TREC Commission Duties and Powers. Top Exam Questions and answers, rated A+

TREC Commission Duties and Powers. Top Exam Questions and answers, rated A+ General Powers - -1. Make & Enforce Regulations 2. Standard of Conduct & Ethics 3. Admin. & Enforce License Law & Levy Fines 4. Issue License & Collect Money for Licenses 5. Conduct Investigations 4 YEARS OF INCIDENT, hold hearings and issue injunctions. 6. Suspend or Revoke or place on probation licensees 7. Initiate Cease & Desist Act 8. Inspect and Accredit Real Estate Schools 9. Promulgate Contracts & Addendas 10. Enforce TX Time share act. 11. Order person to refund customer if agreement resulting from informal settlement conference instead of imposing admin. penalty or other sanctions. Composition - -1. six brokers and three general public members (9 total) 2. all appointed by governor to six-year terms 3. one of appointed members is chairperson Duties - -Provides licensing, education, and complaint investigation services. The Commission can assist you in seeking qualifying education providers and approved courses in addition to how to renew or become licensed. Powers - -TREC has the power of subpoena. TREC may compel by subpoena the attendance of witnesses for examination under oath and the production for inspection and copying of books, accounts, records, papers, correspondence, documents and other evidence relevant to an investigation. If a licensee fails to comply with a subpoena, TREC can file suit through the attorney general to enforce the subpoena. Real Estate Advisory Committee - -Drafts and revises TREC promulgated contracts. 13 Members - 6 Brokers (Appointed by TREC), 6 Lawyers (Appointed by Pres. of State Bar), 1 Public Member (Appointed by Governor) Staggered 6 year terms - Terms for 2 Brokers and 2 Lawyers expire every TWO years. Handling of Complaints - -TREC accepts complaints when a complainant feels a license holder has violated The Real Estate License Act or TREC rules. TREC disciplinary actions include administrative penalties such as fines and suspension or revocation of a respondent's real estate license. Investigations, Hearings and Appeals - -TREC is required to maintain a system to act promptly and efficiently on complaints and must maintain a file on each complaint. TRELA requires that TREC assign priorities and investigate complaints using a risk-based approach on the: 1. Degree of potential harm to the consumer 2. Potential for immediate harm to the consumer 3. Overall severity of the allegations and complaint 4. Number of license holders potentially involved in the complaint 5. Number of potential violations in the complaint Number of license holders potentially involved in the complaint Number of potential violations in the complaint hearing at State Office Administrative Hearings. Failure to obey court order = contempt of court. Commission (majority vote) rule an order cancelling, revoking or suspending a licensee be probated upon reasonable terms and conditions. Salesperson must notify broker if license suspended. Broker must notify sales persons and parties to existing contracts and remit escrow or trust money (if held by the broker) in accordance with instructions of the principals. A person aggrieved by a decision of the Commission has the right to initiate an appeal to a district court. Penalties for Violation - -Acting As Licensee W/Out License = Class A Misdemeanor , Max $4,000.00 fine/One year Jail Authority for Disciplinary Actions - -If TREC has jurisdiction, it will investigate the allegations by interviewing the persons, witnesses and relevant information. TREC's Standards and Enforcement Services (SES) will notify the licensee if it intends to initiate disciplinary proceedings Recovery Trust Account - -ADMINISTRATION AND FUNDING - Administered by TREC for reimbursing aggrieved person who suffers actual damages by acts committed by a broker/salesperson or an unlicensed employee of a broker or salesperson. A one time of application $10.00 fee paid to Trust Account If amount of trusts drops below $1 MILLION, each licensee will be assessed $10.00 or a pro rata share at the time of renewal to bring the trust