointed by the governor and approved by the Senate
-serve 6 year terms
-has the power to subpoena books, records, and witnesses
-has the power to issue or revoke Real Estate Licenses
Broker Lawyer Committee - CORRECT ANSWER -writes promulgated contract forms
-13 members (6 are brokers appointed by TREC, 6 are lawyers appointed by the President of the
State Bar Association, 1 is a public member appointed by the governor)
Real Estate Recovery Fund - CORRECT ANSWER created by TREC to pay aggrieved persons
who suffered a monetary loss due to unscrupulous acts of the licensees
-persons can receive up to 3 times the amount of money lost
-when an amount is paid out of it, the license of the individual is automatically revoked or
suspended without a hearing (cannot be recovered until the fund has been repaid with interest)
persons who must have a real estate license - CORRECT ANSWER 1.attorneys who participate
in a commission split
2.auctioneers involved in a real estate transaction
3.apartment locators
4.real estate salespeople
5.the designated officer of a licensed real estate corporation or the designated manager of a
licensed Real Estate Limited Liability Company (the designated one is a broker)
1-4 MUST BE SPONSORED BY A BROKER AND RECEIVE COMMISSIONS ONLY
FROM THAT BROKER
steps in obtaining a real estate license - CORRECT ANSWER 1. meet the educational
requirements
2. submit an application with or without a sponsoring broker
3. submit the required fees
4. pass the state exam
5. demonstrate integrity
licensing requirements - CORRECT ANSWER -18 years of age
-resident of Texas at the time of application
-comply with legal residency requirements (not an illegal alien)
educational requirements - CORRECT ANSWER 180 classroom hours with a minimum of 120
in core real estate courses
-60 hours in Principles of Real Estate, 30 hours in Law of Contracts, 30 hours in the Law of
Agency are mandatory
TREC Consumer information form 1-1 - CORRECT ANSWER -notifies the public of the
recovery fund
-applies to both real estate licensees and inspectors
-must be displayed in the broker's office
-must be included in listing and buyer representation agreements, as well as any invoices for
services
Texas Real Estate License Act (TRELA) - CORRECT ANSWER -passed by legislation to
protect the public against unscrupulous brokers and salesmen
-rules and regulations are construed liberally with a view toward their purpose, and have the full
force and effect of the law [Show Less]