TEXAS Real Estate Flashcards
(191 cards)
When was TREC created?
1949
TREC administers the provisions of what act?
The License Act, passed in 1939
Out of TREC’s 9 commission members, how many are real estate brokers?
6
TREC’s commission members are appointed by who and approved by who?
Appointed by the governor and approved by the Senate
If a license holder fails to respond to a subpoena, what can TREC do?
TREC can file suit with the Attorney General to enforce the subpoena
An individual has how many years from the effective date of a contract or the date of the incident to file a complaint with TREC regarding the license holder involved?
4 years. Complaint must be written and signed
If a license holder, in violation, fails to respond to a summons from TREC, what will happen?
TREC will automatically schedule the revocation/ suspension hearing.
How are conflicts between license holders usually handled?
through the local Board of Realtors ©, by mediation, or in court
People engaged in the real estate brokerage business without having secured a license from TREC are guilty of and subject to what?
Class A Misdemeanor.
fine of not more than $4,000.00
or imprisonment in the county jail for not more than one year, or both.
Trials for this would be held in the county court.
persons guilty of a violation of the License Act and whoever profited there from are liable for what?
up to 3 times the amount of money received
TREC may assess an administrative penalty of up to how much for violation of the license act?
$5,000/ day
by any person, either licensed or unlicensed
30 days to pay
Real Estate Recovery Trust Account
- created to pay aggrieved parties who win an uncollectible judgment from an agent/broker
- may collect treble damages up to $50,000 per lawsuit and up to $100,000 per license number
- When any amount is paid out against a licensee, the amount must be paid back with interest and the license can be suspended/revoked.
Who is exempt from licensing?
- Texas licensed attorneys can handle a real estate transaction for a client for a fee as long as they do not participate in broker to broker commission splits
- Anyone engaged in or carrying out foreclosure sales
- Administrators and executors of a will
- New home sales agents working for one builder or owner
- Cemetery lot sales agents
- A person selling his own property
- An auctioneer calling a real estate auction.
- Anyone selling mobile homes.
+ more obvious ones
Broker Assumed Business Name (DBA)
is another name for the broker’s business that can be used by all sponsored sales agents and brokers associated with this broker. Another name that indicates a broker’s line of business, e.g. property management or commercial is also a DBA.
Team Name
- used only by a team or group of one or more sponsored sales agents or brokers associated with this broker.
- Team names must end in “team” or “group”
- cannot contain the words “brokerage”, “company”, or “associates” or other similar terms.
Alternate Name
a name used by an individual license holder other than the name on the individual’s license, such as a middle name, married name, maiden name or nickname.
All three name types must be registered with TREC by when?
BEFORE you start to use them in advertisements
The Texas Appraisers Licensing and Certification board – TALCB
regulates real estate appraisers and administers the Texas Appraiser Licensing and Certification Act
How many times can you fail the real estate license exam before having to take additional course work and resubmit an application?
3
How many hours of extra course work do you have to take after failing the exam 3 times?
National - 30 hours
State - 30 hours
Both parts - 60 hours
What are the 3 licensing requirements?
- Must be 18 years of age, or older
- Be a citizen of the United States or a lawfully admitted alien
- Criminal background check
How many course hours are required for a sales agent’s license?
180 hours
For how long is a real estate license valid for?
2 years
An on time renewal with late education completed within 60 days results in a penalty of how much?
$200