Texas Real Estate Law
TRELA- - Answer-Texas Real Estate Licensing Act
Purpose of Trec and Trela- - Answer-to protect the public of the state of texas
What is the law that governs all real estate licensess? - Answer-Texas Real Estaet License Act, and sets
the powers of TREC.
How do you know if a real estate license is required? - Answer-Three prong test
Activity or Dealing in Real Property
For Compensation
for Others
Acronym to determine if you need a license? - Answer-LL BEANS. Required if any of the following are
done for compensation:
Lists
,Leases
Buys
Exchanges
Auctions
Negotiations
Sells
What is the charge for practicing without a license? - Answer-Class A Misdemeanor
What is practicing without a license punishment? - Answer-4000 Fine
And or Up to one year in Jail
when punishes by a court, what may a court do? - Answer-1-3 times the amount of compensation
earned while practicing without a license
Trec Recognizes what two levels in the responsibilities of licenses? - Answer-SalesPerson License
Salesperson License- - Answer-No experience Required
- 18 years old
- Must be a resident of Texas at time of filing
- work under supervision of a principal or sponsoring broker.
What are complete requirements of a salesperson? - Answer-12 semester or 180 hours
1- 4 semesters of 60 hours of principles of real estate
, 2- 2 Semesters or 30 hours each of agency, contracts, contract forms and addenda, and real estate
finance
Delegated Licensee- - Answer-A licensee/broker who manages one or more licenses for 6 months or
longer.
Certification of Registration- - Answer-A person who receives compensation for selling, buying,
transferring, or leasing rights of ways in connection with telecommunication, utility, railroad or pipeline
companies
What must a certificate of registration holder must have? - Answer-Active sales license
Certificate of Registration
How long is certificate of registration?
What education is required?
Can it be revoked? - Answer-2 years
no education
Can be revoked
What happens if trec declines a notice? - Answer-- Trec must immediately give written notice and
- appeals are allowed
TRELA- - Answer-Texas Real Estate Licensing Act
Purpose of Trec and Trela- - Answer-to protect the public of the state of texas
What is the law that governs all real estate licensess? - Answer-Texas Real Estaet License Act, and sets
the powers of TREC.
How do you know if a real estate license is required? - Answer-Three prong test
Activity or Dealing in Real Property
For Compensation
for Others
Acronym to determine if you need a license? - Answer-LL BEANS. Required if any of the following are
done for compensation:
Lists
,Leases
Buys
Exchanges
Auctions
Negotiations
Sells
What is the charge for practicing without a license? - Answer-Class A Misdemeanor
What is practicing without a license punishment? - Answer-4000 Fine
And or Up to one year in Jail
when punishes by a court, what may a court do? - Answer-1-3 times the amount of compensation
earned while practicing without a license
Trec Recognizes what two levels in the responsibilities of licenses? - Answer-SalesPerson License
Salesperson License- - Answer-No experience Required
- 18 years old
- Must be a resident of Texas at time of filing
- work under supervision of a principal or sponsoring broker.
What are complete requirements of a salesperson? - Answer-12 semester or 180 hours
1- 4 semesters of 60 hours of principles of real estate
, 2- 2 Semesters or 30 hours each of agency, contracts, contract forms and addenda, and real estate
finance
Delegated Licensee- - Answer-A licensee/broker who manages one or more licenses for 6 months or
longer.
Certification of Registration- - Answer-A person who receives compensation for selling, buying,
transferring, or leasing rights of ways in connection with telecommunication, utility, railroad or pipeline
companies
What must a certificate of registration holder must have? - Answer-Active sales license
Certificate of Registration
How long is certificate of registration?
What education is required?
Can it be revoked? - Answer-2 years
no education
Can be revoked
What happens if trec declines a notice? - Answer-- Trec must immediately give written notice and
- appeals are allowed
