Texas Real Estate Exam 1 – State (Latest 2023 - 2024)
New Full Exam Questions and Answers Included
- Texas Real Estate Commission (TREC)
Answer:
-created in 1949
-purpose: to administer the provisions of the License Act
-authority to make rules 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
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
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
Answer:
1.attorneys who participate in a commission split 1 / 2
2.auctioneers involved in a real estate transaction 3.apartment locators
- real estate salespeople
- 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
Answer:
- meet the educational requirements
- submit an application with or without a sponsoring broker
- submit the required fees
- pass the state exam
- demonstrate integrity
- licensing requirements
Answer:
-18 years of age -resident of Texas at the time of application -comply with legal residency requirements (not an illegal alien)
- educational requirements
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
Answer:
-notifies the public of the recovery fund -applies to both real estate licensees and inspectors -must be displayed in the broker's office
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