7. Texas Real Estate License Act Flashcards
Apprentice Inspector
A person who is in training under the direct supervision of a professional inspector or a real estate inspector to become qualified to perform real estate inspections.
ARELLO
The Association of Real Estate License Law Officials; promotes uniform policies and standards in the field of license law administration and enforcement across the United States.
Broker
One who buys and sells for another for a commission.
Intermediary
A broker who is employed to negotiate a transaction between both parties and who for that purpose may be an agent of both parties to the transaction, acting fairly so as not to favor one party over the other.
Mandatory Continuing Education (MCE)
A requirement for most brokers and all sales agents to complete 15 classroom hours of education once every two years in order to renew a real estate license; becomes effective after the completion of sales agent annual education (SAE) requirements are met.
Nonresident Broker
A resident broker of another state also licensed in Texas but not a Texas resident.
Party
A prospective buyer, seller, landlord, or tenant, or the person’s authorized representative (excluding a real estate license holder).
Professional Inspector
A person who accepts employment for the purpose of performing a real-property inspection for a buyer or a seller.
Qualifying Real Estate Course
A real estate course included in the statute or approved by the Texas Real Estate Commission as fulfilling part of the core requirements for licensure. Permitted by statute or Rule: Principles of Real Estate, Real Estate Appraisal, Real Estate Law, Real Estate Finance, Real Estate Marketing, Real Estate Mathematics, Real Estate Brokerage, Property Management, Real Estate Investments, Law of Agency, Law of Contracts, Promulgated Contract Forms, and Residential Inspection for Real Estate Agents.
Real Estate Inspector
A person who, under the indirect supervision of a professional inspector, accepts employment for the purpose of performing a real-property inspection for a buyer or seller.
Real Estate Recovery Trust Account
A fund established from real estate license revenues to cover claims of aggrieved parties who have suffered monetary damage through the illegal actions of a real estate or property inspection license holder.
Residential Rental Locator
A person, other than the owner of the property or an onsite manager, who offers, for consideration, to locate a unit in an apartment complex for lease to a prospective tenant.
Sales Agent
A person who performs real estate activities while employed by or associated with a licensed real estate broker.
Sales Agent Apprentice Education (SAE)
A requirement for education beyond that needed to obtain a real estate sales agent license; continuing education for the first year of licensure.
Subagent
A license holder who represents a principal through cooperation with and consent of a broker representing the principal and who is not sponsored by or associated with the principal’s broker.
