Texas Real Estate Exam 3 – State (Latest 2023 - 2024)
New Full Exam Questions and Answers Included
- How many members in TREC?
Answer: 9: 3 general public, 6 brokers
- Who appoints, confirms TREC members?
Answer: Governor appoints, senate ap- proves
- How many members on the Broker-Lawyer Committee?
Answer: 13: 6 brokers, 6 lawyers, 1 public member
- Who appoints Broker-Lawyer committee members?
Answer: Brokers/TREC, Lawyers/Pres of State Bar, Public
Member/Governor
- Where is the Real Estate Advisory Committee?
Answer: Texas A & M
- Who is on the Real Estate Advisory Committee?
Answer: 10 members: 6 brokers, 3 public members, 1 ex TREC officio
- How long does an individual have after an incident to file a
complaint against a license holder?
Answer: 4 years
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- If your license is revoked by TREC, you may.....
Answer: appeal to the district court
- Brokerage without a license is defined as a
Answer: Class A Misdemeanor
- Penalties for Brokerage without a license
Answer: Fine up to $4,000; imprisonment in county jail for not
more than 1 year, or both
- Additional penalties for brokerage without a license
Answer: Civil penalties of up to three times the amount of money
received
- If Real Estate Recovery Trust Account is below $1 million
Answer: Brokers and licensees pay a pro rata share of $10 upon
license renewal
- If Real Estate Recovery Trust Account is above $3.5 million
Answer: the excess goes into the State's General Fund
- When an amount if paid out of the Real Estate Recovery Trust
Account on behalf of a license holder
Answer: the license of the person can be suspended or revoked. It
may never be recovered until the account is paid back with interest.
- Maximum amount payable by the Real Estate Recovery Trust
Account Answer: is $100,000 per license holder and $50,000 per 2 / 3
transaction.
- Does TREC resolve disputes between license holders?
Answer: No
- Attorneys receiving a commission. License or No License ?
Answer: License
- Auctioneers involved in any part of a transaction other than
calling. License or no license?
Answer: License
- Apartment Locators. License or no license?
Answer: License
- Business entities who receives commissions on behalf of
license holders. License or no license?
Answer: License
- Designated broker, officer, or manager of a Real Estate Limited
Liability Company. License or no license?
Answer: License
- A third party who collects rents from a single family residence
(property manager). License or no license?
Answer: License
- Any business that engages in real estate brokerage must have a
licensed broker. License or no license?
Answer: License
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