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17 Cards in this Set
- Front
- Back
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TREC was created in____ to administer the provisions of the____
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1949
Texas Real Estate License Act |
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TREC has the authority to make ______ and ______________. TREC can advise with reference to its rules and the laws that govern licensees
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rules
regulations |
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How many, and who makes up the Texas Real Estate Commission (TREC)?
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9 members
6 real estate brokers and 3 represent the general public All appointed by the governor and approved by senate. They serve for 6-year terms |
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*TREC also refers to the government regulatory agency that carries out_______. The agency includes an______, _______, ________.
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*
The duties of the Commission administrator legal department clerks and other staff |
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TREC has the power to __________ books, records, and witnesses. If a licensee fails to respond to a __________, TREC can __________________________________ to enforce the ____________.
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subpoena
subpoena file suit with the Attorney General subpoena |
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Only TREC has the power to _________ or ___________ Real Estate licenses. A hearing for the _____________ or ________________ is held at TREC in Austin unless a licensee requests the hearing be held in his county. If a licensee, in violation, fails to respond to a summons from TREC, TREC will automatically schedule the hearing in Austin
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issue
revoke revocation suspension |
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If your license is revoked by TREC, you may __________ the decision to the _______________
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district court
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The Broker Lawyer Committee __________________________ contract forms. This committee has __ members. _ are brokers appointed by ____. _ are lawyers appointed by _____________________________________. _ is a public member appointed by the ___________
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writes the promulgated
13 6 TREC 6 the President of the State Bar Association governor |
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People engaged in the real estate brokerage business without having secured a license from TREC are guilty of a ________________________ and subject to a fine of ___ _____ ____ ______________ or ________________ __ ___ ______ ____ for not more than one year, or ____. Trials for this would be held in the ______________.
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Class A Misdemeanor
not more than $4,000.00 imprisonment in the county jail both county court |
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In addition, persons guilty of a violation of the License Act and whoever ________ there from are liable for additional civil penalties of up to ______________ the amount of money received.
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profited
three times |
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TREC may assess an administrative penalty of up to ________ per ___ for violation of the license act by any person, either licensed or unlicensed. If TREC assesses a penalty, a licensee has __________ to pay the penalty
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$5,000
day 30 days |
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An unlicensed assistant must be careful to avoid activities ________________. Both the ________ and the ____________ could be fined. An unlicensed assistant may perform _____ duties and act as a ______ at an open house
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requiring a license
assistant licensee clerical greeter |
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Who created the Real Estate Recovery Trust Account? Why was it created?
How much can a person receive? (real estate recovery trust account) |
Created by TREC
To pay aggrieved persons who suffered monetary loss due to unscrupulous acts of the licensees. These persons can receive up to three times the amount of money lost |
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What happens if the balance in the trust account goes below $1,000,000?
What does TREC do when the account is above the statutory minimum? Why? What happens if the balance in the account exceeds $3.5 million? (real estate recovery trust account) |
If at any time in the calendar year the account balance is below $1,000,000, the commission is authorized to assess each real estate broker and salesman on renewal of his license during the following calendar year a fee of $10.00, or a pro rata share of the amount necessary to bring the balance to $1,700,000.
TREC invests the fees that have been deposited when the recovery trust account is above the statutory minimum, to offset future claims. TREC only invests in Treasury Bills or Notes, or in the same manner as the Employees Retirement System of Texas. If the balance in the account exceeds $3.5 million the excess goes into the state's General Fund. |
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If the recovery Trust Account balance is not below $1,000,000 TREC simply continues ________________
(real estate recovery trust account) |
to invest funds
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When an amount is paid out of the Real Estate Recovery Trust Account on behalf of a licensee, the license of the individual can be __________________________. This license may never be recovered until ___ ____________ ___ ____ _______ ____ _____________ STATE LAW LIMITS THE MAXIMUM PAYMENT, WHICH IS ____________ PER LICENSEE AND & ____________ PER TRASNACTION
(real estate recovery trust account) |
revoked or suspended
the account has been repaid with interest $100,000 $50,000 |
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TREC plays no part in resolving conflicts between __________
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licensees.
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