7. Texas Real Estate License Act Flashcards Preview

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Flashcards in 7. Texas Real Estate License Act Deck (14)
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1
Q

TRELA - 1939

The purpose of this act is to protect the public against unscrupulous Brokers and sales agents

A

Texas Real Estate License Act

2
Q

A person who, in exchange for a commission or other valuable consideration or with the exception of receiving a commission or other valuable consideration, performs for another person one of the acts of a real estate transaction.

A

broker

3
Q

” domestic entity” or “ foreign entity” that is qualified to transact business and this state.

A

business entity

4
Q

A person registered under subchapter k.

A

certificate holder

5
Q

Means the Texas real estate commission.

A

commission

6
Q

Means a broker or sales agent licensed under this chapter.

A

license holder

7
Q

A person who offers for consideration to locate a unit in an apartment complex for lease to a prospective tenant. The term does not include an interest given as security for the performance of an obligation.

A

residential rental locator

8
Q

Means a person who is sponsored by a licensed broker for the purpose of performing an act described by subdivision (1)

A

sales agent

9
Q

Means a license holder who represents a principal through cooperation with and the consent of a broker representing the principal; and is not sponsored by or associated with the principals broker.

A

subagent

10
Q

An act that passed in 1977 by the Sixty-fifth Legislature, provided for a commission to review most state agencies every twelve years in order to determine if they should be continued or abolished

A

Texas Sunset Act

11
Q

In the 1970s, the legislature created the Real Estate Center located at Texas A&M Uni.
The center’s purpose is to collect and compile data about real estate and matters relating to real estate in Texas. A portion of each license holders annual recertification fee goes to the real estate Center to fund its operation.

A

Texas Real Estate Research Center

12
Q

This committee writes the trec promulgated forms.

This committee has 13 members. 6 are Brokers appointed by trec, 6 are lawyers appointed by the president of the State Bar Association, and one is a public member appointed by the governor.

A

Broker- Lawyer Committee

13
Q

a broker who is employed to negotiate a transaction between the parties to a transaction and for that purpose may act as an agent of the parties.

A

Intermediary

14
Q

A trust account maintained by TREC to reimburse aggrieved persons who suffer actual damages caused by an act committed by a license holder, a certificate holder, or a person who does not hold a license or certificate and who is an employee or agent of a license or certificate holder.

50,000 limit per transaction and 100,000 maximum on behalf of any one license holder.

A

Real Estate Recovery Trust Account