Texas Real Estate License Act - Chapter 7

Texas Real Estate License Act was passed in

1939

The salesperson exam is divided into two parts. The state portion has #### questions, and the national portion has ### questions.

30/80

Passing grade on the salesperson exam is ### %

70

All are true of the Real Estate Recovery Account

Each applicant for licensure must pay $10 toward the trust account; $50,000 is the max per transaction, and $100, 000 is the max on behalf of a licensee; If the balance in the trust account on Dec. 31st of a year is more than $3.5 million, the Commission will transfer the excess into the state's general fund

In an administrative penalty by TREC

If the person does not pay the administrative fee, the administrator is authorized by the Commission to refer the matter to the attorney general for collection

A portion of the broker and salesperson application fee is paid to

The Texas Real Estate Research Center

Sunset Act

The provision of the license act that could potentially abolish the Texas real estate commission

If a sales representative working in Galaxy Custom Homes new model home park, is limited to selling only Galaxy homes, he will be

exempt from the requirements of the license act

Broker members of the TREC must have been actively engaged in the real estate broker business as their primary source of income for the past

five years

Grounds for suspension or revocation of a certificate of registration include

fraud, untrustworthiness and misrepresentation

The TREC may 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

The TREC consists of

nine members

Texas Real Estate License Act is a part of the

occupation code

A broker who maintains more than one place of business in Texas must maintain a

office licence for each location

purpose of real estate license act

protect the general public from unscrupulous brokers and salespeople

a sub agent is a license holder who

represents a principal through cooperation with the consent of a broker representing the principal; and is not sponsored by or associated with the principal's 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

residential rental locator

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 for a single-family real property unit

# of TREC members that are brokers

six

Number of hours required by a broker or salesperson license is established by the

state legislature

Sally wishes to once again become active in the real estate brokerage business. Her license has been expired for seven months. She must

submit an application for a new license and retake the exam

brokerage

the aspect of real estate business which brings together parties and completes a real estate transaction involving rentals, exchanges, and trade-ins of property as well as sales

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

# of TREC members represent the public

three

The Texas Broker-Lawyer Committee

writes the TREC promulgated contract forms

The Commission will investigate a claim that is

written and signed

In order for a licensed attorney in Louisiana to be paid commission to represent/negotiate on behalf of a purchaser of real estate in Texas

A Texas Real Estate license is required.

A broker must display in each place of business that he maintains

Consumer Information Form 1-1

A licensed broker or salesperson must never

Place a sign on real property for sale or lease w/out the written consent of the property owner or owner's agent;Act in a dual capacity as broker and undisclosed principal in a real estate transaction; Guarantee that future profits will result from a resale of real property

When filing a complaint against a license holder,

a consumer has 4 years from the date of incident to file a complaint with TREC

A civil suit may be filed by an injured party when

a non-licensed person acts as a broker or salesperson, and received commission for selling real estate

TREC may solicit and accept gifts, grants and donations from

any source

An investigation will take place by TREC for actions of a license holder if the following are received

any written and signed complaint; submitted no later than the 4th anniversary of the date of the incident

The following is required to obtain a real estate license in Texas

applicant must show competence by passing the exam; applicant must be a resident of TX at time of application; applicant must be of good moral character

The TREC members are appointed and approved by the

appointed by the governor and approved by the senate

An applicant for real estate license must disclose in the license application whether the applicant has

been convicted of a felony; entered a plea of nolo contendere to a felony; been convicted of a felony at the time the appeal has lapsed or the judgment or conviction has been affirmed on appeal

The TREC subpoena authority includes

calling of witnesses; examination of witnesses under oath; and delivery of records and documents

Any person engaging in business as a residential rental locator in TX w/out a license may be

charged with a Class A Misdemeanor