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Texas Real Estate Exam STATE portion Questions And Answers.
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Texas Real Estate Exam STATE portion Questions And Answers.
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By: johnrkaupert • 5 months ago
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Texas Real Estate Exam STATE portion Questions And Answers.How many members in TREC? - Answer 9: 3 general public, 6 brokers
Who appoints, confirms TREC members? - Answer Governor appoints, senate approves
How many members on the Broker-Lawyer Committee? - Answer 13: 6 brokers, 6 lawyers, 1 public member
Who appoints Broker-Lawyer committee members? - Answer Brokers/TREC, Lawyers/Pres of State Bar, Public Member/Governor
Where is the Real Estate Advisory Committee? - Answer Texas A & M
Who is on the Real Estate Advisory Committee? - Answer 10 members: 6 brokers, 3 public members, 1 ex TREC officio
How long does an individual have after an incident to file a complaint against a license holder? - Answer 4 years
If your license is revoked by TREC, you may..... - Answer appeal to the district court
Brokerage without a license is defined as a - Answer Class A Misdemeanor
Penalties for Brokerage without a license - Answer Fine up to $4,000; imprisonment in county jail for not more than 1 year, or both
Additional penalties for brokerage without a license - Answer Civil penalties of up to three times the amount of money received
The Real Estate Recovery Account was created to - Answer pay aggrieved persons who suffered monetary losses due to unscrupulous acts of license holders.
If Real Estate Recovery Trust Account is below $1 million - Answer Brokers and licensees pay a pro rata share of $10 upon license renewal
If Real Estate Recovery Trust Account is above $3.5 million, - Answer the excess goes into the State's General Fund
When an amount if paid out of the Real Estate Recovery Trust Account on behalf of a license holder, - Answer the license of the person can be suspended or revoked. It may never be recovered until the account is paid back with interest.
Maximum amount payable by the Real Estate Recovery Trust Account - Answer is $100,000 per license holder and $50,000 per transaction.
Does TREC resolve disputes between license holders? - Answer No
YES License - Answer attorneys receiving a commission Texas Real Estate Exam STATE portion Questions And Answers.
YES License - Answer Auctioneers involved in any part of a transaction, other than calling
YES License - Answer apartment locators
Yes License - Answer real estate agents
Yes License - Answer Business entities who receives commissions on behalf of license holders
Yes License - Answer Designated broker, officer, or manager of a Real Estate Limited Liability Company
Yes License - Answer a third party who collects rents from a single family residence (property manager)
Yes License - Answer Any business that engages in real estate brokerage must have a licensed broker
EXEMPT License - Answer attorneys receiving a fee but no commission split
EXEMPT License - Answer court appointed receivers, trustees, guardians, and sheriffs; anyone engaged in or carrying out foreclosure sales
EXEMPT License - Answer Administrators and executors of a will
EXEMPT License - Answer on-site apartment managers
EXEMPT License - Answer new home sales agents working for a builder
EXEMPT License - Answer cemetary lot sales agents
EXEMPT License - Answer a person selling his own property; FSBO
EXEMPT License - Answer an employee leasing/renting property for the owner
EXEMPT License - Answer corporate employees buying/selling/leasing corporate property
EXEMPT License - Answer hotel/motel personnel
EXEMPT License - Answer an attorney in fact
EXEMPT License - Answer an auctioneer who is ONLY calling a real estate auction
EXEMPT License - Answer anyone selling mobile homes (portable)
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