TREC Laws, Rules, and Policies, Top Exam Questions and answers, RATED A+

TREC Laws, Rules, and Policies, Top Exam Questions and answers, RATED A+ Expired license reinstatement policy-- - -allows avoidance of late penalties with a medical excuse; establishes penalties ranging from $50 per month up to $1500; must reapply as a new licensee after one year. Lapsed Errors and Omissions insurance policy-- - -all licenses must maintain insurance; principal broker can be fined $1000 per affiliate for failure. License exam application rule change - -no one can apply to take exam within two years of a conviction for a felony or misdemeanor involving theft. Septic system inspection letter rule change-- - -licensee must inform buyer that he or she may obtain a septic system inspection letter from the state Department of Environment and Conservation. Requirements for courses rule change-- - -it is no longer enough to have a college degree with a major in real estate or a law degree to meet prelicense education requirements; must have at least one 30-hour course in principles, plus contracts and agency for the law degree holder. Without a license you may perform ministerial acts: - -Answer the phone and forward calls. Give information on the listing agreement as limited by the broker. Assemble closing documents. Have keys made for company listings. All licenses expire: - -two years from the date the license was issued or renewed. All required documentation and fees must be received by the Commission no later than - -60 days before the expiration date. A license which has not been renewed before expiration must be - -reinstated