Champions Exam Prep: State Questions And Answers Graded A+

Champions Exam Prep: State Questions And Answers Graded A+ TREC was created in what year? 1949 to administer the provisions of the license act License Act passed in what year? 1939. first the Act (law) then commission that *enforces* the law TREC penalties for unlicensed activity Subject to $4,000 or imprisonment up to 1 year or both. Held in the county court Administrative penalty fee $5,000 per day. AMDIN=5 LETTERS "$5K" Recovery Trust Account limits max payment $100,000 per license holder & $50,000 per transaction broker's license requirements 900 classroom hours 4 years holding license 3600 points SAE renewal 270 hours, 90 more than SAE 1st time 8 hours legal update CE requirements 18 hours every 2 years includes 8 hours of legal update includes 6 hours TREC broker responsibility if needed CE penalties $200 penalty if over 60 days inactive $250 to reactivate penalty + $50 activation fee 5 canons of professional ethics Fidelity Integrity Competency Consumer Info Notice 1-2 Discriminatory Practices trust accounts -holds client funds -written records of all funds must be maintained and kept for 4 years -if broker accepts earnest and acts as an escrow agent, money must be deposited in a trust