Licensing Flashcards
Who requires a license to practice real estate?
Attorneys - Commission Split
Auctioneers - involved in transactions
Agents
Business Entities - receive compensation via license holder
Designated Officer of a real estate cooperation
Property Manager
Business Entity - engaged in real estate brokerage
If a designated agent has less than _______ interest in a real estate business entity, he must provide proof that the entity has “E & O” insurance with a minimum annual limit of _______ per occurrence. If the designated agent owns _______ or more of the business, then the required amount of “E & O” insurance is _______ .
10%
$1,000,000
10%
$0
Who is exempt from licensing?
Texas Attorneys - don’t participate in commission splits
Anyone court appointed and engaged in carrying out a foreclosure
Administrators and executors of a will
apartment managers
new home sales agents
cemetery lot sales agents
person selling his own property
employee leasing property for owner
corporate employees transacting corporate property
hotel personnel
attorney-in-fact
Auctioneer - calling an auction
anyone selling mobile homes
All _______ engaged in real estate brokerage activity, including partnerships, need to be licensed
business entities
What is a Texas licensed broker who does not have a home or office in Texas called?
Non-resident broker
Who has authority to license real estate inspectors in Texas?
TREC
What are the steps in obtaining a real estate license?
- meet educational requirements
- submit app with or without sponsoring broker
- submit fees
- pass state exam
- demonstrate honesty, integrity and trusworthiness
What is required if you fail the exam 3 consecutive times?
30hr class for each section failed 3 times
What are the requirements for a sales agent’s license?
180 class hrs of 6 courses
1st renewal = 98hrs
>>> 90 SAE ( 3 courses )
>>> 8 Legal
>>> failure to complete by renewal will cause expiration of license.
