Texas Real Estate Exam (State Certification Test) – Questions & 100% Verified Answers

Texas Real Estate Exam (State Certification Test) – Questions & 100% Verified Answers Texas Real Estate Exam (State Certification Test) – Questions & 100% Verified Answers Texas Real Estate Exam (State Certification Test) – Questions & 100% Verified Answers Texas Real Estate Exam (State Certification Test) – Questions & 100% Verified Answers Texas Real Estate Commission (TREC) - ANSWER - -created in 1949 -purpose: to administer the provisions of the License Act -authority to make rules and regulations -9 members (3 represent the general public, 6 are real estate brokers) -all appointed by the governor and approved by the Senate -serve 6 year terms -has the power to subpoena books, records, and witnesses -has the power to issue or revoke Real Estate Licenses Broker Lawyer Committee - ANSWER - -writes promulgated contract forms -13 members (6 are brokers appointed by TREC, 6 are lawyers appointed by the President of the State Bar Association, 1 is a public member appointed by the governor) Real Estate Recovery Fund - ANSWER - created by TREC to pay aggrieved persons who suffered a monetary loss due to unscrupulous acts of the licensees -persons can receive up to 3 times the amount of money lost -when an amount is paid out of it, the license of the individual is automatically revoked or suspended without a hearing (cannot be recovered until the fund has been repaid with interest) persons who must have a real estate license - ANSWER - neys who participate in a commission split oneers involved in a real estate transaction ment locators estate salespeople designated officer of a licensed real estate corporation or the designated manager of a licensed Real Estate Limited Liability Company (the designated one is a broker) 1-4 MUST BE SPONSORED BY A BROKER AND RECEIVE COMMISSIONS ONLY FROM THAT BROKER steps in obtaining a real estate license - ANSWER - 1. meet the educational requirements