TREC - FAQ Study. Questions and answers, 100% Accurate. GRADED A+

TREC - FAQ Study. Questions and answers, 100% Accurate. GRADED A+ Does TREC consider a logo that contains the broker's full name sufficient for the broker name requirement? - -Yes, as long as the size of the broker's name itself (not the whole logo) is at least ½ the size of the largest contact information. [Rule 535.155(b)(3)] Does TREC consider promotional items and sponsorships to be advertising? - -Yes. If a sales agent's name or team name is on them, the broker's name must also be present (in at least half the size). A broker's name alone is okay. [Rule 535.155(b)(1)] Can the team name used by an associated broker be the same as the assumed name used by the associated broker when he or she is not associating with another broker? - -Yes, if the assumed business name of the associated broker meets the requirements for a team name since a team name must be used when the associated broker is associating with another broker. Can an associated broker refer to himself or herself as a "broker" in an advertisement? - -No. This could "tend to mislead" the public that the associated broker is in charge of the brokerage operation. The public needs to know the broker with whom they will have a legal agreement (remember listing agreements, etc. are taken in the name of the broker, not the sales agent or the associated broker). The associated broker could use "associated broker", "broker associate" or "associate broker", since that distinguishes his or her role. [TRELA §1101.652(b)(23)] Is a license holder required to put their license number on a sign or other advertising? - -No. Can a broker use the words "team" or "group" in the broker's licensed name or assumed business name? - -Yes. TREC Rules do not prohibit a broker from using the word "team" or "group" anywhere in a broker's licensed or assumed business name. I am a sales agent, Sally White. I am sponsored by a broker but want to use an assumed name for my advertisements. Can I use "Sally's Spectacular Properties" or "White Real Estate" for my business name on my advertising? - -You cannot use either company name because each implies that Sally, a sales agent, is in charge. An advertisement cannot in any way imply that a sales agent is the person responsible for the operation of a real estate brokerage. What is considered an advertisement? - -"any form of communication by or on behalf of a license holder designed to attract the public to use real estate brokerage services and includes, but is not limited to, all publications, brochures, radio or television broadcasts, all electronic media including email, text messages, social media, the Internet, business stationery, business cards, displays, signs and billboards." Can a real estate license be revoked because a license holder files for bankruptcy? - -No. A license holder's bankruptcy does not affect a pending complaint or limit disciplinary action by TREC. If the underlying conduct violates §1101.652(a-1)(1) or §1101.652(b) of TRELA, disciplinary action can be taken against the license holder for the underlying conduct. Further, a judgment that involves conduct that violates §1101.652(a-1)(1) or §1101.652(b) of TRELA may be eligible for payment from the Real Estate Recovery Trust Account even if the debt was discharged in bankruptcy. As a broker, am I the only person who can sign a check written on my trust account? - -No. A broker may authorize another license holder to withdraw or transfer money from a trust account. The broker, however, remains responsible and accountable for the trust account and for the proper handling of trust money received by the broker. What is the definition of a "commission"? - -A commission or fee includes any form of compensation received for engaging in an act for which a license is required, essentially anything of value. Can an unlicensed person own a real estate company and receive all or a portion of a commission paid to a licensed broker? - -Yes, within certain limitations. The unlicensed person may share in the income earned by a real estate brokerage if the person engages in no acts for which a license is required. What happens if a license holder is convicted of a crime? - -Commission authority to suspend or revoke a license holder that has entered a plea of guilty or nolo contendere or has been convicted of a felony or any criminal offense that involves fraud (including misdemeanors). Is a "residential service contract" the same as a "home warranty"? - -Yes, both terms refer to the same product. We put in an offer to buy a house. The agent held the offer and then another offer came in on the same house. Isn't it illegal or unethical for an agent to present two offers to the seller at the same time? Shouldn't an agent present the first offer received so that the seller accepts or rejects it before presenting the second offer? - -The listing agent represents the seller and has a duty to present all offers in a timely manner to the seller. There is no prohibition against a license holder presenting more than one offer at a time to a seller. A seller may receive, review and negotiate several offers simultaneously.