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276 Cards in this Set

  • Front
  • Back

Are attorneys allowed to sell real estate?
Yes, if they do not participate in broker to broker commission splits
Are title companies permitted to provide food an beverage for a picnic or party for a single firm?
no
At what rate do security deposits earn interests?
security deposits earn interest at a rate contractually agreed upon by the parties
Can a broker act as a salesman and broker at the same time?
yes
Can a broker be a tax consultant?
a broker who is a registered property tax consultant may still legally perform property tax consulting services for single family residences for a fee or for free
Can a title company provide an annual party for all the firms who might use their services?
yes
Can administrators and executors of a will sell real estate?

yes
Can an inactive salesman engage in real estate business?
no
Can an option fee be paid with other consideration?
no, an option fee must be paid independently of any other consideration
Can court appointed receivers, trustees, guardians, and sheriffs sell real estate?

yes
Can tenants waive interest on security deposits?
tenants may sign an agreement waiving a right to interest on the security deposit
Can the option period have an effective date?
there is an effective date of the option period
Can you hold a broker license and salesman license at the same time?
no
Do backup offers have to be presented to the seller
yes, always
Do cemetery lot salesmen need a real estate license?
no
Do hotel/motel personnel need a license?
no
Do mold assessors and remediators have to be licensed?
yes

Do new home salesmen working for one builder or owner need a real estate license?
no
Do on-site apartment managers need a real estate license?
no
Do real estate inspectors have promulgated forms?
yes
Do real estate salespeople need a license?
yes
Does a corporate employee selling corporate property need a license?
no
Does a designated officer of a licensed real estate corporation, or a designated manager of a licensed Real Estate Limited Liability Company where the designated one is a broker need a license?
yes
Does a licensee have to disclose he is representing his spouse, parent or child?
yes
Does a MUD have to be disclosed?
yes, the seller must deliver and the buyer must sign the MUD disclosure
Does a person selling a 1-4 need a broker?
yes
Does a person selling his own house need a license?
no
Does an apartment locator need a license?
yes
Does an attorney participating in a commission split need a license?
yes
Does an attorney-in-fact need a license?
no
Does an auctioneer calling a real estate auction need a license?
no
Does an auctioneer involved in any part of a real estate transaction need a license?
yes
Does an employee leasing or renting property for the owner need a license?
no
Does an inactive salesman need a sponsoring broker?
no
Does anyone engaging in or carrying out foreclosure sales need a license?
no
Does anyone selling mobile homes need a license?
no
Does inactive status apply toward the 2 year broker requirement?
no
Does the sales contract encourage mediation?
yes
Does TREC have forms?
TREC has promulgated sales contract forms for most residential properties including farm and ranch
How are the rules construed?
the rules are construed liberally with a view toward their purpose, and have the full force and effect of the law
How big is a rural homestead?
200 acres
How big is an urban homestead?
10 acres
How can a spouse waive community property rights?
with a written agreement
How do nonresident brokers operate in Texas?
Nonresident brokers must work through resident brokers. A foreign broker, or a broker from another state may collect a commission from a Texas broker, as long as that broker does not negotiate in TX. A commission may be paid in the form of cash or a gift.
How do you activate an inactive license?
apply through a broker, pay $20, and complete 15 hours of MCE if necessary
How does a broker terminate sponsorship of a salesman?
he must notify the salesman in writing and return the salesperson's license certificate to the commission immediately
How does one become an Appraisal Review Board Arbitrator?
a 30 hour class is required to become an arbitrator the max fee for this service is $500
How does one get homestead protection and can it be waived?
homestead protection is automatic and it cannot be waived
How does one know if mold should be removed?
if it is visible
How does one obtain a real estate license?

1. meet the educational requirements2. submit an application with or without a sponsoring broker3. submit the required fees4. pass the state exam which determines competency5. demonstrate integrity
How does one reactivate their license?
1. pay the $200 late fee2. take the required education3. pay an additional $250 penalty4. testify on the renewal form "they did not engage in real estate while they were inactive 5. submit the required form to return to active status, along with the $20 fee
How does one renew their salesperson license?
SAE - Salesperson Annual Education - a minimum of 60 core hours in the first year must be submitted to TREC before a salesman's license will be renewed- otherwise renewal will be rejected
How does Senate Bill 489 limit liability of a licensee for the acts or misrepresentations of a party or subagent?
489 limits the liability of a licensee for the acts or misrepresentations of a party or subagent as long as the licensee was unaware of the misrep or concealment of material fact
How does the person selling a 1-4 receive commission?
from his broker
How does TREC define a reasonable amount of time?
2 days
How is division of the commission determined?
it is at the discretion of the broker
How is the broker responsible for the salesperson?
the broker is responsible for all professional acts of the salesmen he sponsors including advertising, use of promulgated forms, proper disclosure, etc...
How is the Certificate of Mold Remediation an advantage for a homeowner?

it prevents an insurer from making an underwriting decision on the property based on previous mold damage or claims
How long do members serve on the TREC board?
6 years
How long does a homeowner have to redeem a house foreclosed on because of nonpayment of homeowner's association fees?
6 months
How long does a homeowner have to redeem a property that is foreclosed on for default on property taxes?
2 years
How long does a licensee have to enter a new listing into the MLS?
5 days
How long does a licensee who is convicted of a felony have to notify TREC?
he has 30 days to notify TREC of this conviction
How long does a party have to sue for non performance?

parties to a contract also have 4 years to sue for non performance
How long does a violator have to pay a penalty?
if TREC assesses a penalty, a licensee has 30 days to pay the penalty
How long does someone have to file a complaint with TREC against a licensee?
the individual has four years from the effective date of a contract or the date of the incident to file a complaint with TREC regarding the licensee involved. After 4 years, TREC will no longer investigate a complaint.
How long is the length of the protection period on the listing agreement?
the length of the period is negotiable
How many homesteads can one have?
one homestead per person or family
How much can an aggrieved person receive from the Trust Account?

these persons can receive up to 3 times the amount of money lost
How must the IABS be given?
using TREC wording and in at least 10 pt. font
If a licensee fails to respond to a summons?
If a licensee, in violation, fails to respond to a summons from TREC, TREC will automatically schedule the hearing in Austin
If one commits steering is he subject to federal and state prosecution?
yes
Intermediary v. dual agency?
Statutory intermediary takes precedence over common law dual agency
Is acting in dual capacity of broker and undisclosed principal a reason for suspension or revocation of one's license?
yes
Is advertising without first identifying the person advertising as an agent or broker a reason for suspension or revocation of one's license?
yes
Is being convicted of a felony in which fraud is an essential element a reason for suspension or revocation of one's license?
yes
Is commingling of funds a reason for suspension or revocation of one's license?
yes
Is disbursing money deposited in a trust account before the transaction concerned has been consummated or finally otherwise terminated a reason for suspension or revocation of one's license?
yes
Is knowingly making a substantial misrepresentation a reason for suspension or revocation of one's license?
yes
Is not advising a purchaser in writing to get an attorney's opinion of title on the abstract or to obtain an Owner's Title Policy a reason for suspension or revocation of a license?
yes
Is not furnishing copies of a document to one of the signatories, upon demand a reason for suspension or revocation of one's license?
yes
Is placing a sign offering to sell, rent, or lease real estate without first obtaining the written permission of the owner a reason for suspension or revocation of one's license?
yes
Is preparing a contract addendum practicing law?
no
Is puffing a reason for suspension or revocation of one's license?

no
Is steering of prospective buyers a reason for suspension or revocation of one's license?
yes
Is telemarketing allowed?
Telemarketing for listings is legal in TX, however, a real estate license is required.
Is testing after remediation required?
no
Is testing mold necessary to determine if it should be remove?
no
Is threatening to sue for a commission you have not earned a reason for suspension or revocation of one's license?
yes
May a licensee give a referral gift?
a licensee may give a referral gift up to $50 in value (not cash) to an unlicensed individual who provides a referral
Should a broker appoint associates to work with parties to the transaction when the broker is an intermediary?
yes
What actions may a broker intermediary take?

a broker may never give advice and or opinions to either party. he may only disclose facts about the property
What actions may an appointed associate take?
he may give advice and or opinions to one party to a transaction
What administrative penalties may TREC assess?
TREC may assess an administrative penalty of $5000 per day for violation of the license act by any person either licensed or unlicensed
What are exceptions to substantive dialogues?
open houses, when meeting with a party represented by another licensee, or when the proposed transaction is for a residential lease for no more than a year
What are some exceptions to standard contract forms?
contracts prepared by attorneys, contracts specified by governmental agencies, property owners, or their lawyers
What are some of the tokens a title company can provide?
pens and padsthey cannot provide anything that a business person would normally consider an expense of doing business or a tax deduction
What are the educational requirements for a broker's license?
900 classroom hours, including 30 hours of real estate brokerage, and an active salesperson license for any 24 months out of the past 96 months or any 2 years out of the past 8 years
What are the educational requirements for a salesman's license?
210 classroom hours with a minimum of 150 hours in core real estate courses. 60 hours in principles or real estate, 30 hours in law of contracts, and 30 hours in law of agency are mandatory
What are the exceptions to homestead protection?
creditors for: mortgage, property taxes, mechanics and materialman's lien, homeowner's association
What are the licensing requirements in TX?
1. must be 18 years of age or older2. resident of TX at time of application3. legal resident, not illegal alien4. pass the exam within 6 months of authorization letter
What are the max payments of trust account that state law allows?
State law limits the max payments, which is $100,000 per license and $50,000 per transaction
What are TREC's subpoena powers?
TREC has the power to subpoena books, records, and witnesses.
What are two reasons that TREC would deny an individual's application?
1. unable to satisfy honesty, integrity, and trustworthiness2. individual has defaulted on TX state student loans
What can a buyer do if he is unhappy with the Title Commitment or survey?

the buyer has the previously negotiated number of days to address his concerns with the seller
What can an injured party do?
sue for specific performance, seek such other relief as may be permitted by law, or both
What can the applicant do if the application is denied?
the applicant can make an appeal within 10 days after notice of denial
What can the tenant do if the landlord has not cleared the rented storage space?
if a tenant cannot gain access to storage space because the landlord has not emptied it and the tenant has to rent additional storage space he has two years to sue the landlord to recover the expense for the rented storage space
What can TREC advise?
can advise with reference to its rules and the laws that govern licensees
What civil penalties are available against a person who violates TRELA?

persons guilty of a violation of the license act and whoever profited there from are liable for additional civil penalties of up to 3 times the amount of money received `
What do the owners of a property who are heirs of someone who dies intestate own?
the will have title by descent
What does community property include?
all property acquired after marriage, including property acquired with labor, income on separate property
What does not apply to DTPA?
does not apply to commercial properties over $500,000
What does the "Notice Regarding Coastal Area Property" notify buyers?
tells buyers that owners may gain or lose portions of the land due to the actions of water
What does the Broker-Lawyer Committee do?
They write the promulgated contract forms
What does the TREC Consumer Information Form notify?
notifies the public of the recovery trust account
What does TREC invest in?
TREC only invests in Treasury Bills or notes, or in the same manner as the employees retirement system of Texas
What form must the complaint take?
the complaint must be written and signed
What forms does TREC not have?
forms for commercial transactions, forms for the sale of Co-ops
What forms must licensees use?

standard contract forms
What happens if a licensee defaults on student loans?
TREC will refuse to renew the license
What happens if the broker dies or is declared illegally insane?
The broker's license is suspended and the salesperson must change to another broker immediately
What happens if the lender required repairs exceed 5% of the sale price?
the buyer can terminate the contract
What happens if the tenant installs an alarm in a rented property?
if a tenant installs a burglar alarm in a rented property he must notify the landlord and supply instructions and passwords to that landlord
What happens if the trust account exceeds $3.5 million?

The excess goes into the state's general fund
What happens if the trust account falls belong he minimum amount?
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 or pro rata share of the amount necessary to bring the balance to $1.7 million
What happens if the trust account is not below a $1 million?
TREC simply continues to invest the funds
What happens if you do not complete MCE before the expiration date on the license?
if renewal is overdue a late renewal application form must be submitted along with renewal along with renewal fees an proof of continuing education. the licensee who does not renew by their expiration date is considered expired. If an on time renewal does not include the required education, the licensee will be required to pay a $200 deferral fee and will have 60 days to complete the education. The license will be active for those 60 days. After 60 days, TREC moves the license to inactive status
What happens if your license is revoked by TREC?
if your license is revoked by TREC, you may appeal the desicion to the district court
What happens to the Certificate of Mold Remediation when the owner sells the home?
the law requires the owner to provide the buyer with copies of all Certificate of Mold Remediation that he has for the property within the past 5 years
What happens to the fees when the trust account is above the statutory minimum?
TREC invests the fees that have been deposited when the recovery account is above the statutory minimum, to offset future claims
What happens to the license of the person who requires TREC to pay out of the trust account?
the license of the individual can be revoked or suspended
What happens when a broker accepts an earnest money deposit?
the broker acts as an escrow agent, the money must be deposited in a trust account by the close of business of the second business day after the execution of the contract. A broker must keep record of this account for 4 years
What happens when you use community funds on a separate property?
community property rights accrue
What if a broker who is an intermediary does not have any associates or only has one associate?
then the broker has to work as an intermediary without appointments
What if a contingency cannot be met?

the buyer is generally entitled to a refund of his earnest money
What if a licensee fails to respond to a subpoena?
TREC can file suit with the AG to enforce the subpoena
What if a tenant abandons a property without paying rent and leaves personal possessions behind?
the property is considered abandonedthe landlord can dispose of the tenant possessions, sell them, or pack and store themthe landlord must give notice before he does anything
What if the buyer does not receive the Seller's Disclosure before signing?
the buyer has 7 days to terminate his offer after receiving the disclosure
What is a contingency clause?
a clause in a contract requiring a condition to be met
What is a first substantive dialogue?
a face to face meeting where substantive discussion of real estate takes place or any mailing with a substantial amount of information about a particular property
What is a subagent?
is a licensee who represents the seller, while being sponsored by a broker other than the listing broker.
What is an administrator?
in the event that a person dies intestate the courts will appoint an administrator to settle the estate
What is arbitration?
in arbitration, the arbitrator hears both sides and then tells the parties what to do
What is homestead protection?

a home is protected from forced sale
What is intestate succession?
the laws that govern how property passes when a person dies without a will or with a will that makes only a partial distribution of his or her property
What is MCE?

Mandatory Continuing Education is taken after the agent has completed his first renewal and has a total of 270 core hours. It must be taken every 2 years to renew a salesman or broker license and is a 15 hour course including 6 hours of legal update. It must be taken within the renewal period.
What is mediation?
a mediator hears both sides and tries to help the parties come to an agreement
What is mold removal called?
remediation
What is Senate Bill 489?
allows a broker to act as an intermediary in a transaction where he represents both the seller and the broker and has written permission of both parties including how the broker will be paid
What is separate property?
property acquired prior to marriage, or during marriage by inheritance, or gift
What is the homestead exemption?
a tax benefitmust apply for exemption and must occupy the home on January 1styou can back file for 2 years if you have failed to claim the exemption
What is the legal term for eviction by a landlord?
forcible entry and detainer, or an action of forcible detainer
What is the minimum amount the trust account can have?
$1 million
What is the penalty for practicing real estate without a license?
A Class A Misdemeanor and subject to a fine of not more than $4000 or imprisonment in the county jail for not more than one year
What is the purpose of a Municipal Utility District?
it is to provide flood control or drainage, water, and sewer to residents of the district
What is the purpose of the Certificate of Mold Remediation?
the certificate verifies that the mold has been removed and certifies with a reasonable certainty that the underlying cause of the mold has been corrected
What is the purpose of TRELA?
TRELA was passed by legislation to protect the public against unscrupulous brokers and salesmen
What is the Statute of Frauds?
SOF requires that all contracts that relate to the transfer of any interest in real estate must be in writing to be enforceable. This also applies to compensation/employment contracts such as listing and buyer rep agreements. Verbal agreements make you a volunteer in the eyes of the court.
What is the statute of limitations for a DTPA claim?
an individual has 2 years from the discovery of the deception to file a complaint
What is the time limit for a salesperson to choose a broker?
there is no time limit
What is the time limit for TREC to deny an application?
there is no time limit
What is TREC's authority?
to make rules and regulations
What laws govern how a property will be distributed if a person dies intestate?
the law of descent and distribution
What level of service by a broker to a client is required by the license act?
the minimum level of service
What must a broker do if he has more than one place of business?
He must obtain a branch office license for each additional office at a cost of $20 dollars per office. Do not need a licensed broker at each location.
What must a broker do if he is using a DBA or assumed name?
He must file with the county clerk in every county where he has an office
What must a broker do who has a listing under an exclusive agreement?
1. inform the party of material info related to the transaction, including the receipt of an offer by he broker2. answer the party's questions and present any offer to or from the party3. refrain from telling another broker to negotiate directly with the broker's client
What must a broker include on his website?
He must include his name or company name on each page of the website
What must a licensee include in his phone book listing?
if a licensee lists himself as a real estate sales person in the phone book he must include the name of his broker or company in the information
What must a licensee include on his website?
A licensee with a website must include the name of his sponsoring broker or company
What must a seller of coastal property abutting tidally influenced water provide?
the "Notice Regarding Coastal Area Property"
What must a seller who sells property located seaward of the Gulf Intercoastal Waterway disclose?
he must disclose that structures must not be erected seaward of the vegetation line if a structure is erected seaward of that line, or becomes seaward as a result of natural causes, the structure would be subject to a lawsuit by the State of Texas for removal
What must an agent do with earnest money?
earnest money must be placed in an escrow account, not in with broker personal or operating accounts
What must be included in a real estate ad for a listed property?
when advertising a listed property, the broker or company name must be included in the ad
What must one observe when cold calling?
When cold calling, one must observe the federal "Do Not Call' list and state "No Call" list. The federal list regulates interstate and international calls. The TX list regulates interstate and intrastate calls.
What offers must a broker present and in what order?
a broker must present all offers but there is no required order of presentation
What other MUD info has to be disclosed?
the bonded indebtedness, the tax rate, the standby fees of the MUD TX legislation allows a buyer to back out of an offer if the bonded indebtedness is not disclosed prior to closing
What requirements must a commission mediator meet?
a commission mediator will have at least 40 hours of formal training in ADR procedures
What requirements must an inactive salesman fulfill even though they are inactive?
the salesman must still meet yearly fees and core education requirements. Once past core requirements, MCE is not required for inactive status

What role does TREC play in resolving conflicts between licensees?
TREC plays no part in resolving conflicts between licensees
What type of disclosure is required for a property located in a Certified Service Area of a Utility Service Provider?
disclose to the buyer that there may be a charge for turning on or connecting water and sewer services is required by the TX water code
What type of estate is community property in TX?
it is a statutory estate
What type of estate is Homestead in TX?
it is a statutory estate
What year was TREC created?
1949
When and how must one disclose that they are representing a licensee?
at first contact with another party or licensee either orally or in writing
When are title companies allowed to provide continuing education classes?
if they charge the market rate for those classes
When can a backup offer become effective?
When the previous contract is terminated and the backup buyer pays an option fee, names an option period, and the earnest money is deposited with an escrow agent
When can an applicant who has passed the test engage in business?
when the license is received in the broker's office
When can the person recover their license?
this license may never be recovered until the account has been repaid with interest
When do you use The Seller's Temporary Lease Addendum TREC 15-3 and the Buyer's Temporary Lease Addendum TREC 16-3?
When the lease is for a period of 90 days or less
When does title transfer to heirs?
after probate
When is a secondary notice intermediary used?
When a buyer client wants to purchase an in house listing
When is the seller's disclosure not required?
in a foreclosure sale, tax sale, sale by guardian, executor, or administrator, or sale by builder of a new home
When must a broker act as an intermediary?
a broker who agrees to represent both the buyer and the seller must do so as an intermediary
When must a licensee give Information About Brokerage Services form to a prospect?
at the first substantive dialogue
When must an agent advise a client to get an attorney's opinion of title on the abstract or to obtain an Owner's Title Policy?
prior to the closing on a property
When must the landlord change the locks for the new tenant?
landlords must provide new locks on rental property no later than 7 days after a new occupant takes possession of a leasehold premise. Keyless deadbolts are required but not double cylinders locks.
When must the landlord return the security deposit?
the landlord must account for the security deposit 30 days after the tenant leaves
When must the remediator give you a Certificate of Mold Remediation?
no later than 10 days after the work is complete
When must the Seller's Disclosure of Property Condition must be given to the buyer?
it must be given to the buyer before he signs an offer to make that offer binding on the buyer
When must the smoke detectors be operational?
at the time the occupant takes possession of a leasehold premise
When must the title company provide the Title Commitment?
the title company has 20 days to provide the title commitment after they receive the sales contract
When must TREC notify the applicant that the application is denied?
they must notify the applicant within 30 days after the application is disapproved
Where can you find "time is of the essence" clauses?
in the Sales Contract in the Termination/Option paragraphin the Addendum for Sale of Other Property by Buyer or in 3rd Party
Where do hearings held by TREC occur?
a hearing for the revocation or suspension is held at TREC in Austin unless a licensee requests the hearing be held in his county
Where is the TREC Consumer Information form displayed?
must be displayed in the broker's office
Where would a trial for practicing real estate without a license be held?
in a county court
Who are the heirs?
they are kindredspouse and children have priority under the law of descent
Who can act as an intermediary?
only the broker can be the intermediary
Who does the subagent work for?
he is working with the buyer customer rather than the buyer client
Who does the TREC Consumer Information Form apply to?
applies to both real estate licensees and inspectors
Who fills in the effective date on the contract?
the broker fills in the effective date.
Who is responsible for the accuracy for the Seller's Disclosure?
the seller
Who is the last party to sign the contract?
the last party to sign the contract is the party accepting the final change
Who issues or revokes Real Estate Licenses?
TREC
Who makes up the BL Committee?
It has 13 members. 6 are brokers appointed by TREC. 6 are lawyers appointed by the President of the State Bar Association. 1 is a public member appointed by governor.
Who makes up the TREC board?
It has 9 commission members. 3 members of the general public and 6 are real estate brokers. Appointed by the governor and approved by the senate.
Who may sue to recover a commission?
Only a broker may sue to recover a commission. He may sue the seller who has signed a listing agreement, and then defaults, or a buyer who has signed a Buyer's Rep Agreement and then defaults
Who promulgates the forms?
TREC
Who writes the promulgated forms?
the Broker-Lawyer Committee
Why does a person want to use the DTPA?
because you can recover treble damages
Why was Real Estate Recovery Trust Account created?
it was created by TREC to pay aggrieved person who suffered a monetary loss due to unscrupulous acts of the licensees
Why was TREC created?
to administer the provisions of the License Act (TRELA)
Will failing to specify a definite termination date in a Buyer's Rep Agreement or a Listing contract that is not subject to prior notice result in suspension or revocation of a license?
yes
Will giving legal advice result in a suspension or revocation of one's license?
yes
Will guaranteeing future profits cause suspension or revocation of a license?
yes
Will salesmen receiving commissions directly from selling, leasing, negotiating, appraising, or auctioning real estate result in a suspension or revocation of a license?
yes
Will selling real estate by lottery result in the suspension or revocation of one's license?
yes
"Are attorneys allowed to sell real estate?"
"Yes, if they do not participate in broker to broker commission splits"
"Are title companies permitted to provide food an beverage for a picnic or party for a single firm?"
"no"
"At what rate do security deposits earn interests?"
"security deposits earn interest at a rate contractually agreed upon by the parties"
"Can a broker act as a salesman and broker at the same time?"
"yes"
"Can a broker be a tax consultant?"
"a broker who is a registered property tax consultant may still legally perform property tax consulting services for single family residences for a fee or for free"
"Can a title company provide an annual party for all the firms who might use their services?"
"yes"
"Can administrators and executors of a will sell real estate?"
"yes"
"Can an inactive salesman engage in real estate business?"
"no"
"Can an option fee be paid with other consideration?"
"no, an option fee must be paid independently of any other consideration"
"Can court appointed receivers, trustees, guardians, and sheriffs sell real estate?"
"yes"
"Can tenants waive interest on security deposits?"
"tenants may sign an agreement waiving a right to interest on the security deposit"
"Can the option period have an effective date?"
"there is an effective date of the option period"
"Can you hold a broker license and salesman license at the same time?"
"no"
"Do backup offers have to be presented to the seller"
"yes, always"
"Do cemetery lot salesmen need a real estate license?"
"no"
"Do hotel/motel personnel need a license?"
"no"
"Do mold assessors and remediators have to be licensed?"
"yes"
"Do new home salesmen working for one builder or owner need a real estate license?"
"no"
"Do on–site apartment managers need a real estate license?"
"no"
"Do real estate inspectors have promulgated forms?"
"yes"
"Do real estate salespeople need a license?"
"yes"
"Does a corporate employee selling corporate property need a license?"
"no"
"Does a designated officer of a licensed real estate corporation, or a designated manager of a licensed Real Estate Limited Liability Company where the designated one is a broker need a license?"
"yes"
"Does a licensee have to disclose he is representing his spouse, parent or child?"
"yes"
"Does a MUD have to be disclosed?"
"yes, the seller must deliver and the buyer must sign the MUD disclosure"
"Does a person selling a 1–4 need a broker?"
"yes"
"Does a person selling his own house need a license?"
"no"
"Does an apartment locator need a license?"
"yes"
"Does an attorney participating in a commission split need a license?"
"yes"
"Does an attorney–in–fact need a license?"
"no"
"Does an auctioneer calling a real estate auction need a license?"
"no"
"Does an auctioneer involved in any part of a real estate transaction need a license?"
"yes"
"Does an employee leasing or renting property for the owner need a license?"
"no"
"Does an inactive salesman need a sponsoring broker?"
"no"
"Does anyone engaging in or carrying out foreclosure sales need a license?"
"no"
"Does anyone selling mobile homes need a license?"
"no"
"Does inactive status apply toward the 2 year broker requirement?"
"no"
"Does the sales contract encourage mediation?"
"yes"
"Does TREC have forms?"
"TREC has promulgated sales contract forms for most residential properties including farm and ranch"
"How are the rules construed?"
"the rules are construed liberally with a view toward their purpose, and have the full force and effect of the law"
"How big is a rural homestead?"
"200 acres"
"How big is an urban homestead?"
"10 acres"
"How can a spouse waive community property rights?"
"with a written agreement"
"How do nonresident brokers operate in Texas?"
"Nonresident brokers must work through resident brokers. A foreign broker, or a broker from another state may collect a commission from a Texas broker, as long as that broker does not negotiate in TX. A commission may be paid in the form of cash or a gift."
"How do you activate an inactive license?"
"apply through a broker, pay $20, and complete 15 hours of MCE if necessary"
"How does a broker terminate sponsorship of a salesman?"
"he must notify the salesman in writing and return the salesperson's license certificate to the commission immediately"
"How does one become an Appraisal Review Board Arbitrator?"
"a 30 hour class is required to become an arbitrator