- Study guides, Class notes & Summaries

TREC Promulgated Contract Forms #351 Final Exam With Complete Solution()

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18 pages

Written in 2023/2024

Grade A+

philomath

Affiliate Broker Qualifications Must complete sixty (60) hours of education, complete the thirty (30) hour "Course for New Affiliates) prior to licensing being issued. Acquisition Agent requires a special acquisition agent licensure which allows the agent to solicit an encourage people to attend special presentations for a timeshare program. This solicitation must be done off-site from the timeshare location. Adverse Fact Condition recognized by licensees that have a negative i...

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8 pages

Written in 2023/2024

Grade A+

EXAMSTUDYPLUG

TREC State Chapt. 4 - Agency/Brokerage. Questions and answers. Graded A+ TREC - Texas Real Estate Commission How many members does TREC have? - Nine (six brokers, with at least five years of real estate experience, and three members of the public) What are TREC's duties? - Administers TRELA, established policy and rules What is TRELA? - The Texas Real Estate Licensing Act What is TRELA's purpose? - Protect the public through regulation of licensed real estate brokerage practit...

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4 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC State Chapt. 4 - Agency/Brokerage. Questions and answers. Graded A+ TREC - Texas Real Estate Commission How many members does TREC have? - Nine (six brokers, with at least five years of real estate experience, and three members of the public) What are TREC's duties? - Administers TRELA, established policy and rules What is TRELA? - The Texas Real Estate Licensing Act What is TRELA's purpose? - Protect the public through regulation of licensed real estate brokerage practit...

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4 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC Commission Duties and Powers. Top Exam Questions and answers, rated A+ General Powers - -1. Make & Enforce Regulations 2. Standard of Conduct & Ethics 3. Admin. & Enforce License Law & Levy Fines 4. Issue License & Collect Money for Licenses 5. Conduct Investigations 4 YEARS OF INCIDENT, hold hearings and issue injunctions. 6. Suspend or Revoke or place on probation licensees 7. Initiate Cease & Desist Act 8. Inspect and Accredit Real Estate Schools 9. Promulgate Contracts & Ad...

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4 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC State Exam 3, Top Questions and answers, rated A+ An unlicensed assistant prospects for leads for their agent employer. Who could be fined and/or have a licensed suspended or revoked by TREC? - The unlicensed assistant, agent and sponsoring broker When is the termination option fee in the 1-4 Family Contract due? - by midnight of the negotiated date The option period ends: - at 5 pm on the day mentioned in the contract A broker who has a representation agreement with a buyer dec...

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3 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC Laws, Rules, and Policies, Top Exam Questions and answers, RATED A+ Expired license reinstatement policy-- - -allows avoidance of late penalties with a medical excuse; establishes penalties ranging from $50 per month up to $1500; must reapply as a new licensee after one year. Lapsed Errors and Omissions insurance policy-- - -all licenses must maintain insurance; principal broker can be fined $1000 per affiliate for failure. License exam application rule change - -no one can apply...

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3 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC - FAQ Study. Questions and answers, 100% Accurate. GRADED A+ Does TREC consider a logo that contains the broker's full name sufficient for the broker name requirement? - -Yes, as long as the size of the broker's name itself (not the whole logo) is at least ½ the size of the largest contact information. [Rule 535.155(b)(3)] Does TREC consider promotional items and sponsorships to be advertising? - -Yes. If a sales agent's name or team name is on them, the broker's name must also...

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5 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC- Promulgated Contracts, Top Exam Questions and answers, VERIFIED. Owner-Provided Contract Forms - -There is, however, one exception to this rule. When it comes to contracts for property sales or leases, license holders must use the appropriate TREC-promulgated form UNLESS another contract form has been prepared by, and is REQUIRED by, the property owner. It's important to note that in this instance, the property owner must require the use of their own contract form (or a contract pre...

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34 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC form 1 Questions and answers, 100% Accurate. Graded A+ When is the TREC form one used for - 1. report a licensee's or firm's change of name or address 2. release an affiliate broker 3. report a transfer to a new firm 4. change of license status (active, inactive, or retired) What should a licensee do if they are transferring to another firm - n a release from his/her current broker 2. submit a transfer notice to TREC When does a license becomes inactive - fails to...

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2 pages

Written in 2023/2024

Grade A+

PassPoint02

Course 1: 2020-2021 TREC LEGAL UPDATE 1 #33796, Top Exam Questions and answers, rated A+ As a result of TREC's 2019 Sunset Review... - -TREC is required to dismiss a complaint if it determines the complaint is inappropriate or without merit. The amendments to Rule §535.148 (Receiving an Undisclosed Commission or Rebate) prohibits license holders from selling ______ or recommending settlement providers to their clients based solely on money or other valuable consideration. - -Referrals ...

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6 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC Legal I update Exam Questions & Answers. Graded A+ Mario is the buyer under a purchase contract. Mario may advertise the property for sale without a real estate license__________ - -b. if he discloses that he is selling an equitable interest in the property. Which of the following could cause an advertisement to be misleading? - -d. inclusion of "CEO" after the sales agent's name An open house may NOT be hosted by____ - -c. an unlicensed assistant. if a prospective tenant p...

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2 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC vocabulary Exam Review questions sections. code of ethics - TRELA - The Texas Real Estate License Act- passed by legislation to protect the public REALTOR® - A license holder who is a member of the National Association of REALTORS® (NAR) Sunset Act - a law establishing a procedure to periodically review agencies of state government to determine if they should be abolished or revised in structure and function CMA - Comparative Market Analysis Comparative Market Analys...

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2 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC-State Exam Prep Questions and answers, 100% Accurate. VERIFIED. Business should be conducted in a manner which: (a) Maintains maximum profitability to the inspector (b) Assures the client of the inspector's independence from outside influences (c) Presents a neat and clean appearance (d) Compromises the inspector's ability to render fair and impartial opinions - -Assures the client of the inspector's independence from outside influences All advertising distributed by ...

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31 pages

Written in 2023/2024

Grade A+

PassPoint02

Texas Real Estate Commission (TREC), Questions and answers, 100% Accurate. TREC was created in ______ to: - -1949 - administer the provisions of the License Act TREC has the authority to: - make rules and regulations, and can advise with reference to its rules and laws that govern license holders TREC consists of: - 9 commission members, represent the general public and 6 are real estate brokers. all are appointed by the governor and approved by the senate. they serve 6-year terms. ...

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26 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC Law of Agency. Top Exam Questions and answers, rated A+ A broker is not allowed to commingle funds. Commingle means: - -To place the client's money in the broker's account (An agent may have his license suspended because he commingles funds.) The relationship that exists between the principal and the agent representing him is called - -Agency A fiduciary relationship is one based on trust because the agent owes the following duty/duties to the client - -Confidentiality, Accoun...

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10 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC FAQ, Top Exam Questions and answers, rated A+ How do I request inactive status for my sales agent license? - -Request inactive status online at no cost by following the instructions below: *Log into our Online Services *Choose to Manage my Sponsorship (Sales) *Proceed to "Terminate" the sponsoring broker of record. If you submit the Application for Inactive Broker or Sales Agent Status form by mail, you must include the $20.00 paper processing. When can an agent say that the...

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6 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC-State Portion Study Guide-Complete Terms List. Questions and answers. Rated A+ I. Commission Duties and Powers (Sale Agent-2, Broker-3 Questions) A. General Powers: Composition, Duties, and Powers; Real Estate Broker-Lawyer Committee B. Investigations and Subpoena Power: Investigations; Subpoena Power Investigations; Subpoena Power Hearings C. Hearings and Appeals (Broker only) D. Penalties for Violation: Unlicensed Activity; Authority for Disciplinary Actions; Penalties; Rec...

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2 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC State Questions & Accurate answers, graded A+ An individual is exempt from being required to have a real estate license in Texas when performing which one of the following activities? - -Offering an employer's property for rent The Texas Real Estate Commission is composed of - -six brokers and three public members appointed by the governor with senate approval All of the following are true about discount points EXCEPT: - -Discount points must be part of all contracts A real e...

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18 pages

Written in 2023/2024

Grade A+

PassPoint02

TREC Texas, Exam Questions and answers, rated A+ TREC - -Texas Real Estate Commission (1949) - 6 broker members and 3 public members - created to administer the provisions of the TRELA - they promulgate contract forms for the licensees. TRELA - -The Texas Real Estate License Act - passed in 1939 by the Texas legislature. Broker Lawyer Committee - -6 Lawyers and 6 brokers appointed by TREC and one public member appointed - they write the Texas contract forms Real Estate Recovery Tru...

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4 pages

Written in 2023/2024

Grade A+

PassPoint02