100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
Previously searched by you
TX-Brokerage (SAE), Texas Real Estate Brokerage 30 Hours 2019, texas sae real estate brokerage, Real Estate: Brokerage Final Exam Questions/Answers, Real Estate: Practice Exam (Questions/Answers), Real Estate: Agency Exam Questions/Answers, texas sae...$16.49
Add to cart
TX-Brokerage (SAE), Texas Real Estate Brokerage 30 Hours 2019, texas sae real estate brokerage, Real Estate: Brokerage Final Exam Questions/Answers, Real Estate: Practice Exam (Questions/Answers), Real Estate: Agency Exam Questions/Answers, texas sae...
4 views 0 purchase
Course
TX-Brokerage , Texas Real Estate Brokerage 30
Institution
TX-Brokerage , Texas Real Estate Brokerage 30
TX-Brokerage (SAE), Texas Real Estate Brokerage 30 Hours 2019, texas sae real estate brokerage, Real Estate: Brokerage Final Exam Questions/Answers, Real Estate: Practice Exam (Questions/Answers), Real Estate: Agency Exam Questions/Answers, texas sae...
The _____ is required to ascertain that Br...
TX-Brokerage (SAE), Texas Real Estate Brokerage 30
Hours 2019, texas sae real estate brokerage, Real
Estate: Brokerage Final Exam Questions/Answers,
Real Estate: Practice Exam (Questions/Answers), Real
Estate: Agency Exam Questions/Answers, texas sae...
The _____ is required to ascertain that Brokers are aware of all of their
responsibilities.
Texas Real Estate Commission
The _____ course is to address the regulatory aspects of the management,
operation and supervision of a real estate brokerage firm in Texas. The course
provides an understanding and working knowledge of a broker's responsibilities
and obligations under 22 TAC §535.2.
Broker Responsibility MCE
Who Must Take The Broker Responsibility MCE Course?
A broker who sponsors salespersons, a designated broker of a business entity, and a
license holder who is a delegated supervisor of one or more license holders (for six
months or more during the supervisor's current license period), to complete this six—
hour broker responsibility course to renew a license.
"Act of God"
A natural disaster or fire
Broker must, at a minimum, maintain the following records in a format that is
readily available to the Commission for at least ____ years from the date of
closing, termination of the contract, or end of a real estate transaction
4
Recruitment of a salesperson by a broker is not regulated with the exception that
instructors or other persons associated with a ___ may NOT recruit or solicit
prospective salespersons or brokers in a classroom during class time
School
There is no provision in the Act or the TREC Rules prohibiting a broker from
_____ a salesperson or broker—associate affiliated with another broker.
Recruiting
________ are exempt from any of the provisions of the Texas Real Estate License
Act. They are permitted to represent clients in real estate transactions by virtue of
their license to practice law.
Attorneys
Brokers CANNOT share their fees with attorneys who perform a brokerage
service, attorneys must seek compensation for that service directly from one of
the ______ in a transaction
Principals
Can a listing broker share a portion of the listing broker's commission with an
attorney who represented the buyer in a real estate transaction?
,No. A broker is prohibited from sharing fees with or otherwise compensating the
attorney acting as a buyer's agent unless the attorney holds an active real estate
license.
Is a link to the IABS form required on my website?
Yes. Rule 531.20(b) states that each broker and sales agent must provide a link on its
homepage to the IABS Form labeled "Texas Real Estate Commission Information About
Brokerage Services".
IABS link must be in at least a ______ point font and in a readily noticeable place
on the homepage of the business website of the broker and sales agent.
10
Does a link to the IABS Form in my email signature satisfy the representation
disclosure required by TRELA §1101.558?
No. Rule 531.20(d) states that providing a link to the IABS Form in a footnote or
signature block of an email is insufficient
The IABS Form can be provided by:
(1) personal delivery; (2) first class mail or overnight common carrier delivery service;
(3) in the body of an email; or (4) as an attachment to an email or as a link in the body
of an email so long as there is a specific reference to the IABS Form in the body of the
email.
Reasons people give for wanting to open their own Brokerage:
Wanting to create something from scratch, Wanting to be their own boss, Wanting to
train and motivate real estate agents to be successful, Wanting to be leader in their
community or in the industry, An entrepreneurial spirit
Two good resources for finding past statistic for the real estate industry are
The National Association of REALTORS® and the Real Estate Center at Texas A&M
University.
The _______ indicates the strength of the economy.
Gross domestic product or GDP
Most good economies have a GDP of about _____
3%
A new broker will need a good real estate attorney and a good _____ on their
team.
Certified public accountant (CPA)
The Rules of the Texas Real Estate Commission require that a Broker have
a_______ before you start hiring agents
Policy and Procedures Manual
Policy and Procedures Manual must include
Agent's Authorized Activity, Advertising, Compensation, Records Management, Trust
Accounts
The new broker will want to consider three possibilities.
Purchasing an existing real estate business, purchasing a franchise office or a start up
from scratch
All business entities engaged in real estate brokerage activity, including ______,
need to be licensed.
Partnerships
,If the designated broker does NOT directly own at least 10% of the entity TREC
requires proof that the business entity maintains _______ in the amount of $1
million per occurrence.
Errors and omissions insurance
Two requirements that must be met for all advertisements
Must "clearly and conspicuously contain the name of the broker, either a business entity
or an individual."
and An advertisement must include a designation that serves to clearly identify the
advertiser as a real estate agent.
TREC Qualifications to obtain a Broker's license:
Citizen of the United States or lawfully admitted alien, 18 years of age or older, Resident
of Texas, unless you: were licensed in Texas as a sales agent or broker in the last two
years; or you are licensed as a broker in another state, Meet TREC's qualifications for
honesty, trustworthiness, and integrity
Instructors must pass the test with a grade of ____ or higher to be able to teach
the course
80%
To become a Broker you need to complete your qualifying education- ______
classroom hours of qualifying real estate courses
270
Principles of Real Estate I (30 classroom hours), Principles of Real Estate II (30
classroom hours), Law of Agency (30 classroom hours), Law of Contracts (30
classroom hours), Promulgated Contracts Forms (30 classroom hours), Real
Estate Finance (30 classroom hours), Real Estate Brokerage (30 classroom
hours)
Brokerage mandatory courses
The Real Estate Brokerage course must be completed not more than ____ years
before the application date.
2
The Broker will become both the Leader and the _____
Manager
Broker/Owners become responsible for the______ of the entire company
Management, operation and supervision
A broker must maintain all records for _____ years.
4
Purchasing or starting a new brokerage business is exciting and _____
Risky
Builders do NOT have to be _____, in Texas
Licensed
CRS—
Certified Real Estate Specialist
ABR—
Accredited Buyer's Representation
ALC—
Accredited Land Consultant
SRS—
, Seller's Representation Specialist
CRB—
Certified Real Estate Broker
CPM—
Certified Property Manager
GRI—
Graduate of the REALTOR® Institute
CRE—
Certified Real Estate Counselor
SRES—
Senior Real Estate Specialist
REALTOR® members agree to submit commission disputes
between Brokers to arbitration through their _____
Association of REALTORS®.
A broker may only _____ another license holder to withdraw or transfer money
from any trust account, but the broker remains responsible and accountable for
all trust money received by that broker and all deposits to or disbursements from
the trust account.
Authorize
Any money received by a real estate sales person must be immediately delivered
to the salesperson's _____
Sponsoring broker
The law prohibits _____ money a license holder holds for another with a license
holder's own funds.
Commingling
When a broker holds earnest money or any money from property management
activities in a trust account, how often is a broker required to account for that
money?
Monthly
As the broker, it will be your job to gather and ___ information
Disseminate (spread)
It is the obligation of a real estate agent to be knowledgeable as a real estate
brokerage practitioner. The agent should be informed on
(1) Market conditions affecting the real estate business and pledged to continuing
education in the intricacies involved in marketing real estate for others;
(2) National, state, and local issues and developments in the real estate industry
(3) Exercise judgment and skill in the performance of the work.
NEVER delete a message from _____ without reading it carefully. It may contain
information that you and your sponsored sales people need to know.
TREC
Two things that an individual needs before she or he can start a brokerage firm:
A real estate broker's license and funding
The _____ is the newsletter from TREC and often contains information regarding
changes in rules, contracts, etc.
Advisor
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LectDan. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $16.49. You're not tied to anything after your purchase.
