TREC Texas, Exam Questions and answers, rated A+

TREC Texas, Exam Questions and answers, rated A+ TREC - -Texas Real Estate Commission (1949) - 6 broker members and 3 public members - created to administer the provisions of the TRELA - they promulgate contract forms for the licensees. TRELA - -The Texas Real Estate License Act - passed in 1939 by the Texas legislature. Broker Lawyer Committee - -6 Lawyers and 6 brokers appointed by TREC and one public member appointed - they write the Texas contract forms Real Estate Recovery Trust Account - -Account established to pay aggrieved persons who suffer a monetary loss due to unscrupulous acts of licensees SAE - -Salesmen Annual Education - 90 core hour requirement that must be met during the first 2 years of licensing in order for a licensee to be able to renew that license. MCE - -Mandatory Continuing Educaiton - 15 hours taken once every two years - including 6 hours of legal update. Inactive - -A license that has been renewed but is being held by TREC - one cannot engage in the business while inactive. Branch Office License - -Required if broker has more than one place of business. DBA - -Doing business as - a broker with a DBA must file it with the county clerk in every county where he/she does business. TREC 1-1 - -TREC Consumer Information Form 1-1 notifies the public of the recovery trust account - it must be displayed in the broker's office. Referral Gift - -A licensee may give a referral gift of up to $50.00 in value (not cash) to any unlicensed individual who provides a referral. Commission Rebate - -Taking a reduced commission Nonresident Broker - -A broker with a Texas Real Estate broker's license but no home or office in Texas - this broker can only work in Texas through a resident broker. Foreign Broker - -Cannot engage in the business ion Texas - can collect commission from a Texas broker. SB 489 - -Allows a broker to act as an intermediary in a transaction - representing both parties. Intermediary with appointment - -A broker intermediary appoints associates to work with the parties - one associate gives advise and opinions to the buyer and one associate gives advise and opinions to the seller - the broker can never give advice or opinions to either party - the broker can only disclose facts. Intermediary without appointments - -The broker is the intermediary and represents both parties - no advice or opinions given to either party - only facts about the property can be disclosed by the broker.