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Champions Exam Prep: State Questions And Answers Graded A+ $9.69   Add to cart

Exam (elaborations)

Champions Exam Prep: State Questions And Answers Graded A+

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Champions Exam Prep: State Questions And Answers Graded A+ TREC was created in what year? 1949 to administer the provisions of the license act License Act passed in what year? 1939. first the Act (law) then commission that *enforces* the law TREC penalties for unlicensed activity Subj...

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  • May 13, 2024
  • 2
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
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Champions Exam Prep: State Questions And
Answers Graded A+
TREC was created in what year?
1949 to administer the provisions of the license act


License Act passed in what year?
1939. first the Act (law) then commission that *enforces* the law


TREC penalties for unlicensed activity
Subject to $4,000 or imprisonment up to 1 year or both. Held in the county court


Administrative penalty fee
$5,000 per day. AMDIN=5 LETTERS "$5K"


Recovery Trust Account limits max payment
$100,000 per license holder & $50,000 per transaction


broker's license requirements
900 classroom hours
4 years holding license
3600 points


SAE renewal
270 hours, 90 more than SAE 1st time
8 hours legal update


CE requirements
18 hours every 2 years
includes 8 hours of legal update
includes 6 hours TREC broker responsibility if needed


CE penalties
$200 penalty if over 60 days inactive
$250 to reactivate penalty + $50 activation fee


5 canons of professional ethics
Fidelity
Integrity
Competency
Consumer Info Notice 1-2
Discriminatory Practices


trust accounts
-holds client funds
-written records of all funds must be maintained and kept for 4 years

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