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Chapter 7 - Texas Real Estate License Act
Terms in this set (45)
The purpose of the Texas Real Estate License Act is to:
Protect the general public from unscrupulous brokers and salespeople
The Texas Legislature granted TREC the authority to enact rules and regulations that have the full force and effect of the law and to advise with reference to these rules and laws.
Which of the following statements regarding the Real Estate Center in Texas is false?
The Real Estate Center has the authority to issue and revoke real estate licenses
In order to obtain a Texas Real Estate License, an applicant must be a citizen of the United States.
A broker can only represent a seller or a buyer, but not both in the same transaction.
A broker is a person who, for compensation:
-Sells, exchanges or leases real estate property
-Lists or attempts to list real estate for sale, lease or exchange
-Controls the acceptance or deposit of rent from a resident of a single-family real property unit
A person who offers, for consideration, to locate a unit in an apartment complex for lease to a prospective tenant is known as a:
Residential rental locator
number of hours required for a broker or sales agent license is established by the:
A subagent is a license holder who:
-Represents a principal through cooperation with and the consent of a broker representing the principal
-Is not sponsored by or associated with the principal's broker
Sarah gets a job as a sales representative for Galaxy Custom Homes. She will be working in the new Galaxy model home park, and will be limited to selling Galaxy homes only. Sarah will:
Be exempt from the requirement to be licensed
Mark gets a new job as a petroleum landman, and will be securing leases for a variety of oil and gas companies. Before Mark can begin work, he must obtain a valid real estate license.
Julie is a licensed attorney in Louisiana. She wants to be paid a commission to represent/negotiate on behalf of a purchaser of real estate in Texas. Can Julie do this?
Yes, but only if she obtains a Texas Real Estate License
The provision of the License Act that could potentially abolish the Texas Real Estate Commission
Texas Real Estate License Act is a part of the:
Broker members of the Texas Real Estate Commission must have been actively engaged in the real estate brokerage business as their primary source of income for the previous:
The commission consists of _____ members.
The Commission members are appointed by the ____________________ and approved by the ______________.
______ of the Commission members represent the public.
_______ of the Commission members are brokers.
The Texas Real Estate Commission has the authority to establish standards of advertising by a license holder acting as a residential rental locator.
The Commission has the authority to set fees for:
-Filing an application for a broker license
-Branch office licenses
The commission may adopt rules that require license holders to use certain contract forms ad- opted by the Commission:
In all transactions, except those where a form has been prepared by the property owner
A portion of the broker and sales agent application fee is paid to:
The Texas Real Estate Research Center
Commission has subpoena authority that includes the:
Calling of witnesses
Examination of witnesses under oath
Delivery of records and documents
Members of advisory committees created by the Commission are compensated on an hourly basis for their service on the committee.
The Commission may solicit and accept gifts, grants and donations from:
The Commission shall prepare and maintain a written plan that describes how a person who __________ may be provided reasonable access to the commission's programs.
a mental disability
a physical disability
The Commission will investigate a complaint that is:
Written and signed
The Commission is required to prioritize the investigation of complaints based upon:
The degree of potential harm to a consumer
Potential for immediate harm to a consumer
Overall severity of the allegations in the complaint
The Texas Broker-Lawyer Committee:
Writes the TREC-promulgated contract forms
A residential apartment locator in Texas is not required to be a license holder.
An applicant for a real estate license must disclose in the license application whether the applicant has:
Been convicted of a felony
Entered a plea of nolo contendere to a felony
Been convicted of a felony and the time for appeal has lapsed or the judgment or conviction has been affirmed on appeal
The sales agent exam is divided into two parts. The state portion has questions, and the national portion has questions.
The passing grade on the sales agent exam is %.
Sally wishes to once again become active in the real estate brokerage business. Her license has been expired for seven months. She must:
Submit an application for a new license and retake the exam
A broker who maintains more than one place of business in the State of Texas can maintain all branch locations under one office license.
All of the following are true regarding the Real Estate Recovery Account, EXCEPT:
TREC sets the maximum payments from the fund
A licensed broker may not pay a commission to or otherwise compensate a person directly or indirectly for performing an act of a broker unless the person is:
A real estate broker licensed in another state who does not conduct in this state any of the negotiations for which the commission or other compensation is paid
A license holder
All of the following are grounds for suspension or revocation of a certificate of registration, EXCEPT:
Acts in good faith
Which of the following is true regarding the imposition of an administrative penalty by TREC?
If the person does not pay the administrative fee, the administrator is authorized by the Commission to refer the matter to the attorney general for collection
A non-licensed person who acts as a broker or sales agent, and receives a commission for selling real estate may face a civil suit for damages filed by an injured party.
Any person engaging in business as a residential rental locator in Texas without a license could be charged with a Class A Misdemeanor.
Which of the following is required to obtain a real estate license in Texas?
An applicant must show competency by passing the exam
An applicant must be a resident of Texas at the time of application
An applicant must be of good moral character
When filing a complaint against a license holder, a consumer has ______ from the date of the incident to file a complaint with TREC.
commission shall maintain a recovery trust account that _____.
protects consumers who suffer a loss due to illegal acts of license holders
has two maximum payment amounts - $50,000 and $100,000
is funded by license holders and applicants
This set is often in folders with...
Chapter 1 Intro to Real Estate
Chapter 2 Real & Personal Property
Chapter 3 - Home Ownership
Chapter 4 - Law of Agency of Real Estate Brokerage
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