Commission Duties and Powers Flashcards
When and why was TREC created?
1949
created to administer provisions of the License Act (TRELA).
When was TRELA passed?
1939
What authority does TREC have?
to govern license holders by making rules and regulations
subpoena books, records and witnesses
What is the member breakdown of TREC
9 members
3 - public members
6 - brokers
all appointed by the govenor and senate approved
6yr terms
Who writes the promulgated contract forms?
The Broker Lawyer Commitee
What is the member breakdown of the Broker Lawyer Committee?
13 members
6 - brokers (TREC appointed)
6 - lawyers (State Bar appointed)
1 - public member (Govenor appointed)
Where is the Advisory Committee located?
The Real Estate Center at Texas A & M University
What is the member breakdown of the Advisory Committee?
10 members (Govenor Appointed)
6 - brokers (5yrs experience)
3 - public members
1 - ex-officio (reps TREC)
How many years does an individual have from the effective date of a contract or the date of an incident to file a complaint with TREC regarding a license holder and how must complaint be presented?
4yrs
written and signed
Who has the power to issue or revoke Real Estate Licenses?
TREC
What is the charge and penalty for practicing real estate without a license?
Class A Misdemeanor
up to $4,000 fine
up to 1yr imprisonment
liable for civil penalties up to 3 times the amount of money received
TREC: $5,000/day for any person. License holder has 30days to pay penalty
Why was the Real Estate Recovery Trust Account created?
to pay aggrieved persons who suffered a monetary loss due to unscrupulous acts of the license holders.
According to the Real Estate Recovery Trust Account, how much can an aggrieved person who suffered a monetary loss due to acts of license holders receive?
up to three times the amount lost
According to the Real Estate Recovery Trust Account, If at any time in the calendar year the account balance is below _______ the commission is authorized to assess each real estate broker and sales agent on renewal of his license during the following calendar year a fee of _______ , or a pro rata share of the amount necessary to bring the balance to _______.
$1,000,000
$10
$1,700,000
According to the Real Estate Recovery Trust Account, what does TREC do when the balance is not below $1,000,000?
invest in Treasury Bills or Notes
or invest in the same manner as the Employees Retirement System of Texas
if account above $3.5 million, excess goes into the state’s General Fund.
