Texas Real Estate Exam (State).pdf file:///C:/Users/HP/Desktop/New%20fl/Texas%20Real%20Estate%2
Texas Real Estate Exam (State)
1. Texas Real Estate Commission (TREC): -created in 1949
-purpose: to administer the provisions of the License Act
-authority to make rules and regulations
-9 members (3 represent the general public, 6 are real estate brokers)
-all appointed by the governor and approved by the Senate
-serve 6 year terms
-has the power to subpoena books, records, and witnesses
-has the power to issue or revoke Real Estate Licenses
2. Broker Lawyer Committee: -writes promulgated contract forms
-13 members (6 are brokers appointed by TREC, 6 are lawyers appointed by thePresident of
the State Bar Association, 1 is a public member appointed by the governor)
3. Real Estate Recovery Fund: created by TREC to pay aggrieved persons whosuffered a
monetary loss due to unscrupulous acts of the licensees
-persons can receive up to 3 times the amount of money lost
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,Texas Real Estate Exam (State).pdf file:///C:/Users/HP/Desktop/New%20fl/Texas%20Real%20Estate%2
-when an amount is paid out of it, the license of the individual is automatically revoked or
suspended without a hearing (cannot be recovered until the fund hasbeen repaid with
interest)
4. persons who must have a real estate license: 1.attorneys who participate in acommission
split
2.auctioneers involved in a real estate transaction
3.apartment locators
4. real estate salespeople
5. the designated officer of a licensed real estate corporation or the designated manager of a
licensed Real Estate Limited Liability Company (the designated oneis a broker)
1-4 MUST BE SPONSORED BY A BROKER AND RECEIVE COMMISSIONS ONLYFROM THAT
BROKER
5. steps in obtaining a real estate license: 1. meet the educational requirements
2. submit an application with or without a sponsoring broker
3. submit the required fees
4. pass the state exam
5. demonstrate integrity
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