Chapter 7 "Texas Real Estate License Act" Flashcards
ARELLO, Association of Real Estate License Law Officials
Promotes uniform policies and standards in the fields of license law administration and enforcement.
TREC, Texas Real Estate Commission
9 members: 3 are members of public and 6 are real estate brokers (for 5 years)
First law to regulate brokerage in Texas was the..
Texas Real Estate Dealers Act, passed in 1939
TRELA, Texas Real Estate License Act
Passed in 1949 and codified as Title 7, Occupations Code, Chapter 1101 in June 2003
The statute of limitations for investigating a complaint is…
4 years
The Texas Real Estate Broker-Lawyer Committee
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
Which committee is responsible for drafting and revising standardized contract forms to be used by license holders?
The Texas Real Estate Broker-Lawyer Committee
TREC Rule 535.92(a) effective January 1, 2016
All licensed holders must complete 18 classroom hours of CE every two years to renew a license.
The Real Estate Center at Texas A&M University is funded by..
$20 from brokers and sales agents, each time a license is issued or renewed.
A license holder who draws an earnest money contract instead of using a form promulgated for a specific purpose…
will have her license revoked or suspended.