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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1

ARELLO, Association of Real Estate License Law Officials

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

2

TREC, Texas Real Estate Commission

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

3

First law to regulate brokerage in Texas was the..

Texas Real Estate Dealers Act, passed in 1939

4

TRELA, Texas Real Estate License Act

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

5

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

4 years

6

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

7

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

The Texas Real Estate Broker-Lawyer Committee

8

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.

9

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.

10

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.