PearsonVue Texas RE Study Guide
TRELA - ANSTexas Real Estate License Act
- Law that governs real property licensees and units the strength for TREC
TREC - ANSTexas real estate fee
TREC Composition - ANSNine Members
- 6 brokers
- three members of the majority
Appointed by way of the governor, with advice and consent of state senate, to staggered six-12
months terms
One broking detailed via the governor as chairperson
TREC Duties - ANS1) Make and put in force guidelines and regulations
2) Establish Standards of Conduct and ethics for licensees
three) Administer and put into effect license regulation ad levy civil fines
four) Select an administrator and employees to manage the law
5) Issue energetic and probationary licenses and accumulate cash for licenses and renewals
6) Conduct investigations (within 4 years after the incident), maintain hearings, and problem
injunctions
7) Suspend or revoke a license, and location on probation or reprimand a licensee
eight) Initiate a give up and desist motion
nine) Inspect and accredit real estate training applications
10) Promulgate contracts and addenda
11) Enforce the Texas Timeshare Act
TREC WILL NOT - ANS- Mediate or settle commission or different disputes among licensees or
brokerage firms
- Recommend person licensees to the public
- Send licensees to jail
Broker-Lawyer Committee FUNCTIONS - ANS- Draft, revise, and suggest contract paperwork
intended for use through licensees
- Does now not publish, promulgate, or approve the forms; ONLY TREC might also promulgate
actual estate contract forms
Broker-Lawyer Committee MAKEUP - ANS- 13 members
- 6 brokers appointed by the Commission
, - 6 lawyers appointed with the aid of the president of the State Bar of Texas
- One public member appointed via the Governor
Broker-Lawyer Committee TERMS - ANS- Serve 6 yr staggered terms
- Terms for 2 agents and 2 legal professionals expire each years
- Public individuals term expires each six years
Education Standards Advisory Committee FUNCTION - ANSReviews and revises schooling
curriculum requirements, direction content necessities, and trainer certification requirements for
all Texas actual property middle, Salesperson Apprentice Education (SAE), and Mandatory
Continuing Education (MCE) guides
Education Standards Advisory Committee MAKEUP - ANS- 12 contributors
- 7 energetic licensees (salespersons OR agents)
- Must have at least 5 years' active real estate experience
- Four training individuals who are TREC-accepted real estate instructors or owners of approved
real property faculties
- One Public member
- No set phrases
Handling of Complaints - Investigations, Hearings, and Appeals, and Penalties - ANSPg. 3 of
TX RE Prep ebook
Real Estate Recovery Trust Account - ANSAccount is maintained via TREC
- Must general $1 million at minimal
Purpose is to reimburse consumers who are suffering damages due to actual estate licensees,
certificates holders, or their employees
Brokerage corporations must display the Consumer Information Form 1-1 in a distinguished
area in every vicinity, notifying the public of the availability of the healing fund.
It is funded from license expenses
- At time of software, applicant can pay $10 into agree with account.
- If it drops below $1 million, each licensee is classified $10 or a seasoned rata to deliver it lower
back to $1.7 millon.
Consumers must observe within years of the cause of action or offense
Recovery maximums are as follows:
- $50,000 according to transaction, irrespective of the variety of claimants
- $100,000 total in step with licensee, regardless the # of claims
Remedies towards licensee if finances are used are as follows:
TRELA - ANSTexas Real Estate License Act
- Law that governs real property licensees and units the strength for TREC
TREC - ANSTexas real estate fee
TREC Composition - ANSNine Members
- 6 brokers
- three members of the majority
Appointed by way of the governor, with advice and consent of state senate, to staggered six-12
months terms
One broking detailed via the governor as chairperson
TREC Duties - ANS1) Make and put in force guidelines and regulations
2) Establish Standards of Conduct and ethics for licensees
three) Administer and put into effect license regulation ad levy civil fines
four) Select an administrator and employees to manage the law
5) Issue energetic and probationary licenses and accumulate cash for licenses and renewals
6) Conduct investigations (within 4 years after the incident), maintain hearings, and problem
injunctions
7) Suspend or revoke a license, and location on probation or reprimand a licensee
eight) Initiate a give up and desist motion
nine) Inspect and accredit real estate training applications
10) Promulgate contracts and addenda
11) Enforce the Texas Timeshare Act
TREC WILL NOT - ANS- Mediate or settle commission or different disputes among licensees or
brokerage firms
- Recommend person licensees to the public
- Send licensees to jail
Broker-Lawyer Committee FUNCTIONS - ANS- Draft, revise, and suggest contract paperwork
intended for use through licensees
- Does now not publish, promulgate, or approve the forms; ONLY TREC might also promulgate
actual estate contract forms
Broker-Lawyer Committee MAKEUP - ANS- 13 members
- 6 brokers appointed by the Commission
, - 6 lawyers appointed with the aid of the president of the State Bar of Texas
- One public member appointed via the Governor
Broker-Lawyer Committee TERMS - ANS- Serve 6 yr staggered terms
- Terms for 2 agents and 2 legal professionals expire each years
- Public individuals term expires each six years
Education Standards Advisory Committee FUNCTION - ANSReviews and revises schooling
curriculum requirements, direction content necessities, and trainer certification requirements for
all Texas actual property middle, Salesperson Apprentice Education (SAE), and Mandatory
Continuing Education (MCE) guides
Education Standards Advisory Committee MAKEUP - ANS- 12 contributors
- 7 energetic licensees (salespersons OR agents)
- Must have at least 5 years' active real estate experience
- Four training individuals who are TREC-accepted real estate instructors or owners of approved
real property faculties
- One Public member
- No set phrases
Handling of Complaints - Investigations, Hearings, and Appeals, and Penalties - ANSPg. 3 of
TX RE Prep ebook
Real Estate Recovery Trust Account - ANSAccount is maintained via TREC
- Must general $1 million at minimal
Purpose is to reimburse consumers who are suffering damages due to actual estate licensees,
certificates holders, or their employees
Brokerage corporations must display the Consumer Information Form 1-1 in a distinguished
area in every vicinity, notifying the public of the availability of the healing fund.
It is funded from license expenses
- At time of software, applicant can pay $10 into agree with account.
- If it drops below $1 million, each licensee is classified $10 or a seasoned rata to deliver it lower
back to $1.7 millon.
Consumers must observe within years of the cause of action or offense
Recovery maximums are as follows:
- $50,000 according to transaction, irrespective of the variety of claimants
- $100,000 total in step with licensee, regardless the # of claims
Remedies towards licensee if finances are used are as follows:
