Texas State University FIN 3301
Texas Real Estate Exam (State)
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pearson vue practice exam Texas Real Estate Exam Texas Real Estate State Exam texas re
78 terms Teacher 178 terms 163 terms 100 term
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Terms in this set (32) Hide definitions
Texas Real Estate Commission (TREC) -created in 1949
-purpose: to administer the provisions of the License Act
-authority to make rules and regulations
-9 members (3 represent the general public, 6 are real estate brokers)
-all appointed by the governor and approved by the Senate
-serve 6 year terms
-has the power to subpoena books, records, and witnesses
-has the power to issue or revoke Real Estate Licenses
Broker Lawyer Committee -writes promulgated contract forms
-13 members (6 are brokers appointed by TREC, 6 are lawyers appointed by the
President of the State Bar Association, 1 is a public member appointed by the
governor)
Real Estate Recovery Fund created by TREC to pay aggrieved persons who suffered a monetary loss due to
unscrupulous acts of the licensees
-persons can receive up to 3 times the amount of money lost
-when an amount is paid out of it, the license of the individual is automatically
revoked or suspended without a hearing (cannot be recovered until the fund has
been repaid with interest)
, persons who must have a real estate license 1.attorneys who participate in a commission split
2.auctioneers involved in a real estate transaction
3.apartment locators
4.real estate salespeople
5.the designated officer of a licensed real estate corporation or the designated
manager of a licensed Real Estate Limited Liability Company (the designated one
is a broker)
1-4 MUST BE SPONSORED BY A BROKER AND RECEIVE COMMISSIONS ONLY
FROM THAT BROKER
steps in obtaining a real estate license 1. meet the educational requirements
2. submit an application with or without a sponsoring broker
3. submit the required fees
4. pass the state exam
5. demonstrate integrity
licensing requirements -18 years of age
-resident of Texas at the time of application
-comply with legal residency requirements (not an illegal alien)
educational requirements 180 classroom hours with a minimum of 120 in core real estate courses
-60 hours in Principles of Real Estate, 30 hours in Law of Contracts, 30 hours in the
Law of Agency are mandatory
TREC Consumer information form 1-1 -notifies the public of the recovery fund
-applies to both real estate licensees and inspectors
-must be displayed in the broker's office
-must be included in listing and buyer representation agreements, as well as any
invoices for services
Texas Real Estate License Act (TRELA) -passed by legislation to protect the public against unscrupulous brokers and
salesmen
-rules and regulations are construed liberally with a view toward their purpose,
and have the full force and effect of the law
foreign broker a broker from another state
-must work through resident brokers
-may collect commission from a Texas broker, as long as that broker does not
negotiate in Texas
advertising rules -broker name must be on each page of the web site
-licensee's web site must include the name of sponsoring broker
-when advertising listed property, broker or company name must be in the ad
Texas Real Estate Exam (State)
45 studiers today 4.7 (50 reviews)
Students also studied
Flashcard sets Study guides
pearson vue practice exam Texas Real Estate Exam Texas Real Estate State Exam texas re
78 terms Teacher 178 terms 163 terms 100 term
Adam_Duncan3 Preview Reginald_Clark4 Preview raineyd770 Preview ama
Terms in this set (32) Hide definitions
Texas Real Estate Commission (TREC) -created in 1949
-purpose: to administer the provisions of the License Act
-authority to make rules and regulations
-9 members (3 represent the general public, 6 are real estate brokers)
-all appointed by the governor and approved by the Senate
-serve 6 year terms
-has the power to subpoena books, records, and witnesses
-has the power to issue or revoke Real Estate Licenses
Broker Lawyer Committee -writes promulgated contract forms
-13 members (6 are brokers appointed by TREC, 6 are lawyers appointed by the
President of the State Bar Association, 1 is a public member appointed by the
governor)
Real Estate Recovery Fund created by TREC to pay aggrieved persons who suffered a monetary loss due to
unscrupulous acts of the licensees
-persons can receive up to 3 times the amount of money lost
-when an amount is paid out of it, the license of the individual is automatically
revoked or suspended without a hearing (cannot be recovered until the fund has
been repaid with interest)
, persons who must have a real estate license 1.attorneys who participate in a commission split
2.auctioneers involved in a real estate transaction
3.apartment locators
4.real estate salespeople
5.the designated officer of a licensed real estate corporation or the designated
manager of a licensed Real Estate Limited Liability Company (the designated one
is a broker)
1-4 MUST BE SPONSORED BY A BROKER AND RECEIVE COMMISSIONS ONLY
FROM THAT BROKER
steps in obtaining a real estate license 1. meet the educational requirements
2. submit an application with or without a sponsoring broker
3. submit the required fees
4. pass the state exam
5. demonstrate integrity
licensing requirements -18 years of age
-resident of Texas at the time of application
-comply with legal residency requirements (not an illegal alien)
educational requirements 180 classroom hours with a minimum of 120 in core real estate courses
-60 hours in Principles of Real Estate, 30 hours in Law of Contracts, 30 hours in the
Law of Agency are mandatory
TREC Consumer information form 1-1 -notifies the public of the recovery fund
-applies to both real estate licensees and inspectors
-must be displayed in the broker's office
-must be included in listing and buyer representation agreements, as well as any
invoices for services
Texas Real Estate License Act (TRELA) -passed by legislation to protect the public against unscrupulous brokers and
salesmen
-rules and regulations are construed liberally with a view toward their purpose,
and have the full force and effect of the law
foreign broker a broker from another state
-must work through resident brokers
-may collect commission from a Texas broker, as long as that broker does not
negotiate in Texas
advertising rules -broker name must be on each page of the web site
-licensee's web site must include the name of sponsoring broker
-when advertising listed property, broker or company name must be in the ad
