TREC (State Exam) with correct answers
When was TREC Created? - correct Answers-1939
What Does TREC have the authority to do? - correct Answers-Make rules and
regulations
How many members are in TREC - correct Answers-9 Members
6 Brokers
3 General Public
How are TREC members appointed? - correct Answers-By the governor or senate
What happens if a License Holder fails to respond to a subpoena - correct Answers-
TREC can file a suit with the attorney general
Who writes promulgated contract forms - correct Answers-The broker Lawyer
Committee
How many members are on the Broker Lawyer Committee? - correct Answers-13
Members
6 Brokers - appointed by TREC
6 Lawyers - appointed by state bar association
1 public member appointed by the governor
Where is the Real Estate Center? - correct Answers-Texas A&M
How many members are on the Texas A&M advisory Committee? - correct Answers-10
appointed by the governor
6 are brokers licensed for 5 years
3 representing the public
1 ex-official representing TREC
How long does a individual have to file a complaint with TREC? - correct Answers-4
years from the effective date of contract, or the date of the incident
What does TREC have the power to do? - correct Answers-Issue or revoke a Real
Estate License
, Where are TREC hearings held? - correct Answers-Austin, unless a license holder
requests the hearing be held in their county
What happens if a license holder fails to respond to a summons from TREC - correct
Answers-TREC will automatically schedule a revocation/suspension hearing
What can you do if you license is revoked by TREC? - correct Answers-You can appeal
the decision to the district court
What happens if a person engages in real estate brokerage without having a secured
license from TREC? - correct Answers-Guilty of a class A misdemeanor, subject to a
fine not more than 4K or imprisonment in the country jail
The broker who profited is liable for 3x's the amount recieved
What is the penalty for violation of the License Act? - correct Answers-$5,000 per day
for violation of the license act by any person; licensed or unlicensed
What is the Real Estate Recovery Trust Account - correct Answers-Created by TREC to
pay aggrieved persons who suffered a monetary due to acts of a license holder
How much money can an aggrieved person receive from the recovery trust account? -
correct Answers-3x's the amount of money lost
What happens if the recovery trust account is less than 1 million? - correct Answers-
TREC could make agents pay the renal fee ($10) of their license or whatever necessary
to bring the amount to 1,700,000
What happens if the Recovery Trust account exceeds 3.5 Million? - correct Answers-
The excess goes into the states general fund
What happens when Recovery Trust Account balance is not below 1 million - correct
Answers-TREC simply continues to invest funds
What happens to the licensee when TREC pays an amount out of the Recovery Trust
Account - correct Answers-The license of the individual may be revoked or suspended.
The license may never be recovered until the account has been repaid with interest
What is the max payments TREC will pay out of the Recovery Trust? - correct Answers-
100,000 per license holder and 50,000 per transaction
Who is required to have a real estate license? - correct Answers--Attorneys participating
in a commission split
-Auctioneers involded in any part of a real estate transaction
When was TREC Created? - correct Answers-1939
What Does TREC have the authority to do? - correct Answers-Make rules and
regulations
How many members are in TREC - correct Answers-9 Members
6 Brokers
3 General Public
How are TREC members appointed? - correct Answers-By the governor or senate
What happens if a License Holder fails to respond to a subpoena - correct Answers-
TREC can file a suit with the attorney general
Who writes promulgated contract forms - correct Answers-The broker Lawyer
Committee
How many members are on the Broker Lawyer Committee? - correct Answers-13
Members
6 Brokers - appointed by TREC
6 Lawyers - appointed by state bar association
1 public member appointed by the governor
Where is the Real Estate Center? - correct Answers-Texas A&M
How many members are on the Texas A&M advisory Committee? - correct Answers-10
appointed by the governor
6 are brokers licensed for 5 years
3 representing the public
1 ex-official representing TREC
How long does a individual have to file a complaint with TREC? - correct Answers-4
years from the effective date of contract, or the date of the incident
What does TREC have the power to do? - correct Answers-Issue or revoke a Real
Estate License
, Where are TREC hearings held? - correct Answers-Austin, unless a license holder
requests the hearing be held in their county
What happens if a license holder fails to respond to a summons from TREC - correct
Answers-TREC will automatically schedule a revocation/suspension hearing
What can you do if you license is revoked by TREC? - correct Answers-You can appeal
the decision to the district court
What happens if a person engages in real estate brokerage without having a secured
license from TREC? - correct Answers-Guilty of a class A misdemeanor, subject to a
fine not more than 4K or imprisonment in the country jail
The broker who profited is liable for 3x's the amount recieved
What is the penalty for violation of the License Act? - correct Answers-$5,000 per day
for violation of the license act by any person; licensed or unlicensed
What is the Real Estate Recovery Trust Account - correct Answers-Created by TREC to
pay aggrieved persons who suffered a monetary due to acts of a license holder
How much money can an aggrieved person receive from the recovery trust account? -
correct Answers-3x's the amount of money lost
What happens if the recovery trust account is less than 1 million? - correct Answers-
TREC could make agents pay the renal fee ($10) of their license or whatever necessary
to bring the amount to 1,700,000
What happens if the Recovery Trust account exceeds 3.5 Million? - correct Answers-
The excess goes into the states general fund
What happens when Recovery Trust Account balance is not below 1 million - correct
Answers-TREC simply continues to invest funds
What happens to the licensee when TREC pays an amount out of the Recovery Trust
Account - correct Answers-The license of the individual may be revoked or suspended.
The license may never be recovered until the account has been repaid with interest
What is the max payments TREC will pay out of the Recovery Trust? - correct Answers-
100,000 per license holder and 50,000 per transaction
Who is required to have a real estate license? - correct Answers--Attorneys participating
in a commission split
-Auctioneers involded in any part of a real estate transaction
