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TEXAS State Real Estate Exam Prep (Champions School Of Real Estate Chapters 1-6) Questions And Answers With Verified Solutions 100% Correct!!!$13.49
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TEXAS State Real Estate Exam Prep
(Champions School Of Real Estate
Chapters 1-6) Questions And Answers
With Verified Solutions 100% Correct!!!
TREC was created in _________ to administer the provisions of the license act
which passed in _______. - ANSWER✔✔ 1949, 1939
Trec has the authority to make _________ and __________. - ANSWER✔✔
Rules, regulations
TREC consists of how many members? - ANSWER✔✔ Nine members - six
licensed brokers and 3 members of the public. All are appointed by governor and
approved by senate
The broker lawyer committee - ANSWER✔✔ writes the promulgated contract
forms.
The broker lawyer committee consists of: - ANSWER✔✔ 13 members. 6 brokers
appointed by trec and 6 lawyers appointed by the state bar association. 1 is a public
member appointed by governor
Penalties for unlicensed activity - ANSWER✔✔ Class A misdemeanor, not to
exceed $4000 for each penalty, or up to 1 year in prison or both. Each day a
violation continues may be considered a separate violation.
Administrative penalties for unlicensed activity - ANSWER✔✔ up to $5,000 per
day for violation of the license act, by any person, licensed or unlicensed.
, Real estate recovery trust account - ANSWER✔✔ ($50,000 max per transaction
and $100,000 max for any one licensee.)
If fund falls below $1 mill, trec can charge all licensee's a $10 fee until balance
goes back up to $1.7 million. If balance is above $3.5 million, Trec reduces value
by flushing excess to the general fund of of texas.
Non-resident broker - ANSWER✔✔ A broker with a Texas Real Estate brokers
license, but no home or office in Texas
Trec has the authority to license _______________________________. -
ANSWER✔✔ Real estate inspectors
Fidelity - ANSWER✔✔ license holder is a fiduciary to his client. faithfulness;
loyalty
Integrity - ANSWER✔✔ Will avoid misrepresentation by commission or omission
Competency - ANSWER✔✔ Be knowledgeable, informed, and educated
Customer Information notice 1-2 - ANSWER✔✔ Notifies the public of the
recovery trust account. Must be DISPLAYED in a prominent place in brokers
office
Discriminatory practices - ANSWER✔✔ No license holder shall inquire about,
respond to or facilitate inquires about or make disclosures indicating any
discriminatory preferences or limitations
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