Texas Real Estate State Exam 2023/2024 with 100% correct answers

When was TREC created? 1947 TREC has the authority to.. make rules and regulations. It's rules and laws govern license holders Brainpower Read More Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:01 / 0:15 Full screen TREC has how many commission members? 9 members, 3 represent the general public and 6 are real estate brokers TREC has the power to.. subpoena books, records, and witnesses and issue and revoke real estate licenses If your license is revoked by TREC... You can appeal the decision to the district court Who writes promulgated contract forms? The Broker Lawyer Committee Who are the members of the Broker Lawyer Committee? 13 total, 6 are TREC appointed brokers, 6 are lawyers appointed by the President of the State Bar Association, and one is a public member appointed by the governor Penalty of practicing without a license People engaged in the 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 $4,000.00 or impris- onment in the county jail for not more than one year, or both. Trials for this would be held in the county court. In addition, persons guilty of a violation of the License Act and whoever profited there from are liable for additional civil penalties of up to three times the amount of money received. TREC penalty of violating license act TREC may assess an administrative penalty of up to $5,000 per day for violation of the license act by any person, either licensed or unlicensed. If TREC assesses a penalty, a license holder has 30 days to pay the penalty. Unlicensed assistant is only allowed to do clerical duties and greet at an open house If an unlicensed assistant does work requiring a license, the penalty is both realtor and assistant get fined Real Estate Recovery Trust Account It was created by TREC to pay aggrieved persons who suffered a monetary loss due to unscrupulous acts of the license holders. These persons can receive up to three times the amount of money lost.