Chapter 7 "Texas Real Estate License Act" Flashcards

1
Q

ARELLO, Association of Real Estate License Law Officials

A

Promotes uniform policies and standards in the fields of license law administration and enforcement.

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2
Q

TREC, Texas Real Estate Commission

A

9 members: 3 are members of public and 6 are real estate brokers (for 5 years)

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3
Q

First law to regulate brokerage in Texas was the..

A

Texas Real Estate Dealers Act, passed in 1939

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4
Q

TRELA, Texas Real Estate License Act

A

Passed in 1949 and codified as Title 7, Occupations Code, Chapter 1101 in June 2003

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5
Q

The statute of limitations for investigating a complaint is…

A

4 years

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6
Q

The Texas Real Estate Broker-Lawyer Committee

A

13 members: 6 members appointed by the commission, 6 members of the State Bar of Texas appointed by the president of the state bar, 1 public member appointed by the governor

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7
Q

Which committee is responsible for drafting and revising standardized contract forms to be used by license holders?

A

The Texas Real Estate Broker-Lawyer Committee

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8
Q

TREC Rule 535.92(a) effective January 1, 2016

A

All licensed holders must complete 18 classroom hours of CE every two years to renew a license.

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9
Q

The Real Estate Center at Texas A&M University is funded by..

A

$20 from brokers and sales agents, each time a license is issued or renewed.

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10
Q

A license holder who draws an earnest money contract instead of using a form promulgated for a specific purpose…

A

will have her license revoked or suspended.

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