TEXAS REAL ESTATE EXAM (STATE)
QUESTIONS AND ANSWERS 100%
CORRECT
Texas Real Estate Commission (TREC) - ANSWER--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 - ANSWER--writes promulgated contract forms
-13 members (6 are brokers appointed by TREC, 6 are lawyers appointed by the
President of the State Bar Association, 1 is a public member appointed by the
governor)
Real Estate Recovery Fund - ANSWER-created by TREC to pay aggrieved persons
who suffered a monetary loss due to unscrupulous acts of the licensees
-persons can receive up to 3 times the amount of money lost
-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 has
been repaid with interest)
persons who must have a real estate license - ANSWER-1.attorneys who participate
in a commission 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 one is
a broker)
1-4 MUST BE SPONSORED BY A BROKER AND RECEIVE COMMISSIONS ONLY
FROM THAT BROKER
steps in obtaining a real estate license - ANSWER-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
foreign broker - ANSWER-a broker from another state
-must work through resident brokers
QUESTIONS AND ANSWERS 100%
CORRECT
Texas Real Estate Commission (TREC) - ANSWER--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 - ANSWER--writes promulgated contract forms
-13 members (6 are brokers appointed by TREC, 6 are lawyers appointed by the
President of the State Bar Association, 1 is a public member appointed by the
governor)
Real Estate Recovery Fund - ANSWER-created by TREC to pay aggrieved persons
who suffered a monetary loss due to unscrupulous acts of the licensees
-persons can receive up to 3 times the amount of money lost
-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 has
been repaid with interest)
persons who must have a real estate license - ANSWER-1.attorneys who participate
in a commission 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 one is
a broker)
1-4 MUST BE SPONSORED BY A BROKER AND RECEIVE COMMISSIONS ONLY
FROM THAT BROKER
steps in obtaining a real estate license - ANSWER-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
foreign broker - ANSWER-a broker from another state
-must work through resident brokers
