According to trec rules - Study guides, Class notes & Summaries

Section 5 Question and answers 100% correct 2024/2025 Section 5: Contract Law in Texas "TRELA is the real estate law and it is administered by TREC." - correct answer True According to Phillip, what's the purpose of the Texas Real Estate License Act? - correct answer To protect the public through the regulation of real estate licensees and other industry professionals. The commission may adopt rules in the public's best interest that require license holders to use contr...

What Tennessee law covers landlord-tenant relations? Tennessee has the Uniform Landlord and Tenant Act for residential rentals. This law is designed to simplify, clarify, modernize, and revise the laws governing the rental of dwelling units and the rights and obligations of both landlords and tenants and to encourage them to maintain and improve the quality of housing. In addition, the law ensures that the right to the receipt of rent is inseparable from the duty to maintain the premises. Anyon...

Law of Agency – Champions Exam Questions and Answers 100% Solved Which of the following has the authority to suspend or revoke a Texas real estate license? TREC Which of the following is an element of a listing agreement? the agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the following a violation of independent contractor status? salesperson is told to work set hours, guaranteed a monthly minimum wage, has his licensing f...

Champions Texas RE Study Questions and Answers Graded A TREC has the power to order witnesses to appear and/or produce records of documents for its investigations and hearings. This is called subpoena power. If a license holder fails to respond to a subpoena, what can TREC do? TREC can file suit with the Attorney General to enforce the subpoena. A license holder in violation of the TRELA has received a summons from TREC that a hearing will be held regarding the possible revocation or su...

Which of the following has the authority to suspend or revoke a Texas real estate license? - TREC Which of the following is an element of a listing agreement? - the agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the following a violation of independent contractor status? - salesperson is told to work set hours, guaranteed a monthly minimum wage, has his licensing fees paid by the broker the TAR buyer representation agreement in o...

Texas Real Estate Commission - ANSWER-Created by the legislature in 1949 to carry out the provisions of TRELA Unauthorized Practice of Law - ANSWER-When license holders add provisions to contracts that go beyond the factual business details they are engaging in.. Deceptive Trade practices act - ANSWER- Real Estate Recovery Trust account - ANSWER-Administered by TREC, the purpose of the account is to protect aggrieved individuals who suffer a monetary loss due to illegal acts of license ...

The Five Canons; Fidelity - correct answer place no personal interest above the client's interest The Five Canons: Integrity - correct answer -has a special obligation to perform their responsibilities -must use caution to avoid misrepresentation by acts of commission or omission The Five Canons of Professional Ethics and Conduct - correct answer Fidelity Integrity Competence Consumer Information Form Discriminatory Practices *If a person believes the licensee violated TRELA (The Real E...

_____ is the form that licensees are most likely to work with the most frequently. - One to Four Family Residential Contract (Resale) "Psychological stigmas," which involve violent or catastrophic events on a property, fall under which category of disclosure? - Permitted disclosures "psychological stigmas," which involve violent or catastrophic events on a property, fall under which category of disclosure? - Permitted disclosutes "subdivision information" means which of the following...

brokerage - the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction; a brokerage transaction may or may not involve agency relationships The role of a property manager - Generally responsible for the day to day operations of the property, maintenance, and tenant relations How are home inspectors licensed? - Home inspectors are licensed in Texas by TREC. Real Estate Development - most often involves the acquisition of land for...