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Texas Real Estate TEXAS – Questions With Solutions A+
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Texas Real Estate TEXAS – Questions With Solutions A+
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Texas Real Estate TEXAS – Questions With Solutions A+How many members in TREC? Right Ans - 9: 3 general public, 6 brokers
Who appoints, confirms TREC members? Right Ans - Governor appoints,
senate approves
How many members on the Broker-Lawyer Committee? Right Ans - 13: 6
brokers, 6 lawyers, 1 public member
Who appoints Broker-Lawyer committee members? Right Ans -
Brokers/TREC, Lawyers/Pres of State Bar, Public Member/Governor
Where is the Real Estate Advisory Committee? Right Ans - Texas A & M
Who is on the Real Estate Advisory Committee? Right Ans - 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? Right Ans - 4 years
If your license is revoked by TREC, you may..... Right Ans - appeal to the
district court
Brokerage without a license is defined as a Right Ans - Class A
Misdemeanor
Penalties for Brokerage without a license Right Ans - Fine up to $4,000;
imprisonment in county jail for not more than 1 year, or both
Additional penalties for brokerage without a license Right Ans - Civil
penalties of up to three times the amount of money received
If Real Estate Recovery Trust Account is below $1 million Right Ans -
Brokers and licensees pay a pro rata share of $10 upon license renewal
If Real Estate Recovery Trust Account is above $3.5 million, Right Ans - 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, Right Ans - 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
Right Ans - is $100,000 per license holder and $50,000 per transaction.
Does TREC resolve disputes between license holders? Right Ans - No
Attorneys receiving a commission. License or No License ? Right Ans -
License
Auctioneers involved in any part of a transaction other than calling. License or
no license? Right Ans - License
Apartment Locators. License or no license? Right Ans - License
Business entities who receives commissions on behalf of license holders.
License or no license? Right Ans - License
Designated broker, officer, or manager of a Real Estate Limited Liability
Company. License or no license? Right Ans - License
A third party who collects rents from a single family residence (property
manager). License or no license? Right Ans - License
Any business that engages in real estate brokerage must have a licensed
broker. License or no license? Right Ans - License
Attorneys receiving a fee but no commission split. License or no license?
Right Ans - Exempt- no license
court appointed receivers, trustees, guardians, and sheriffs; anyone engaged
in or carrying out foreclosure sales. License or no license? Right Ans -
Exempt- no license
Administrators and executors of a will. License or no license? Right Ans -
Exempt- no license
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