Real Estate License Class 1 => Chapter 9 Complete Exam Questions With Correct Detailed Answers.

The Texas Real Estate Commission (TREC) is a group of ____ appointed people who regulate real estate activity and licensees in Texas to ensure laws are followed and consumers are protected. - correct answer nine ____ enforces the rules and regulations laid out in ____ . - correct answer TREC TRELA The ____ is a law that governs the licensing, education, and activities of real estate license holders practicing brokerage in Texas. - correct answer Texas Real Estate License Act (TRELA) In ____ , the Texas Legislature passed the Texas Real Estate License Act to govern the licensing and practice of real estate in Texas. - correct answer 1939 Today, TRELA is a part of the ____ , Chapter 1101. - correct answer Texas Occupations Code In order to enforce the provisions of TRELA, the Texas Legislature created the Texas Real Estate Commission (TREC) in ____ - correct answer 1949 (10 years later) TREC's purpose is to oversee the ____ - correct answer licensing, education requirements, and ethical standards TREC has the authority to adopt and enforce ____ - correct answer rules for governing real estate practitioners. TREC regulates all of the following individuals: ____ - correct answer Real estate inspectors Easement/right-of-way agents Education providers for real estate & inspection courses Developers of timeshares ⛱ Residential service companies Real estate brokers and sales agents ️ "Broker": (A) means a person who,____ - correct answer in exchange for a commission or other valuable consideration or with the expectation of receiving a commission or other valuable consideration "Real estate" means ____ - correct answer any interest in real property, including a leasehold, located in or outside this state. "Sales agent" means ____ - correct answer a person who is sponsored by a licensed broker for the purpose of performing an act described by Subdivision (1). A person is not engaged in real estate brokerage, regardless of whether the person is licensed under this chapter, based solely on engaging in the following activities: - correct answer (1) constructing, remodeling, or repairing a home or other building; (2) sponsoring, promoting, or managing, or otherwise participating as a principal, partner, or financial manager of, an investment in real estate; or (3) entering into an obligation to pay another person that is secured by an interest in real property. A person who is employed to rent land by the owner needs a real estate license T/F - correct answer FALSE. A person who is employed to sell or rent land and/or structures by the owner does not need a real estate license. Next Page The Sunset Act is a common state law, which, in Texas, requires the Sunset Commission to evaluate all state agencies every ____ years with respect to their: ___ - correct answer 12 Efficiency Need for their continued services The governor's appointed TREC commissioners must be confirmed by ____ - correct answer two-thirds of the Texas senate. What categories of people are barred from serving on the Commission? - correct answer Neither trade association employees nor lobbyists can be members of the commission.Neither trade association employees nor lobbyists can be members of the commission. Membership Term Length: ____ years - correct answer 6 Committee Purpose: ____ - correct answer Adopt and enforce rules for governing Texas real estate practitioners Members: ____ (All appointed by the governor and confirmed by at least ____ of the Texas Senate.) - correct answer 9 2/3 TREC members serve six-year terms that are ____ - correct answer staggered The executive committee of the commission consists of the: ____ - correct answer Presiding officer Assistant presiding officer Secretary Who designates a broker member of the Commission to serve as a presiding officer? - correct answer The governor designates a broker member of the commission to serve as a presiding officer. To fully comprehend their duties and how the Commission must function, the members of the Commission are required to go through ____ . - correct answer training it's possible that a commission member could be named in a lawsuit as a result of their actions while performing their duties. In this case, ____ is provided to them while they are functioning as a commission member - correct answer immunity If a member of the Commission or employee speaks on behalf of the Commission, they ____ can/not be compensated except for travel costs. - correct answer cannot TREC employees will receive guidance directly from the ____ - correct answer commissioners What law (chapter) imposes a code of ethics and standard of conduct on members of the Commission? - correct answer Every single employee of the commission is subject to the code of ethics and standards of conduct imposed by Chapter 572. Who is responsible for informing employees of their conduct expectations and responsibilities?____ - correct answer commissioners The commission shall adopt rules to charge and collect ____ - correct answer fees in amounts reasonable and necessary to cover the costs of administering this chapter, (b) The commission may not prohibit a license holder from using for the sale, exchange, option, or lease of an interest in real property a contract form that is: ____ - correct answer (1) prepared by the property owner; or (2) prepared by an attorney and required by the property owner. The commission may not adopt a rule restricting advertising or competitive bidding by a person regulated by the commission except ____ - correct answer to prohibit a false, misleading, or deceptive practice by the person. The commission may request and, if necessary, compel by subpoena: ____ ; and ____ - correct answer (1) the attendance of witnesses for examination under oath (2) the production for inspection and copying of records, documents, and other evidence relevant to the investigation of an alleged violation of this chapter. the state legislature has stated that there are two things that have to be included in all listing contracts: - correct answer The first one is a line indicating that all commissions are negotiable. The second one is to inform sellers about the special rules concerning anyone who lives along the coast. All listing contracts in Texas must include two pieces of information: the special rules concerning anyone who lives on a coast and what else? - correct answer All listing contracts in Texas must include two things: information informing sellers about the special rules concerning anyone who lives on a coast and that all commissions are negotiable. The commission shall investigate the actions and records of a license holder if: ____ - correct answer (1) a person submits a signed, written complaint; and (2) the complaint and any evidence presented with the complaint provide reasonable cause for an investigation (a) The commission shall develop and implement policies that provide ____ with a reasonable opportunity to appear before the commission and to speak on any agenda item at a regular commission meeting - correct answer the public TRELA was passed in ____ . - correct answer 1939 TREC was created in ____ . - correct answer 1949 ____ is a law passed by the Texas Legislature to govern Texas real estate. - correct answer TRELA ____ is a government agency created by the Texas Legislature to enforce TRELA. - correct answer TREC It's a rule that this form ____ needs to be near the front door of every real estate office and branch location. This form provides the information necessary to file a complaint with TREC. - correct answer Consumer Protection Notice TREC No. CN 1-2 You have two font sizes you can use with your notice links online: ____ - correct answer 10 point if you spell out the Commission's name: Texas Real Estate Commission Consumer Protection Notice 12 point if you use the Commission's abbreviated name: TREC Consumer Protection Notice The submitter must provide reasonable cause for the investigation within ____ years of the date of the incident — hopefully sooner (the statute of limitations is ____ years). - correct answer four The Texas Real Estate Broker-Lawyer Committee consists of ____ members - correct answer 13 Committee members serve staggered ____ -year terms - correct answer six The ____ is a committee that creates and corrects contract forms to be used by Texas real estate license holders. - correct answer Texas Real Estate Broker-Lawyer Committee The Broker-Lawyer Committee consists of ____ members. - correct answer 13 ____ members are brokers appointed by the Commission - correct answer Six ____ members are lawyers appointed by the President of the State Bar Association - correct answer Six ____ member is a member of the public appointed by the governor - correct answer One Two commission appointees, Two Texas State Bar appointees expiring every ____ years - correct answer two The governor-appointed public member term expires every ____ years. Whew, you got all those numbers? - correct answer six The ____ appoints the six brokers to the Committee. - correct answer Texas Real Estate Commission