TX-Brokerage (SAE)

The _____ is required to ascertain that Brokers are aware of all of their responsibilities. - Answer- Texas Real Estate Commission The _____ course is to address the regulatory aspects of the management, operation and supervision of a real estate brokerage firm in Texas. The course provides an understanding and working knowledge of a broker's responsibilities and obligations under 22 TAC §535.2. - Answer- Broker Responsibility MCE Who Must Take The Broker Responsibility MCE Course? - Answer- A broker who sponsors salespersons, a designated broker of a business entity, and a license holder who is a delegated supervisor of one or more license holders (for six months or more during the supervisor's current license period), to complete this six—hour broker responsibility course to renew a license. "Act of God" - Answer- A natural disaster or fire Broker must, at a minimum, maintain the following records in a format that is readily available to the Commission for at least ____ years from the date of closing, termination of the contract, or end of a real estate transaction - Answer- 4 Recruitment of a salesperson by a broker is not regulated with the exception that instructors or other persons associated with a ___ may NOT recruit or solicit prospective salespersons or brokers in a classroom during class time - Answer- School There is no provision in the Act or the TREC Rules prohibiting a broker from _____ a salesperson or broker—associate affiliated with another broker. - Answer- Recruiting ________ are exempt from any of the provisions of the Texas Real Estate License Act. They are permitted to represent clients in real estate transactions by virtue of their license to practice law. - Answer- Attorneys Brokers CANNOT share their fees with attorneys who perform a brokerage service, attorneys must seek compensation for that service directly from one of the ______ in a transaction - Answer- Principals Can a listing broker share a portion of the listing broker's commission with an attorney who represented the buyer in a real estate transaction? - Answer- No. A broker is prohibited from sharing fees with or otherwise compensating the attorney acting as a buyer's agent unless the attorney holds an active real estate license. Is a link to the IABS form required on my website? - Answer- Yes. Rule 531.20(b) states that each broker and sales agent must provide a link on its homepage to the IABS Form labeled "Texas Real E