Trec state exam 3 - Study guides, Class notes & Summaries

What year was the Real Estate Commision for TN formed? 1951 Licenses, registers and regulates real estate brokers and affiliate brokers, real estate firms, rental location agents, time-share salespersons and developments, vacation clubs and vacation lodging services. Responsibilities of the TN Real Estate Commision Who enacts rules addressing professional conduct and standards of practice. Tennessee Real Estate Commision The mission is to protect the public through establ...

Texas Real Estate Exam (State) (2023/2024) Already Passed 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 Broker Lawyer Committee -wri...

Texas Promulgated Contracts Champions Exam Questions With Answers | Latest Update (Graded 2023/2024). According to the TREC contract, accessories include: (a) Refrigerators (b) Stoves (c) Washing machines (d) Gas dryers A Exclusions to the sale must be removed (a) Prior to delivery of possession (b) At the convenience of the seller (c) When the offer becomes a binding contract (d) Two days prior to closing A The loan amount in Paragraph 3.B. of the sales contract includes: (a) The a...

Seller's Disclosure of Property Condition - must be given to a buyer before he signs an offer to make that offer binding on the buyer -if the buyer does not have the disclosure before signing, he has 7 days to terminate his offer, after receiving the disclosure -disclosure required in most states, but not all (required in Texas) Texas Real Estate License Act (TRELA) - -passed by legislation to protect the public against unscrupulous brokers and salesmen -rules and regulations are constru...

A woman passed the affiliate broker examination and is eager to begin listing and selling homes. What can she do? Apply for a license on the forms provided by the TREC and wait to receive it. A broker has several branch offices. Which is true regarding the management? Each branch office must be under the supervision of a broker licensed at that address. To create an agency relationship, there must be a written bilateral agreement. A licensed affiliate broker wants to incl...

Texas Principles of Real Estate Express Exam Questions & Answers Updated Latest. What kind of professionals manage the legal aspects of a development project? Real Estate attorneys, title companies, surveyors, property insurance companies and government regulatory officials What types of professionals are involved in the transfer of rights and interest in Real Estate? Titles companies, Real Estate Brokers/ Sales Persons, Mortgage Brokers, Mortgage Bankers, Appraisers, Insurers Property ...

Final Exam RELE 1200 Questions and Answers 100% Pass 1. According to paragraph 18 of the One to Four Family Residential Contract, at closing, earnest money is first applied to cash down payment 2. Which addendum is commonly used in a transaction involving an 80% fixed-rate loan? Third Party Financing Addendum 3. In the Third Party Financing Addendum, what should be the cap on interest rates? A rate the buyer will pay that is available in the market 4. When may a potential purchaser's offer ...

Texas Real Estate Exam Practice Test 3 (Latest 2023 - 2024) New Full Exam Questions and Answers Included 1. How many members in TREC? Answer: 9: 3 general public, 6 brokers 2. Who appoints, confirms TREC members? Answer: Governor appoints, senate ap- proves 3. How many members on the Broker-Lawyer Committee? Answer: 13: 6 brokers, 6 lawyers, 1 public member 4. Who appoints Broker-Lawyer committee members? Answer: Brokers/TREC, Lawyers/Pres of State Bar, Public Member/Governor 5. Whe...

What is the maximum TREC will pay? - $12,500 per transaction; $30,000 for each licensee Number of members on TREC? - 9; 6 Brokers / 3 Public. The each serve staggered years. How many members are on the Texas Real Estate Inspector Committee? - 9; all professional inspectors for 5 years. Staggered 6 year terms. 3 members expire Feb 1st in oddnumbered years. How many hours requirement for renewal of each of the three types of licensees? - 16, 8, 0 Real Estate Inspector must complete the ...

Texas Real Estate State Licensing Exam || Complete Questions & Answers (100% Correct) Texas Real Estate State Licensing Exam || Complete Questions & Answers (100% Correct) When was TREC created? - ANSWER - 1947 TREC has the authority to.. - ANSWER - make rules and regulations. It's rules and laws govern license holders TREC has how many commission members? - ANSWER - 9 members, 3 represent the general public and 6 are real estate brokers TREC has the power to.. - ANSWER - subpoena ...