TREC Exam Questions and answers, 100% Accurate. Rated A+

TREC Exam Questions and answers, 100% Accurate. Rated A+ What year was the License Act passed? And when was TREC created? - Passed: 1939 Created: 1949 How many members does TREC consist of? - 9; 6 commission, 3 represent gen public T/F Only TREC has the power to issue or revoke Real Estate Licenses - True What is the penalty for engaging in brokerage without a license? - Class A misdemeanor and subject to a fine of not more than $4,000 or imprisonment for more than one year An unlicensed assistant is able: - 1. Sit in an open house, hand out fliers and refer inquiries to a license holder 2. Set appointments to show a license 3. Place signs on property, accompany inspectors, place ads as directed by the license holder 4. Train and motivate license holders 5. Manage an office 6. Perform clerical activities for the broker (typing contracts, etc.) T/F TREC is able to resolve conflicts between license holders - False; TREC plays no part in resolving conflicts between license holders Persons who must have a real estate license: - 1. Attorneys who participate in a commission split 2. Auctioneers involved in any part of the transaction 3. Apartments locators 4. Real estate sales agents 5. Entities that receive compensation on behalf of a license holder Licensing Requirements: - 1. 18 yrs or older 2. Resident of Texas during time of application 3. Comply with legal residency requirements 4. Submit fingerprints to TREC before or after testing TRELA stands for? Was created? - Texas Real Estate Licensing Act 1939 To protect the public against unscrupulous brokers Senate Bill 489 allows a broker to do what? - To act as an intermediary in a transaction, but only a broker can be an intermediary T/F The length of the protection period in the listing agreement is negotiable - True What is the difference between an intermediary with appointments and an intermediary without appointments - With appointments: broker can give advice Without: cannot give advice or opinions What are the two types of disclosures? - 1. Agency- IBMS, warning ... 2. Representation- who you are, who you work for, who you represent This must be given to a buyer before he signs an offer to make that offer binding on the buyer - Seller's disclosure of property and condition Who writes the promulgated contract forms and who promulgates them? - Broker Lawyer Committee writes them TREC promulgates them T/F If a broker has more than one offer on a listed property, he must present all offers, but there is no required order of presentation - True If lender required repairs exceed ___% of the price, the buyer can terminate the contract - 5% Who is responsible for filling in the effective date? - The broker; effective date of the option period