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Texas Real Estate State Exam 1.When was TREC created?
ANS 1947
2.TREC has the authority to..ANS make rules and regulations. It's rules and laws govern license holders 3.TREC has how many commission members?ANS 9 members, 3 represent the general public and 6 are real estate brokers 4.TREC has the power to..ANS subpoena books, records, and witnesses and issue and revoke real estate licenses 5.If your license is revoked by TREC...ANS You can appeal the decision to the district court 6.Who writes promulgated contract forms?ANS The Broker Lawyer Committee 7.Who are the members of the Broker Lawyer Committee?ANS 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 1 / 3
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governor 8.Penalty of practicing without a license ANS 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.
9.TREC penalty of violating license act ANS 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.
10.Unlicensed assistant is only allowed to ANS do clerical duties and greet at an open house 11.If an unlicensed assistant does work requiring a license, the penalty is ANS - both realtor and assistant get fined 12.Real Estate Recovery Trust Account 2 / 3
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ANS 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.
13.If at any time in the calendar year the account balance is below $1,000,000 the Real Estate Recovery Trust Account can...ANS 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
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