TX Real Estate Exam - TREC & Licensing Already Passed

TX Real Estate Exam - TREC & Licensing Already Passed Which of the following is true regarding the Texas Real Estate Commission? A) Commissioners serve staggered 3-year terms. B) Nine members are elected to 6-year terms. C) Three members must represent the public. D) Six members are appointed by the governor with the approval of the Senate. C The TREC is empowered to A) enact laws to administer license law statutes. B) discipline violators of license laws. c) impose incarceration sentences for flagrant violators of license law. B establish and maintain education standards for fulfillment of the education-related aspects of Texas license laws. Education Standards Advisory Committee In fulfilling its regulatory role, TREC is empowered to impose fines as well as __________ or __________ licenses. suspend or revoke If a licensee's suspension is upheld following a hearing, the licensee may appeal to a _______________ where the hearing was held. district court Licensees must disclose to consumers that there is a trust fund in Texas to satisfy judgments and reimburse parties damages from the actions of licensees. Texas Real Estate Recovery Trust Fund Sales agents who will be suspended must notify their broker in writing ______ days prior to the suspension. three Complaints must be filed within ___ years 4 A person who performs brokerage activities for others for compensation broker An active Texas broker designated by a licensed business entity to act on its behalf. Designated Broker For license renewals, TREC distributes a notice to renew ____ months prior to expiration. 3 With a proper application, late renewers filing within ___ days of expiration will not lose active status if sponsored throughout period between expiration and new license issuance 60 Sponsoring brokers must give all subordinate agents ___ days advance notice of any application to deactivate their license. The notice period is timed to the application date. 30 William has been named designated broker for the partnership he works with. For this to be acceptable, William must A) be an actively licensed sales agent or broker. B) be a general partner of the firm. C) be an employee of the partnership. D) must have been affiliated with the firm for a minimum period of 12 months. B TREC may waive a broker's education and experience requirements if A) the applicant earned a masters degree in real estate. B) the applicant was a licensed attorney for two of the prior four years. C) the applicant was a broker for the prior two years; completed the CE requirement; and was active for two of the prior four years. D) the applicant was an active sales agent for four of the previous five years preceding the application. C