Texas Real Estate Exam STATE Portion Already Graded A

Texas Real Estate Exam STATE Portion Already Graded A How many members in TREC? 9: 3 general public, 6 brokers Who appoints, confirms TREC members? Governor appoints, senate approves How many members on the Broker-Lawyer Committee? 13: 6 brokers, 6 lawyers, 1 public member Who appoints Broker-Lawyer committee members? Brokers/TREC, Lawyers/Pres of State Bar, Public Member/Governor Where is the Real Estate Advisory Committee? Texas A & M Who is on the Real Estate Advisory Committee? 10 members: 6 brokers, 3 public members, 1 ex TREC officio How long does an individual have after an incident to file a complaint against a license holder? 4 years If your license is revoked by TREC, you may..... appeal to the district court Brokerage without a license is defined as a Class A Misdemeanor Penalties for Brokerage without a license Fine up to $4,000; imprisonment in county jail for not more than 1 year, or both Additional penalties for brokerage without a license Civil penalties of up to three times the amount of money received The Real Estate Recovery Account was created to pay aggrieved persons who suffered monetary losses due to unscrupulous acts of license holders. If Real Estate Recovery Trust Account is below $1 million Brokers and licensees pay a pro rata share of $10 upon license renewal If Real Estate Recovery Trust Account is above $3.5 million, the excess goes into the State's General Fund When an amount if paid out of the Real Estate Recovery Trust Account on behalf of a license holder, the license of the person can be suspended or revoked. It may never be recovered until the account is paid back with interest. Maximum amount payable by the Real Estate Recovery Trust Account is $100,000 per license holder and $50,000 per transaction. Does TREC resolve disputes between license holders? No YES License attorneys receiving a commission YES License Auctioneers involved in any part of a transaction, other than calling YES License apartment locators Yes License real estate agents Yes License Business entities who receives commissions on behalf of license holders Yes License Designated broker, officer, or manager of a Real Estate Limited Liability Company Yes License a third party who collects rents from a single family residence (property manager) Yes License Any business that engages in real estate brokerage must have a licensed broker EXEMPT License attorneys receiving a fee but no commission split EXEMPT License court appointed receivers, trustees, guardians, and sheriffs; anyone engaged in or carrying out foreclosure sales EXEMPT License Administrators and executors of a will