Real Estate Chapter 9

How long from the TREC filing date does an applicant have to take the state exam?

1 year

How long is the term length of a TREC member?

6 years

Sec 1101.002

Licensed sales agent must be associated or sponsored by a broker to perform the acts of real estate practice.

What is chapter 1101 of the Texas Occupations code?

Real estate license act, aka TRELA

Promulgated contracts are prepared by:

TREC

TREC is a __________ created by the _________to enforce ______

TREC is a government agency created by the Texas Legislature to enforce TRELA.

TRELA is a ______ passed by ________ to _______________

TRELA is a law passed by the Texas legislature to govern Texas real estate.

All promulgated forms are created by the ______

Broker-Lawyer committee

After how many days will the commission notify an applicant of their moral determination?

30

Designated Agent

A designated agent has a broker's license and is not only responsible for their own behavior, but also the actions of all of the others the office who have a real estate license.

TREC requires applicants to pay renewal fees every how many years to maintain an inactive license?

Every 2 years

TRELA was passed in ______

1939

TREC was created in ______

1949

The committee serves a ______ year term staggered with:

6; Two commission appointees, Two Texas State Bar appointees expiring every 2 years

How many members are in TREC?

9, all appointed by governor and confirmed by at least 2/3 of the Texas Senate

Texas Real Estate Broker-Lawyer Committee

A committee that drafts and revises standard contract forms to be used by real estate licensees.

Texas Real Estate Commission (TREC)

A group of 9 appointed people who regulate real estate activity and licensees in Texas to ensure laws are followed and consumers are protected.

Define Sales Agent

A person who is associated with (sponsored by) a licensed broker for the purpose of performing any of the practices of real estate as described above and by TRELA.

Subpoena authority exists to:

Allow the commission to bring witnesses to court

Sec. 1101.204

Authorizes the commission or commission staff to file a complaint and conduct an investigation as necessary to enforce the chapter.

What does section 1101.106 of the Texas Occupations state?

States that the executive director of TREC has to maintain a written policy to ensure the implementation of an equal opportunity employment program.

Who enforces the Texas Real Estate License Act?

Texas Real Estate Commission

What law imposes a code of ethics and standard of conduct on members of the commission?

Chapter 572

Sec. 1101.202

Directs complaints from Karens by providing name, mailing address and telephone number of the commission.

How are the members in the Broker-Lawyer Committee appointed?

- 6 members appointed by the comission - 6 members are lawyers appointed by the President of State Bar Association - 1 member of the public appointed by the governor

The executive committee of the commission consists of the:

- Presiding officer - Assistant presiding officer - Secretary

What two things must be included in all listing contracts?

- The first one is a line indicating that all commissions are negotiable. - The second one is to inform sellers about the special rules concerning anyone who lives along the coast.

How many members are in the broker lawyer committee?

13

Sec.1101.351

A person may not act or present themselves as a broker, salesperson or rental locater unless that person receives a license evidencing that authority.

About how long can you have an expired license but still be eligible to reactivate your license without retaking the state exam?

About 2 years

What happens when the association of a salesperson and a sponsoring broker is terminated?

The broker returns the sales agent's license to the commission.

Sec. 1101.203

Requires commission to maintain a prompt and efficient system for maintaining a file on each complaint and the requirements of what must be included in each file.

What is the purpose of TREC?

Oversees the licensing, education requirements, and ethical standards of practice for real estate professionals and real estate inspectors. Adopts and enforces rules for governing real estate practices.

Texas Real Estate License Act

A law that governs the licensing, education and activities of real estate license holders practicing brokerage in Texas.

What is the recovery trust account?

A monetary fund to reimburse members of the public who have been financially harmed by the unlawful or unscrupulous practices of its license holder.

Define Broker

A person or business entity who is licensed to represent one of the parties in a real estate transaction in exchange for a commission or other valuable consideration.

What is a promulgated contract?

Contracts prepared and authorized by the Texas Real Estate Commission that must be used by real estate license holders.

Payments from the Real Estate Recovery Account must be:

Court ordered and are limited to: - $50,000 arising out of a single incident - $100,000 per license holder (unless the debt has been repaid with the accrued interest)

The Intermediary Relationship Notice

Created by TAR to be used by REALTORS to inform sellers and buyers that there is an intermediary relationship.