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90 Cards in this Set
- Front
- Back
When was TREC created? |
1949
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What is TREC's responsibility?
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to administer provisions of license act
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How can TREC advise
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with reference to it's rules and laws governing licenses
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How many people make up TREC?
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9 community members, 3 general public, 6 brokers
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Who appoints TREC members?
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Governor, approved by Senate
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How long does TREC's terms last
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6 years
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What does TREC do if licensee ignores a subpoena?
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file suit with Attorney General to enforce it
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What does TREC do if you ignore a summons?
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schedule a hearing in Austin
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Where can you appeal a TREC license suspension?
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district court
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How many members in Broker/Lawyer Committee?
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13
6- brokers appointed by TREC 3- lawyers by Pres of TX Bar 1- general public by governor |
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Punishment for acting working without a license?
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Class A misdeameanor
Fine up to $4K 1 yr in county jail If profited, 3x's civil for that amount |
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What is administrative penalty consist of?
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$5K per day and 30 days to pay it off
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Who created Real Estate Recovery Trust Account?
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TREC
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How much can public be paid for damages?
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Up to 3x their money lost
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When do we have to pay a fee for Trust account?
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When balance is below $1mil
until balance reaches 1.7 mil |
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What is our fee when trust account is low?
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$10 renewal fee
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What does TREC invest Trust money in?
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Treasury bills, notes (same as Employees Retirement System of Tx)
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What is balance in Trust gets too high?
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Above 3.5 mil will overflow into State general fund
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If TREC suspended license and paid out of trust, can you still hold a license?
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Not until all has been paid back with interest
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What is the limit paid per licensee?
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$50K per transaction and $100K per licensee
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Who sets the limit the Trust can pay per licensee?
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state law |
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Will TREC help resolve conflicts between licensees?
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No
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Does attorney in Tx or any state that does not get a commission split need to have a license?
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No
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Does court appointed trustees, receivers, guardians, or sherriffs need license?
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No
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Auctioneers involved in a part of the real estate transaction need a license?
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Yes
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Does a designated officer of a licensed real estate corporation need a license?
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Yes
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Does a designated manager of a licensed Real Estate Limited Liabilty Company need a license?
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Yes, a designated broker license
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does an attorney-in-fact need alicense?
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No
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Corporate employees selling corporate property need a license?
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No
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On-site apartment managers need a license?
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No
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How is competency determined by TREC?
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not demonstarated thru course completion but solely determined by passing exam
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Why would TREC deny a license?
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unable to satisfy TREC with honesty, integrity, and trustworthiness.
Defaulted on student loans |
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Is demonstrating integrity a STEP to getting a license?
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Yes
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5 Requirements to get a license?
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18 y/o
resident of TX not be alien pass exam with retakes for 6 months from date of auth letter fingerprints |
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Educational requirements of a licensee?
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210 classroom hours w/150 core real estate
60hrs principles, 30 law of agency, 30 law of contracts |
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Brokers license educational requirements?
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900 classroom w/ 30hrs Real Estate Brokerage and active for 24months of 96months (2of 8 years)
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What are MCE (mandatory continuing ed) requirements?
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completed after first renewal w/270 core hrs. MCE taken every 2yrs for 15hr w/6 hrs legal updates to renew. Submit prior to renewal
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What is SAE (Salesman's Annual Education)?
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60 core hours in 1st year submitted prior to 1st renewal.
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What happens if late with the renewal?
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Late renewal form with fees and proof of MCE or expired
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If you dont include education proof with renewal what happens?
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pay $200 deferral fee and 60 days to complete. License only active for 60days or inactive
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How can you get inactive licenseback active?
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pay $200 late fee
pay add $250 penalty pay $20 fee with form take education testify "no business done" |
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An on-time renewal with 60 day late education completed results in what fee?
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$200 fee
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Ontime renewal with over 60 day late educational results in what fee?
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$450 with $20 filing fee
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Is MCE required for inactive license?
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No, just fees
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What is required to activate an inactive license with a broker?
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$20 fee and 15 MCE hours
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Fee for more than one branch office of Broker?
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$20 per office
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How long does TREC have to notify you of disapproval of license?
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30 days
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How long do you have to appeal a license disapproval?
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10 days
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What must Broker using DBA do?
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file with county clerk in each county where they have an office
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What is TREC Consumer Information Form?
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-notifies public of Trust account
-applies to licensees and inspectors -must be displayed in broker's office |
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What is TRELA Texas Real Estate License Act?
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Sets of standards of conduct to protect public against unscrupulous brokers and salesmen
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What professional acts is broker responsible for his salesmen?
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advertising, use of promulgated forms, proper disclosure
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Can a foreign broker collect a commission?
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Yes, thru a Texas broker
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When can a salesman sue for commission?
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Only broker can sue for signed and defaulted listing or Buyer's rep agreement
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Is license required to telemarket?
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Yes and observe DNC list
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Where must name be on a broker's and licensee website?
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On every page his name or co name and licensee must have sponsoring broker
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What bill allows a broker to act as intermediary?
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Senate Bill 489 with written from both parties with info on pay
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Who can an appointed associate give advice to?
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to only one party
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Can an intermediary broker ever give advice?
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No, only facts
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When must IABS and disclosure of representation be given?
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IABS on first face to face
and representation on first contact even oral |
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When must seller disclosure be given
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before he signs an offer
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What happens if buyer isnt given seller disclosure
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he has 7 days to terminate his offer after receiving disclosure
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How long does a licensee have to eneter new property into MLS?
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5 days
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What is the length of the protectio period in listing agreement?
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negotiable
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Does TREC have forms for commercial or co-op?
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No
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When can you use temp lease addendums?
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less than 90 day leases prior to closing
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Is option fee seperate from other consideration?
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yes
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If contingency cant be met, does buyer get earnest money back?
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yes
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How long can a person file a complaint with TREC regardins licensee or sue for specific performance?
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4 years
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How long does broker have to deposit earnest money?
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48 hours and keep 4 year records
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If lender repairs are required how much constitutes terminating the contract?
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5% OF THE PRICE
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How much training does commission mediator have?
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40 hours
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Difference in mediator and arbitrator?
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mediator help, arbitrator decides
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What does Texas water code require?
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disclosure for charge of turning on utilities if located in a Certified Service Area of a Utility Service Provider
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How long can buyer act on unsatisfactory survey or title?
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determined in contract
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How long does the title company have to provide title commitment after they receive sales contract?
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20 days
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What does TREC define as a reasonable amount of time?
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2 days
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Is an increase in seperate property's value community property?
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No, unless community funds or efforts made it increase
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Homestead, being automatic not able to be waived, protects against forced sales except?
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mortgage
property taxes mechanic's and material liens HOA dues |
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How long does owner have to redeem property after homestead is foreclosed on?
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taxes 2 years
HOA dues 6 months |
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Maximum size for homestead?
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rural max 200 acres
urban 10 acres one per family |
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Difference in Homestead exemption and protection
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homestead exemption is just tax benifit. must occupy house on Jan 1 and can back claim for 2 years
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Education requirements for Appraisal Review Board Arbitrator?
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30 hour class and $500 max fee
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What does a seller of coastal property abutting tidally influenced water have to provide?
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Notice Regarding Coastal Area Property
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What does Notice Regarding Coastal Area Property disclose?
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Buyer may lose or gain land due to water
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What must a seller do that sells property located seaward of vegetation line?
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If structure is erected seaward of vegetation line or becomes by natural causes, structure is subject to lawsuit by Texas for removal.
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Can a buyer back out of contract if the bonded indentness of MUD district is not disclosed?
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Yes, seller must deliver and buyer must sign the MUD disclosure
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What is intestate succession?
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laws that govern how property passes intestate. Laws of Descent and Distribution
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Who is appointed to settle an estate by Laws of Descent and Distribution?
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administrator appointed by court
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If obtained property thru Laws of Descent and Distribution, you have title by?
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Title by Descent
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