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90 Cards in this Set

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