TEXAS TX SBE EXAM 5 COMPLETE
PREPARATION GUIDE WITH CURRICULUM,
ASSESSMENT, AND EDUCATIONAL LAW
REVIEW
◉ Who appoints, confirms TREC members?
Answer: Governor appoints, senate approves
◉ How many members on the Broker-Lawyer Committee?
Answer: 13: 6 brokers, 6 lawyers, 1 public member
◉ Who appoints Broker-Lawyer committee members?
Answer: Brokers/TREC, Lawyers/Pres of State Bar, Public
Member/Governor
◉ Where is the Real Estate Advisory Committee?
Answer: Texas A & M
◉ Who is on the Real Estate Advisory Committee?
Answer: 10 members: 6 brokers, 3 public members, 1 ex TREC
officio
,◉ How long does an individual have after an incident to file a
complaint against a license holder?
Answer: 4 years
◉ If your license is revoked by TREC, you may.....
Answer: appeal to the district court
◉ Brokerage without a license is defined as a
Answer: Class A Misdemeanor
◉ Penalties for Brokerage without a license
Answer: Fine up to $4,000; imprisonment in county jail for not more
than 1 year, or both
◉ Additional penalties for brokerage without a license
Answer: Civil penalties of up to three times the amount of money
received
◉ The Real Estate Recovery Account was created to
Answer: pay aggrieved persons who suffered monetary losses due to
unscrupulous acts of license holders.
, ◉ If Real Estate Recovery Trust Account is below $1 million
Answer: Brokers and licensees pay a pro rata share of $10 upon
license renewal
◉ If Real Estate Recovery Trust Account is above $3.5 million,
Answer: the excess goes into the State's General Fund
◉ When an amount if paid out of the Real Estate Recovery Trust
Account on behalf of a license holder,
Answer: the license of the person can be suspended or revoked. It
may never be recovered until the account is paid back with interest.
◉ Maximum amount payable by the Real Estate Recovery Trust
Account
Answer: is $100,000 per license holder and $50,000 per transaction.
◉ Does TREC resolve disputes between license holders?
Answer: No
◉ YES License
Answer: attorneys receiving a commission
◉ YES License
PREPARATION GUIDE WITH CURRICULUM,
ASSESSMENT, AND EDUCATIONAL LAW
REVIEW
◉ Who appoints, confirms TREC members?
Answer: Governor appoints, senate approves
◉ How many members on the Broker-Lawyer Committee?
Answer: 13: 6 brokers, 6 lawyers, 1 public member
◉ Who appoints Broker-Lawyer committee members?
Answer: Brokers/TREC, Lawyers/Pres of State Bar, Public
Member/Governor
◉ Where is the Real Estate Advisory Committee?
Answer: Texas A & M
◉ Who is on the Real Estate Advisory Committee?
Answer: 10 members: 6 brokers, 3 public members, 1 ex TREC
officio
,◉ How long does an individual have after an incident to file a
complaint against a license holder?
Answer: 4 years
◉ If your license is revoked by TREC, you may.....
Answer: appeal to the district court
◉ Brokerage without a license is defined as a
Answer: Class A Misdemeanor
◉ Penalties for Brokerage without a license
Answer: Fine up to $4,000; imprisonment in county jail for not more
than 1 year, or both
◉ Additional penalties for brokerage without a license
Answer: Civil penalties of up to three times the amount of money
received
◉ The Real Estate Recovery Account was created to
Answer: pay aggrieved persons who suffered monetary losses due to
unscrupulous acts of license holders.
, ◉ If Real Estate Recovery Trust Account is below $1 million
Answer: Brokers and licensees pay a pro rata share of $10 upon
license renewal
◉ If Real Estate Recovery Trust Account is above $3.5 million,
Answer: the excess goes into the State's General Fund
◉ When an amount if paid out of the Real Estate Recovery Trust
Account on behalf of a license holder,
Answer: the license of the person can be suspended or revoked. It
may never be recovered until the account is paid back with interest.
◉ Maximum amount payable by the Real Estate Recovery Trust
Account
Answer: is $100,000 per license holder and $50,000 per transaction.
◉ Does TREC resolve disputes between license holders?
Answer: No
◉ YES License
Answer: attorneys receiving a commission
◉ YES License
