The state legislature of Texas passed the Texas Real Estate License Act to protect the public from brokers and sales agents who are dishonest. TRELA also: Establishes rules that license holders must follow that pertain to obtaining, and later maintaining, a real estate license.
What is one of the purposes of the Texas Real Estate License Act quizlet?
The Texas Real Estate License Act purpose is: to protect the public from against unscrupulous brokers and sales persons.
What is the purpose of the Texas Real Estate Commission quizlet?
Terms in this set (18) What is a main function of the Texas Real Estate Commission? Feedback: TREC’s primary function is to protect the public from unscrupulous or illegal acts of real estate professionals by enforcing the laws of Chapters 1101 and 1102 of the occupations code and adopt new rules as necessary.
What is the primary purpose of real estate licensing laws?
These laws define the legal relationship between licensees and the parties to a real estate transaction. They also serve to provide each with a clear understanding of the duties that the real estate licensee will be expected to perform in the transaction.
Which of the following is the correct composition of the Texas Real Estate Commission quizlet?
six brokers, six lawyers, and one member of the general public. The committee is composed of six Real Estate Commission appointees (who are licensed real estate brokers); six lawyers, appointed by the president of the State Bar of Texas; and one public member, appointed by the governor.
What is the main purpose of Trela?
What are thepurposes of TRELA(Texas Real Estate License Act)? Protect the public, minimum standards for licensing,maintain high standards, protect licensees from unfair competition.
What is the purpose of the rules of the Texas Real Estate Commission?
xas Legislature established the Texas Real Estate Commission (TREC) in1949 to safeguard consumers in matters of real property transactions and valuation services.
What is the main purpose of the Recovery Trust Account?
The law requires that these administrative-penalty funds be deposited into the Real Estate Recovery Trust Account, which disperses money to consumers owed damages due to a license holder’s conduct and subsequent inability to pay.
How many commissioners are on the Texas Real Estate Commission?
The Texas Real Estate Commission is composed of nine members appointed by the Governor for six-year terms.
Which phrase best defines real estate?
Real estate is land at, above, and below the earth’s surface, including everything permanently attached to it, whether natural or artificial. Real property is everything included in real estate, plus the rights of ownership, including the right to possess, sell, lease, and enjoy the land.
Who administers the Texas Real Estate License Act?
TRELA and TREC
The Texas Real Estate License Act is the legislation that governs the licensing of Texas real estate license holders. The Texas Real Estate Commission (TREC), on the other hand, enforces the provisions of TRELA.
What license is issued by the Department of real estate quizlet?
Any individual who wants to operate a real estate office must have: a broker’s license. In a sale of an existing business (Business Opportunity) the real property is transferred: by deed.
What is the real estate Act of 1919?
The courts declared that law to be unconstitutional, based on its conditions compared to the licensing requirements of the Insurance Commissioner. California then adopted the Real Estate Act of 1919, which the State Supreme Court upheld as a reasonable exercise of the power of the state to regulate the conduct of its …
Which of the following is a true statement about the Texas Seller’s Disclosure of property Condition law?
Which of the following is a true statement about the Texas seller’s disclosure of property condition law? It requires sellers of single-family residential properties to disclose material facts to buyers. … (Death due to a suicide on a property is a permitted disclosure, but it’s not required under Texas law.)
Which of the following is not true about the license exam?
A former broker, now salesperson, who wants to be re-licensed as a broker must pay the same fee as an original broker applicant. A licensed broker changing status to salesperson must take the salesperson exam. Which of the following duties is not a permitted activity for an unlicensed personal assistant?
Which of the following is a true statement about TREC approved and promulgated forms?
Which of the following is a true statement about TREC-approved and promulgated forms? Licensees must use promulgated forms, but approved, non-promulgated forms are optional. There are a few exceptions to the Texas rule requiring sellers to complete a seller property condition disclosure.