Texas Real Estate Exam State

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11 Texas Real Estate Exam (State) 1.Texas Real Estate Commission (TREC) ANS -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 2.Broker Lawyer Committee ANS -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) 3.Real Estate Recovery Fund ANS created by TREC to pay aggrieved persons who suffered a monetary loss due 1 / 2

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11 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) 4.persons who must have a real estate license ANS 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

ANS 1. meet the educational requirements 2.submit an application with or without a sponsoring broker

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