Texas Real Estate- Texas
Terms in this set (53)
TREC (Texas Real Estate Commission)
6 broker members and 3 public members - created to administer the provisions of the license act - they promulgate contract forms for licensees.
TRELA (Texas Real Estate License Act)
Passed by legislation to protect the public.
Broker Lawyer Committee
6 attorneys appointed by the president of the State Bar, 6 brokers appointed by the TREC and 1 public member appointed by the Governor - they write the Texas contract forms.
Real Estate Recovery Trust Account
An account established to pay aggrieved persons who suffer a monetary loss due to unscrupulous acts of licensees.
SAE ( Salesman's Annual Education)
A 90 core hour requirement that must be met during the first two years of licensing in order for a licensee to be able to renew that license.
MCE (Mandatory Continuing Education)
A 15 hour course taken once every two years and including 6 hours of legal update, required by all licensees with a total of 270 or more core hours.
No longer licensed - a sales or broker license has not been renewed on time.
A license has been renewed but Is being held by TREC - one cannot engage in the business while inactive.
Branch Office License
Required if a broker has more than one place of business.
DBA (Doing Business As)
Also an assumed name - a broker with a DBA must file it with the county clerk in every county where he/she has an office.
TREC Consumer Information Form 1-1 notifies the public of the recovery trust account - it must be displayed in the broker's office.
A licensee may give a referral gift of up to $50 in value (not cash) to any unlicensed individual who provides a referral.
A broker shares a portion of his/her commission with a client within a transaction - taking a reduced commission.
A broker with a Texas Real Estate broker's license, but no home or office in Texas - this broker can only work in Texas through a resident broker.
A broker with a license from any other state or country outside of Texas - this broker cannot engage in the business in Texas, but may collect a commission from a Texas broker.
Also called cold calling - telemarketing for listings in Texas is legal but requires a Real Estate License.
Federal Do Not Call List
Regulates telemarketing on interstate and international calls.
Texas No Call List
Regulates telemarketing on interstate and intrastate calls.
SB 489 (Senate Bill 489)
Allows a broker to act as a intermediary in a transaction - representing both parties.
Intermediary with Appointments
A broker intermediary appoints associates to work with the parties - one associate gives advice and opinions to the buyer and one associate gives advice and opinions to the seller - the broker can never give advice or opinions to either party - the broker can only disclose facts.
Intermediary without Appointments
The broker is the intermediary and represents both parties - no advice or opinions given to either party - only facts about the property can be disclosed by the broker.
Information About Brokerage Services (IABS)
A form designed by TREC and presented to a prospect at first substantive dialogue - it explains or discloses how agency works - disclosure of agency - if the TREC form is not used, any other form with TREC wording in 10 point type can be used.
Disclosure of Representation
A mandatory disclosure by licensees representing a party - must be made to all other parties or licensees at first contact.
A licensee representing a seller while being sponsored by a broker other than the listing broker.
Seller's Disclosure of Property Condition
Must be provided to a buyer before the buyer makes an offer in order for the offer to be binding on the buyer.
Promulgated Contract Forms
Written by the Broker-Lawyer Committee and promulgated by TREC these contract forms are for the mandatory use of licensees.
Alternative Dispute Resolution - a mediator hears both sides and tries to help the parties come to an agreement.
An arbitrator hears both sides and then tells the parties what to do - used when mediation fails.
Certificated Service Area of a Utility Service Provider
A location where property owners may face a charge for turning on or connecting water and sewer services - a disclosure must be provided to prospective buyer.
Reasonable Amount of Time
As defined by TREC - 2 days
A statutory estate - a family homestead is protected from forced sale by all creditors except: mortgage, property taxes, m&m liens and homeowner association fees.
A tax benefit - homeowners must own and occupy the property on January 1st and apply for the exemption to get it.
DTPA (Deceptive Trade Practices Act)
Individuals have 2 years from the discovery of the deception to file a complaint.
M.U.D. (Municipal Utility District)
A provider of water and sewers to residents of the district - disclosure to buyers is mandatory.
Laws that govern how property passes when a party dies without a will or with a will that makes only a partial distribution of the property.
Forcible Entry and Detainer
Eviction - also called action of forcible detainer.
Regulates title companies in Texas - limits incentives they can provide to possible sources of business.
A licensed individual who will determine the need for mold remediation.
The removal of mold.
A licensed individual who will remove mold and the underlying cause of mold.
Certificate of Mold Remediation
Provided by a mold remediator, it verifies that the mold has been removed and certifies with a reasonable certainty that the underlying cause of the mold has been corrected - must be provided within 10 days of work being completed.
R.E. License Requirements
18 years of age, Texas resident at time of application, legal residency, pass exam, fingerprinting.
Salesman License Education Requirements
180 classroom hours including 60 in Principles of Real Estate, 30 in Law of Agency, 30 in Law of Contracts, 30 in Finance and 30 in Promulgated Contract Forms (effective September 1, 2012)
Broker License Requirements
900 classroom hours including 30 in Real Estate Brokerage and at least four years active experience in Texas as a licensed real estate salesperson. An applicant must demonstrate not less than 3600 points of qualifying practical experience obtained during four out of five years as required by 535.56(b) of the Rules of the Texas Real Estate Commission.
Competency for Licensure
Passing the state test.
Investigation of Licensees by TREC
TREC can investigate the actions of a licensee at its own motion, or if they have received a written signed complaint no more than 4 years after a contract or the date of an incident.
Integrity for Licensure
An individual must satisfy TREC as to their honesty, integrity and trustworthiness and must not be in default on Texas State student loans.
A candidate has 12 months from the date on their authorization letter to pass the exam which can be taken an unlimited number of times.
The broker of a licensed real estate corporation.
The broker of licensed real estate limited liability company.
Secondary Notice of Intermediary
A reminder notice provided to the buyer and seller when a buyer client is interested in purchasing an in-house listing - this notice names he appointed associates.
A face to face meeting with a substantial discussion of real estate or any mailing with a substantial amount of information about a particular property.
TREC requires a broker who represents a party or who lists real property under an exclusive agreement to: inform the party of material information related to the transaction, answer the party's questions and present offers to and from the party, and to refrain from telling another broker to negotiate directly with the broker's client
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