Texas Real Estate Commission (TREC), Questions and answers, 100% Accurate.

Texas Real Estate Commission (TREC), Questions and answers, 100% Accurate. TREC was created in ______ to: - -1949 - administer the provisions of the License Act TREC has the authority to: - make rules and regulations, and can advise with reference to its rules and laws that govern license holders TREC consists of: - 9 commission members, represent the general public and 6 are real estate brokers. all are appointed by the governor and approved by the senate. they serve 6-year terms. TREC has the power to (4 things): - subpoena, books, records, and witnesses. subpoena: - a writ ordering a person to attend a court. if a license holder fails to respond to subpoena, TREC can: - file suit with the Attorney General to enforce the subpoena only TREC has the power to: - issue or revoke Real Estate Licenses. if your license is revoked by TREC, you may: - appeal the decision to the district court the Broker Lawyer Committee: - writes the promulgated contract forms. this committee has 13 members, 6 are brokers appointed by TREC. 6 are lawyers appointed by the President of the State Bar Association. 1 is a public member appointed by the governor Broker Lawyer Committee - -Write Texas contract forms. 6 attorneys (appointed by president of the State Bar), 6 brokers (appointed by TREC) and 1 public member (appointed by TREC) Emblements - -cultivated crops are considered part of the land until time they are harvested -- personal property Real Estate Recovery Trust Account - -Account established to pay aggrieved persons who suffer a monetary loss due to unscrupulous acts of licensees SAE - -Salesman Annual Education; 60 hours of annual education in first year to renew license MCE - -Mandatory Continuing Education; 15 hours taken every two years Branch office license - -Required if a broker has more than one place of business TREC 1-1 - -TREC Consumer Information Form 1-1 notifies the public of the recovery trust account - displayed in the broker's office Referral Gift - -Licensee may give cash referral gift to any unlicensed individual who provides a referral in a value up to up to $50.00 Commission Rebate - -Broker shares a portion of their commission with a client within a transaction Nonresident Broker - -Broker with a Texas Real Estate broker's license but no home or office in the state. Can only work in Texas through a resident broker Foreign Broker - -A broker with a license from any state outside Texas - cannot engage in business in Texas, but may collect a commission from a Texas broker SB 489 - -Senate Bill 489 - allows a broker to act as an intermediary in a transaction representing both parties Information about Broker Services - -Discloses how agency works - form designed by TREC and presented to prospect at first substantive dialogue Disclosure of Representation - -Mandatory disclosure by licensees representing a party, must be made to all other parties at first contact Texas Subagent - -Licensee representing a seller while being sponsored by a broker other than the listing broker Seller's Disclosure of Property Condition - -Must be provided before the buyer makes an offer in order for the offer to be binding on the buyer Mediation - -Alternative Dispute Resolution; non-binding Arbitration - -Arbitrator hears both sides and provides resolution; binding. Certificated Service Area of a Utility Service Provider - -Property owners face a charge for turning on the utilities. Disclosure must be given Homestead Protection - -Statutory Estate - family homestead protected from forced sale (except mortgage, property taxes, fees and liens) DTPA - -Deceptive Trade Practices Act - 2 years to file a complaint M.U.D. - -Municipal Utility District - provider of water and sewers to the district (notice must be given) Intestate Succession - -Laws that govern how a property passes when a party dies without a will Eviction - -Forcible Entry and Detainer Rule P-53 - -Regulates title companies in Texas, limits incentives Competency for Licensure - -Passing state exam Integrity for Licensure - -Honest, Integrity and trustworthiness. Not be in default on student loans. Designated Officer - -Broker of a licensed real estate corporation Designated Manager - -Broker of a licensed real estate limited liability company Secondary Notice of Intermediary - -reminder notice when a buyer client is interested in purchasing an in-house listing - notice names the appointed associates Substantive Dialogue - -Substantial discussion of real estate or any mailing with substantial information about a property Chain of Title - -List of all owners of a property from the first to the present Title Report - -report outlining the current condition of the title - title commitment RESPA - -Real Estate Settlement Procedures Act - regulates closings on a 1-4 family residential property HUD-1 - -The hud uniform settlement statement - closing statement dividing charges and expenses between buyer and seller Escrow Agent - -Responsible for closing the transaction Alienation - -Change in real property ownership Voluntary Alienation - -Owner transfers title to another; deed, will, power of attorney