Chapter 7 "Texas Real Estate License Act" Flashcards Preview

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Flashcards in Chapter 7 "Texas Real Estate License Act" Deck (10)
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ARELLO, Association of Real Estate License Law Officials

Promotes uniform policies and standards in the fields of license law administration and enforcement.


TREC, Texas Real Estate Commission

9 members: 3 are members of public and 6 are real estate brokers (for 5 years)


First law to regulate brokerage in Texas was the..

Texas Real Estate Dealers Act, passed in 1939


TRELA, Texas Real Estate License Act

Passed in 1949 and codified as Title 7, Occupations Code, Chapter 1101 in June 2003


The statute of limitations for investigating a complaint is...

4 years


The Texas Real Estate Broker-Lawyer Committee

13 members: 6 members appointed by the commission, 6 members of the State Bar of Texas appointed by the president of the state bar, 1 public member appointed by the governor


Which committee is responsible for drafting and revising standardized contract forms to be used by license holders?

The Texas Real Estate Broker-Lawyer Committee


TREC Rule 535.92(a) effective January 1, 2016

All licensed holders must complete 18 classroom hours of CE every two years to renew a license.


The Real Estate Center at Texas A&M University is funded by..

$20 from brokers and sales agents, each time a license is issued or renewed.


A license holder who draws an earnest money contract instead of using a form promulgated for a specific purpose...

will have her license revoked or suspended.