TREC Exam with correct answers
What year was the License Act passed? And when was TREC created? - ** VERIFIED ANSWERS
**✔✔Passed: 1939
Created: 1949
How many members does TREC consist of? - ** VERIFIED ANSWERS **✔✔9; 6 commission, 3
represent gen public
T/F Only TREC has the power to issue or revoke Real Estate Licenses - ** VERIFIED ANSWERS
**✔✔True
What is the penalty for engaging in brokerage without a license? - ** VERIFIED ANSWERS
**✔✔Class A misdemeanor and subject to a fine of not more than $4,000 or imprisonment for more
than one year
An unlicensed assistant is able: - ** VERIFIED ANSWERS **✔✔1. Sit in an open house, hand out
fliers and refer inquiries to a license holder
2. Set appointments to show a license
3. Place signs on property, accompany inspectors, place ads as directed by the license holder
4. Train and motivate license holders
5. Manage an office
6. Perform clerical activities for the broker (typing contracts, etc.)
T/F TREC is able to resolve conflicts between license holders - ** VERIFIED ANSWERS **✔✔False;
TREC plays no part in resolving conflicts between license holders
Persons who must have a real estate license: - ** VERIFIED ANSWERS **✔✔1. Attorneys who
participate in a commission split
2. Auctioneers involved in any part of the transaction
What year was the License Act passed? And when was TREC created? - ** VERIFIED ANSWERS
**✔✔Passed: 1939
Created: 1949
How many members does TREC consist of? - ** VERIFIED ANSWERS **✔✔9; 6 commission, 3
represent gen public
T/F Only TREC has the power to issue or revoke Real Estate Licenses - ** VERIFIED ANSWERS
**✔✔True
What is the penalty for engaging in brokerage without a license? - ** VERIFIED ANSWERS
**✔✔Class A misdemeanor and subject to a fine of not more than $4,000 or imprisonment for more
than one year
An unlicensed assistant is able: - ** VERIFIED ANSWERS **✔✔1. Sit in an open house, hand out
fliers and refer inquiries to a license holder
2. Set appointments to show a license
3. Place signs on property, accompany inspectors, place ads as directed by the license holder
4. Train and motivate license holders
5. Manage an office
6. Perform clerical activities for the broker (typing contracts, etc.)
T/F TREC is able to resolve conflicts between license holders - ** VERIFIED ANSWERS **✔✔False;
TREC plays no part in resolving conflicts between license holders
Persons who must have a real estate license: - ** VERIFIED ANSWERS **✔✔1. Attorneys who
participate in a commission split
2. Auctioneers involved in any part of the transaction
