Aceable Agent Texas Real Estate License Act Exam Questions With Correct Solutions 2024.

Texas Real Estate License Act (TRELA) - Answer A law that governs the licensing, education, and activities of real estate license holders practicing brokerage in this state Texas Real Estate Commission (TREC) - Answer 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 Broker - Answer Someone who assists in buying and selling to receive a commission Sales Agent - Answer A person who is licensed to practice real estate and is sponsored by a real estate broker Attorney - Answer A person who is licensed to give legal advice Real Estate Center - Answer Located at Texas A&M University to provide the results of research and education to license holders Promulgated Contracts - Answer 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. Texas Real Estate Broker-Lawyer Committee - Answer A committee that creates and corrects contract forms to be used by Texas real estate license holders Errors and omissions insurance - Answer Insurance that protects against mistakes a license holder might make in real estate transactions; does not cover acts of fraud or other intentional misconduct