Texas Real Estate Law
How many days does a broker have to change his address with TREC if he moves his place of business?
10 days
How much do applicants for an original license have to pay into the trust account?
10.00
Eligibility requirements for real estate license
18, a citizen of US or lawfully admitted alien, resident of state,pass background check, complete all courses
General eligibility requirements for a real estate license.
18, citizen of the USA, resident of the state, pass criminal background check, pass the test, complete the required classes
How many years does an aggrieved person have to file for a judgement action to the commission for money from the recovery trust account?
2
Broker license: experience requirements
2 years active experience in Texasas a license holder during the past 36 months before application
How long do brokers have to give salespeople before he terminates his license?
30 days
How long can you file a complaint?
4 years after the date of the incident
Broker license education requirements
60 hours of post secondary education 18 semester hours core real estate principals and brokerage, 42 core real estate
How many members does TREC have?
9
Name 4 groups that do not need real estate license to sale real estate
Attorney, attorney in fact, sheriff, auctioneer
TRELA does not require licensing for those selling:
Business opportunities: example franchises, mall coffee shop
How soon do brokers have to return a salespersons license to the commission when that salesperson terminates his license?
Immediately
When the association of a salesperson with a broker terminates, how long does the broker have to return the salespersons license to the commission.
Immediately
What is the real estate recovery trust account?
It is to reimburse aggrieved persons who suffer damages from a licenses older, a certificate holder, an employee of an agent.
What is the TREC administer for?
Manages all TREC subordinates
Do on-site apartment managers need a real estate license?
No
If you are the executor of a will do you need a real estate license to conduct a real estate transaction?
No
Can a real estate salesperson pay a finder's fee to anyone who provides a qualified lead?
No he cannot
Which entity adopts and enforces rules necessary to administer TRELA?
TREC
Who appoints the TREC administrator?
The Texas Real Estate Commission
What is the basis for an investigation from TRELA?
A signed written complaint and the complaint and any evidence presented with the complaint.
The governor appoints a presiding officer over TREC. What must this person be?
A licensed broker
What does TREC require be prominently displayed in a place of business of one regulated under TRELA
Consumer Information Form 1-1
Certain businesses entities are eligible what are they?
Corporation, LLC
If a resident of another state that is contiguous to Texas wants to practice in Texas what requirements must be met?
Pass the test
What does someone from a contiguous state need to do to get a Texas license?
Pass the test
What is the primary purpose of TRELA?
Protect the public
What are thepurposes of TRELA(Texas Real Estate License Act)?
Protect the public, minimum standards for licensing,maintain high standards, protect licensees from unfair competition.
Do you need a real estate license to do an appraisal?
Yes
If you offer to sell,exchange,purchase, or lease real estate do you need a real estate license ?
Yes you must