State Ch. 1

TREC was created in:
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Terms in this set (31)
Texas A&M's Real Estate Center:has an Advisory Committee to help TRECHow long does an individual have to file a complaint against a license holder?4 years - from effective date - from date of incidentAn individual's complaint against a license holder must be:Written and signedAfter 4 years of date of complaint:TREC will no longer investigateT/F: A consumer can research a license holder's history of complaints through TREC:TrueWho is the ONLY person that can issue or revoke a license:TRECHearing of a revocation or suspension is held at:The State Office or Admin. HearingsIf a license holder, in violation, fails to respond to summons by TREC:TREC automatically schedules hearing of Revocation/SuspensionIf TREC revokes your license:Appeal the decision to the district courtIf there is conflict between license holders:Board of Realtors or CourtPunishment for engaging in business without a license:- Class A Misdemeanor - $4,000 fine (maximum) - 1 year in jail (or BOTH $4,000 and 1 year in jail)Punishment for persons guilty of the License Act and if profited:Fine of 3X amount of money receivedTREC's administrative penalty for Violation of License Act:$5,000 per day - doesn't matter if licensed or unlicensedHow long does a license holder have to pay TREC's administrative penalty?30 daysReal Estate Recovery Trust AccountAn account established to pay aggrieved persons who suffer a monetary loss due to unscrupulous acts of licenseesWhat is an 'aggrieved party'?Persons who suffered monetary loss due to unscrupulous "licensees"How much can an aggrieved party collect from treble damages?- up to $50,000 per lawsuit - up to $100,000 per license numberHow is the Real Estate Recovery Trust Account funded?Taking $10 from applications or renewing feesIf fund is less than $1 million:TREC charges $10 to all licensees or a Pro rata share to bring up to $1.7 millionIf fund is over $3.5 million:On January 1st, TREC reduces by giving excess to General Fund of Texas back down to $3.5 millionWhat happens when any amount is paid out against a licensee?- The amount must be paid back with interest - and the license can be suspended/revoked