Aceable Agent - Level 9: Texas Real Estate License Act Questions With 100% Correct Answers.

Attorney - A person who is licensed to give legal advice Broker - Someone who assists in buying and selling to receive a commission Commingling - An illegal act of mixing personal funds with a client's funds Errors and omissions insurance - Insurance that protects against mistakes a license holder might make in real estate transactions; does not cover acts of fraud or other intentional misconduct Nolo Contendere - A plea in a criminal court in which the defendant accepts the punishment without admitting guilt Promulgated Contracts - Contracts prepared and authorized by the Texas Real Estate Commission that must be used by real estate license holders. There are a few exceptions to this rule. Real Estate Center - Located at Texas A&M University to provide the results of research and education to license holders Real Estate Recovery Trust Account - A fund managed by the Texas Real Estate Commission to provide payment to a party who has been damaged through the violation of The Real Estate License Act by a license holder Sales Agent - A person who is licensed to practice real estate and is sponsored by a real estate broker Supoena - Court order for a person or documents to appear in courtTexas Real Estate Broker-Lawyer Committee - A committee that creates and corrects contract forms to be used by Texas real estate license holders Texas Real Estate Commission (TREC) - A group of nine people appointed by the governor and confirmed by the state senate that are to set policy and rules from the real estate license act Texas Real Estate License Act (TRELA) - A law that governs the licensing, education, and activities of real estate license holders practicing brokerage in this state