TEXAS State Real Estate Exam Prep (Champions School of Real estate Chapters 1-6)

TREC was created in _________ to administer the provisions of the license act which passed in _______. - answer-1949, 1939 Trec has the authority to make _________ and __________. - answer-Rules, regulations TREC consists of how many members? - answer-Nine members - six licensed brokers and 3 members of the public. All are appointed by governor and approved by senate The broker lawyer committee - answer-writes the promulgated contract forms. The broker lawyer committee consists of: - answer-13 members. 6 brokers appointed by trec and 6 lawyers appointed by the state bar association. 1 is a public member appointed by governor Penalties for unlicensed activity - answer-Class A misdemeanor, not to exceed $4000 for each penalty, or up to 1 year in prison or both. Each day a violation continues may be considered a separate violation. Administrative penalties for unlicensed activity - answer-up to $5,000 per day for violation of the license act, by any person, licensed or unlicensed. Real estate recovery trust account - answer-($50,000 max per transaction and $100,000 max for any one licensee.) If fund falls below $1 mill, trec can charge all licensee's a $10 fee until balance goes back up to $1.7 million. If balance is above $3.5 million, Trec reduces value by flushing excess to the general fund of of texas.