When was TREC created? - CORRECT ANSWER 1947
TREC has the authority to. - CORRECT ANSWER make rules and regulations. It's rules and
laws govern license
... [Show More] holders
TREC has how many commission members? - CORRECT ANSWER 9 members, 3 represent the
general public and 6 are real estate brokers
TREC has the power to. - CORRECT ANSWER subpoena books, records, and witnesses and
issue and revoke real estate licenses
If your license is revoked by TREC... - CORRECT ANSWER You can appeal the decision to the
district court
Who writes promulgated contract forms? - CORRECT ANSWER The Broker Lawyer
Committee
Who are the members of the Broker Lawyer Committee? - CORRECT ANSWER 13 total, 6 are
TREC appointed brokers, 6 are lawyers appointed by the President of the State Bar Association,
and one is a public member appointed by the governor
Penalty of practicing without a license - CORRECT ANSWER People engaged in the real estate
brokerage business without having secured a license from TREC are guilty of a Class A
Misdemeanor and subject to a fine of not more than $4,000.00 or impris- onment in the county
jail for not more than one year, or both. Trials for this would be held in the county court.
In addition, persons guilty of a violation of the License Act and whoever profited there from are
liable for additional civil penalties of up to three times the amount of money received.
TREC penalty of violating license act - CORRECT ANSWER TREC may assess an
administrative penalty of up to $5,000 per day for violation of the license act by any person,
either licensed or unlicensed. If TREC assesses a penalty, a license holder has 30 days to pay the
penalty.
Unlicensed assistant is only allowed to - CORRECT ANSWER do clerical duties and greet at an
open house
If an unlicensed assistant does work requiring a license, the penalty is - CORRECT ANSWER
both realtor and assistant get fined
Real Estate Recovery Trust Account - CORRECT ANSWER It was created by TREC to pay
aggrieved persons who suffered a monetary loss due to unscrupulous acts of the license holders.
These persons can receive up to three times the amount of money lost.
If at any time in the calendar year the account balance is below $1,000,000 the Real Estate
Recovery Trust Account can... - CORRECT ANSWER the commission is authorized to assess
each real estate broker and salesman on renewal of his license during the following calendar year
a fee of $10.00, or a pro rata share of the amount necessary to bring the balance to $1,700,000.
TREC invests the fees that have been deposited when the recovery trust account is above the
statutory minimum, to offset future claims. TREC only invests in Treasury Bills or Notes, or in
the same manner as the Employees Retirement System of Texas. If the bal- ance in the account
exceeds $3.5 million the excess goes into the state's General Fund.
If the Recovery Trust Account balance is not below $1,000,000... - CORRECT ANSWER TREC
simply continues to invest the funds. [Show Less]