Real Estate License Act

Question 1

TREC is responsible for enforcing this Act

Answer 1

Real Estate License Act

Question 2

A person who, in exchange for a commission or other valuable consideration or with the expectation of receiving a commission or other valuable consideration, performs for another person on of the following acts: sells, exchange, purchases, or leases real estate.

Answer 2

Broker

Question 3

A broker who is employed to negotiate a transaction between the parties to a transaction and for that purpose may act as an agent of the parties.

Answer 3

Intermediary

Question 4

A broker or salesperson licensed under this chapter.

Answer 4

License Holder

Question 5

A prospective buyer, seller, landlord or tenant or an authorized representative of a buyer, seller, landlord or tenant, including a trustee, guardian, executor, administrator, receiver or attorney-in-fact.

Answer 5

Party

Question 6

Any interest in real property, including a leasehold, location in or outside this state.

Answer 6

Real Estate

Question 7

A person who offers for consideration to locate a unit in an apartment complex fpr lease to a prospective tenant.

Answer 7

Residential Rental Locator

Question 8

A person who is associated with a licensed broker for the purpose of performing an act described in the list under the definition of broker - sells, exchange, purchases, or lease real estate.

Answer 8

Salesperson

Question 9

A license holder who represents a principal through cooperation with the consent of a broker representing the principal and is not sponsored by or associated with the principal’s broker.

Answer 9

Subagent

Question 10

Contains all of the statues relating to licensing requirements for real estate brokers and salespeople, as well as all of the duties of licensees and other rules.

Answer 10

Real Estate License Act