Texas Real Estate State Exam Correct 100%

TRELA - ANSWER 1939 Texas Real Estate License Act 9 commission member. 3 General Public & 6 Real Estate Brokers serves 6 terms TREC - ANSWER 1949 Texas Real Estate Commission To protect the public Broker Lawyer Committee - ANSWER writes promulgated contracts 13 members 6 are brokers 6 lawyers and 1 public member How long does someone have to file a complaint against you with TREC? - ANSWER 4 years. Only ______ has the power to issue or revoke Real Estate Licenses - ANSWER TREC Class A Misdemeanor - ANSWER Operating without having a license from TREC a fine not more than $4,000 or imprisonment in the county jail for not more than one year, or both. Civil penalties for violating TRELA - ANSWER Up to 3x the amount of money received Administrative penalty - ANSWER up to $5,000 a day by any person, licensed or not. You have 30 days to pay. 3 ways TRELA can charge penalties - ANSWER Criminal, Civil and Administrative penalties Real Estate Recovery Trust Account - ANSWER Up to $50,000 per lawsuit and up to $100,000 per license number. To pay the attorney. Who are required to have a license to practice real estate in Texas? - ANSWER Attorneys in order to get commission Auctioneers who are involve in any RE transaction Apartment Locators Real Estate Agents Anyone that does transaction for a corporation Any officers or managers under LLC Property manager