Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Real Estate Express > chapter 7 > Flashcards

chapter 7 Flashcards

1
Q

when was the Texas Sunset act passed?

A

1977

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

how often is the sunset act review in most states?

A

every 12 years

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

how many times has the Real Estate Commission been reviewed?

A

5 times

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

What people don’t need a license to complete real estate transaction?

A
  • an owner selling his or her own property
  • auctioneers auctioning real property
  • an individual employed by a business entity for the purpose of buying, selling, or leasing real property for entity.
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

sec. 1101.001

A

states that the chapter may be cited as The Real Estate License Act.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Sec.1101.002.

A

gives definition for the following terms

  • broker
  • buisness entity
  • certifcate holder
  • commission
  • license holder
  • real estate
  • residential rental locator
  • salesperson
  • sub-agent
How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

sec 1101.003. CORE REAL ESTATE

A

Lists eleven categories of courses and their content

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

What must be submitted for the Commission to investigate the actions of a licensee?

A

What must be submitted for the Commission to investigate the actions of a licensee?

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

What are the investigation rules relating to an anonymous complaint?

A

An investigation or other action against a person licensed under this chapter or Chapter 1102 may not be initiated on the basis of an anonymous complaint.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

What is the makeup of the Texas Broker Lawyer Committee and who appoints them?

A

The Texas Real Estate Broker- Lawyer Committee is made up of 13 members appointed as follows:

Six (6) members appointed by the commission

Six (6) members of the state bar of Texas appointed by the president of the state bar

One (1) public member appointed by the governor

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

What are the rules for non-English speaking persons with regard to access of the commission’s programs?

A

The commission must prepare and maintain a written plan that describes how a person who does not speak English or who has a physical, mental, or developmental disability may be provided reasonable access to the commission’s programs.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

SUBCHAPTER A

A

addresses the general provision of the law, including the definitions of real estate courses, and exempt persons.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

SUBCHAPER B

A

describes the makeup of the Texas Real Estate Commission (TREC) which administers TRELA.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

SUBCHAPTER C

A

describes the makeup of the Texas Real Estate Commission (TREC) which administers TRELA.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

SUBCHAPTER D

A

describes the powers and duties of the Commission, among them to administer Chapter 1101 and Chapter 1102, which contains the laws governing real estate inspectors.

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

SUBCHAPTER E

A

deals with the procedures for letting the public know how to file a complaint. It also covers what action the commission takes when someone files a written complaint against a licensee.

The commission may not conduct an investigation of a person licensed under this chapter or Chapter 1102 in connection with a complaint submitted later than the fourth anniversary of the date of the incident that is the subject of the complaint

17
Q

SUBCHPTER F

A

creates the Texas Real Estate Broker-Lawyer Committee and describes what duties the members on this committee have with regard to creating and revising the standard contracts Texas licensees use.

18
Q

SUBCHAPTER G

A

outlines how the commission will establish education standards and what the approval process for real estate courses will be.

19
Q

SUBCHAPTER H

A

Subchapter H contains very detailed information about the requirements for obtaining a broker or salesperson license.

20
Q

SUBCHAPTER I

A

Subchapter I sets out the rules for how a license applicant will be judged as competent to practice as a real estate agent. It deals with the aspects surrounding the examination process.

21
Q

SUBCHAPTER J

A

addresses all of the license renewal requirements and procedures.

Topics: License Expiration and Renewal, Information Required for License Renewal, Criminal History Record Information for Renewal, Additional Renewal Requirements for Business Entities, Salesperson License Renewal, Continuing Education Requirements and Exemptions, etc.

22
Q

SUBCHAPTER K

A

deals with the rules for “right-of-way” agents. A right-of-way agent is one who sells, buys, leases or transfers an easement or other right-of-way for another person and is compensated for doing so

23
Q

SUBCHAPTER L

A

deals with how a broker is required to maintain his or her physical office address. It also covers title notice, property disclosures, and agency relationships

24
Q

SUBCHAPTER M

A

establishes a Real Estate Recovery Fund for the protection of the public against harmful actions by licensees.

25
Q

SUBCHAPTER N

A

lists a number of actions a licensee could perform that would result in the revocation or suspension of his or her license.

Topics: Certain Practices Prohibited, Grounds for Suspension or Revocation of License, Additional Disciplinary Authority of Commission, etc.

26
Q

SUBCHAPTER O

A

addresses the procedures the commission will employ to assess an administrative penalty for anyone who commits an act in violation of the license act or any commission rule.

Topics: Imposition of Administrative Penalty, Penalty to be Paid or Hearing Requested, Options Following Decision: Pay or Appeal, etc.

27
Q

SUBCHAPTER P

A

addresses civil penalties for violations by brokers, salespersons, and certificate holders and it also addresses penalties for unlicensed persons.

28
Q

SUBCHAPTER Q

A

deals with a licensee’s liability pertaining to certain disclosures and also discusses a broker’s responsibility for the acts and omissions of any of his or her affiliated licensees.

Topics: Effect of Disciplinary Action on Liability, General Liability of Broker, Liability for Payment of Compensation or Commission

29
Q

TX SUNSET ACT

A

The Texas Sunset Act, which was passed in 1977, provided for a commission (called the Sunset Commission) to review most state agencies every 12 years. Its purpose is to determine if they should be continued or abolished. The Real Estate Commission has been reviewed and continued five times. The last review was in 2019.

30
Q

TRELA

A

This is contained in Title 7, Chapter 1101, of the Texas statutes. The primary purpose of the license law is to protect the public from dishonesty or incompetence among real estate agents. To accomplish this, the law defines minimum standards and qualifications for agents.

31
Q

BUISNESS ENTITY

A

A “domestic entity” or “foreign entity” as those terms are defined by Section 1.002, Business Organizations Code.

Real Estate Express (3 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions