mat3

What is the minimum amount The Real Estate Recovery Fund must maintain in a given year?

$1,000,000

TREC is empowered to charge an applicant for an original license a fee of ... for the benefit of the recovery fund.

$10

Member of the Education Standards Advisory Committee serve for how many years?

2

What is the term of the Education Standards Advisory Committee members?

2 years

The Education Standards Advisory Committee has how many members who are real estate instructors or owners of accredited real estate schools?

4

A quorum of the Education Standards Advisory Committee consists of how many members?

7

How many members of the Education Standards Advisory Committee need to have been engaged in the practice of real estate for at least five years before the member's appointment?

7

How many years of experience preceding appointment must some of the TREC members have as licensed brokers?

Five years

The terms of service of all TREC members are organized in a way, according to which the terms of three commission members expire on...

January 31 of each odd-numbered year

When the Education Standards Advisory Committee is automatically abolished?

On September 1, 2020

Which of the following requirements isn't necessary for an applicant for broker's or salesperson's qualification license at the time of application?

Provide fingerprints to the Department of Public Safety immediately after filing of the application.

What fund is maintained by the TREC for payment of damaged caused by licensed real estate professionals?

Real Estate Recovery Fund

What happens when a Commissioner is unable to complete his or her term?

The governor will appoint a replacement.

Which of the listed reasons is not a ground for removal of an Education Standards Advisory Committee member?

The member is absent from at least a quarter of the regularly scheduled committee meetings that he or she is eligible to attend during each calendar year, unless the absence is excused by majority vote of the committee.

To qualify for either a broker or salesperson license, an applicant must

be a state resident.

According to state law, you need a real estate license if you

buy and/or sell property on behalf of others.

Regarding a broker license in the state of Texas, a bachelor's degree from an accredited college or university

counts towards all the related education requirements.

A person, whose spouse is employed by or participates in the management of a business entity or other organization regulated by the commission, or receiving funds from the commission:

is not eligible for appointment as a public member of the TREC;

The owner of a real estate firm

is not required to be licensed.

The TREC has the power to

issue subpoenas.

A resident manager is exempt from holding a license if he or she

resides on the premises and is engaged in leasing as an employment task.

A licensee applicant must provide fingerprints to the Department of Public Safety within

six (6) months of the filing of the application.

TREC members serve a

six-year term.

If a ground for removal of an Education Standards Advisory Committee member exists, the validity of an action taken by the committee at that time..

stays unaffected.

Members of the Education Standards Advisory Committee may serve up to

three consecutive terms

Which entity establishes license fees?

trec

A member of the Education Standards Advisory Committee may be reappointed after a break in service of at least..

two years

Payments from the trust account for claims based on judgments against a single licensee may not exceed a total of what amount?

100,000

The Education Standards Advisory Committee has how many members?

12

Which one of the listed appointees is eligible for appointment as a public member of Texas Real Estate Commission?

A person, who owns a 5 percent interest in a business entity regulated by the commission.

Applicants for a salesperson's license must provide proof that the applicant has completed how many semester hours of postsecondary education?

At least 12 semester hours

What are the two types of real estate licensees in Texas?

Broker and Salesperson

When does the Education Standards Advisory Committee elect a presiding officer, assistant presiding officer, and secretary from its members?

In January of each year

The committee will submit semiannual reports to the commission on or before ... of each year detailing the performance of the committee.

March 1 and September 1

The TREC responsibilities do not include:

Selling, exchanging, purchasing or leasing real estate.

Which Chapter of the Texas Occupations Code established the creation of the Texas Real Estate Commission?

Texas Title 7, Subtitle A, Chapter 1101, Subchapter B

Trustees in a bankruptcy property sale

are not required to have a real estate license.

To qualify for either a broker or salesperson license, an applicant must complete at least:

Three classroom hours of course work on federal, state, and local laws governing housing discrimination, housing credit discrimination, and community reinvestment or three semester hours of course work on constitutional law;

Each member of the TREC must be

a qualified voter.

The TREC consists of

nine members.

Typically, an auctioneer is

not required to have a real estate license.

Typically, a person, who, on behalf of another, attempts to aid in locating or obtaining real estate for purchase or lease, and does this for a fee, is

required to have a real estate license