State Test Question and answers already passed

State Test Question and answers already passed TREC (Texas Real Estate Commission) - correct answer -created in 1949 -protect the public -authority to make rules and regulations -consists of 9 commission 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. Broker Lawyer Committee - correct answer writes promulgated contracts 13 members 6 are brokers 6 lawyers and 1 public member. Handling of Complaints: investigations, hearings and appeals - correct answer -TREC can initiate an investigation against a license holder at its own motion. -An individual has four years from the effective date of a contract or the date of the incident to file a complaint with TREC regarding the license holder involved. After four years, TREC will no longer investigate a complaint. -The complaint must be written and signed. -Only TREC has the power to issue or revoke Real Estate Licenses. Penalties for Violation: Unlicensed Activity - correct answer -people who engage in real estate brokerage business without having secured a license from TREC are guilty of a class A misdemeanor and subject to a fine of not more than $4,000 or imprisonment in jail for not more than one year, or both. -TREC may asses an administrative penalty of up to $5,000 per day for violation of the license act by any person, either licensed or unlicensed. Real Estate Recovery Trust Acc