7. Texas Real Estate License Act Flashcards
TRELA - 1939
The purpose of this act is to protect the public against unscrupulous Brokers and sales agents
Texas Real Estate License Act
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.
broker
” domestic entity” or “ foreign entity” that is qualified to transact business and this state.
business entity
A person registered under subchapter k.
certificate holder
Means the Texas real estate commission.
commission
Means a broker or sales agent licensed under this chapter.
license holder
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.
residential rental locator
Means a person who is sponsored by a licensed broker for the purpose of performing an act described by subdivision (1)
sales agent
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.
subagent
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
Texas Sunset Act
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.
Texas Real Estate Research Center
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.
Broker- Lawyer Committee
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.
Intermediary
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.
Real Estate Recovery Trust Account
