CH.7 Texas Real Estate License Act
The salesperson exam is divided into two parts, The state portion has __ questions, and the national portion has __ questions.
30/80
The passing grade on the salesperson exam is
70%
False
Attorneys not licensed in Texas may represent clients in real estate transactions without a license. Out-of-state attorneys do not have to have a real estate license. True/False
Five years
Broker members of the Texas Real Estate Commission must have been actively engaged in the real estate brokerage business as their primary source of income for the previous
True
Brokerage is not the same thing as agency, which is a one-on-one relationship between a broker and a client. True/False
The Commission made adopt rules that require license holders to use certain contract forms adopted by the Commission:
In all transactions, except those where a form has been prepared by the property owner or the property owner's attorney.
False
It is important to remember that the main focus of the Commission is not to protect the public. True/False
False
Members of advisory committees created by the Commission are compensated on an hourly basis for their service on the committee.
A broker is a person who, for compensation
Sells, exchanges or leases real estate property. Lists or attempts to list real estate for sale, lease or exchange. Controls the acceptance or deposit of rent from a resident from a single family property unit.
True
The License Act provides for two types of licenses, a broker license and a salesperson license. No one may hold both licenses at the same time, however a license broker may act as a broker and a salesperson. True/False
True
The Texas Real Estate Commission has the authority to establish standards of advertising by a license holder acting as a residential rental locator. True/False
A portion of the broker and salesperson application fee is paid to:
The Texas Real Estate Research Center
Brokerage
The aspect of the real estate business that is concerned with bringing together the parties and completing a real estate transaction involving rentals, exchanges and trade-ins of property as was as sales.
State Legislature
The number of hours required for a broker or salesperson license is established by the:
The Sunset Act
The provision of the License Act that could possibly abolish the Texas Real Estate Commission is:
The Texas Broker-Lawyer Committee
Writes the TREC-promulagated contract forms
Occupations Code
is a part of The Texas Real Estate License Act.
Three
of the Commission members represent the public.
Six
of the Commissions members are brokers.
The Commission is required to prioritize the investigation of complaints based upon
the degree of potential harm to a consumer, potential for immediate harm to a consumer, overall severity of the allegations in the complaint
The Texas Real Estate License Act purpose is:
to protect the public from against unscrupulous brokers and sales persons.
The Commission will investigate a complaint that is
written and signed
Any source
The Commission may solicit and accept gifts, grants and donations from
Senate
The Commission members are appointed by the Governor and approved by the
Residential rental broker
A person who offers, for consideration, to locate a unit in an apartment complex for lease to a prospective tenant is known as a:
The Commission has subpoena authority that includes the:
Calling of witnesses. Examination of witnesses under oath. Delivery of records and documents.
A broker must display, in each place of business, that a broker maintains
Consumer Information Form 1-1
A residential apartment locator in Texas is not required to be a licensed holder
False
The Commission has the authority to set fees for:
Filing an application for a broker license. Branch office licenses. Transcript evaluations.
A subagent is a license holder who:
Represents a principal through cooperation with and the consent of a broker representing the principal. Is not sponsored by or associated with the principal's broker.
Nine
The Commission consists of ___ members.