state exam Flashcards
TREC is comprised of 9 members.
6 real estate brokers and 3 general public members
Appraisers are regulated by
Texas appraisers licensing and certification board (TALCB)
TREC members hold office for
6 years
Broker responsibilities
must respond to a sponsored sales agent, clients and license holders representing other parties in real estate transactions within 2 days.
complaint must be filed by complaining person not more than
4 years after the incident
State office of administrative hearing’s decision under this subchapter is entitled to appeal to a district court in
A county in which the administrative hearing was held
The commission may suspend or revoke a license or asses a penalty for each violation that is not to exceed
$5,000
An unlicensed assitant may perform
administrative tasks (No showing properties or consulting on real estate)
The limit on recovery fund payout is
50,000 per transaction -100,000 per license
if the desdignated broker owns less than
10% of the business the business must have an errors and omissions insurance policy of at least one million dollars
education: Must complete ___ semester hours
12; 4 semester hours of principles of real estate and 2 semesters hours of each agency law, contract law, contract forms, addendums, and real estate finance
requirements of a broker license
4 years as an active sales agent or broker out of the 5 years since date of application
online education requirements
60 hours of principle of real estate,
30 hours of each remaining five pre licensing courses for a total of 180 hours
first time renewal
270 hours post licensing qualifying real estate course hours (180 pre-licensing hours + 90 SAE) plus 4 hours of TREC legal update I and 4 hours of legal update II
continuing education active sales agent license renewal requirements
complete 18 hours of approved continuing education
8 hours of TREC lega; update I and II
3 hours of contract related coursework
7 hours of elective continuing education
change of sales agent sponsorship
and changes in or termination of sponsorship be communicated in writing using the online form approved by TREC, all termination notices must be sent to TREC
advertising
must clearly and prominently display the name of the broker, which may either be a business entity or an individual
commision
must be paid to a broker
can a broker pay all or a portion of a commission or fee to an unlicensed person?
no but certain rebates are permissible with the permission of the party the broker represents
Texas Law requires all brokers and sales agents to provide written notice regarding information about brokerage services
At the first substantive communication with prospective buyers, tenants, sellers, and landlords concerning specific real property
the broker owes the client the duties of
fidelity, integrity, and competency
Oral contract lasts
4 years
the seller of a residential property of not more than one dwelling must provide
promulgated sellers disclosure.
As a licensee in Texas, you, as the listing agent, are required.
to use a promulgated form or a contract prepared by an attorney licensed in Texas
The statue of frauds _____
requires that a lease for over one year must be in writing
the “termination” option of the TREC one to four family residential contract requires _______
consideration and a specific number of days the buyer has to eliminate
How many days does a buyer have to terminate a contract if seller does not provide a sellers property disclosure by the notice to
The contract to purchase states that if buyer does not receive the notice, buyer may terminate this contract at any time prior to closing and the earnest money will be refunded to the buyer. If seller delivers the notice, buyer may terminate this contract for any reason within 7 days after buyer recieves the notice or prior to the closing, whichever first occurs, and the earnest money will be refunded to buyer
property obtained before marriage
separate property
property obtained after marriage
community property
urban homestead
limited to 10 acres with improvements
rural homestead
limited to 100 acres for a single person and 200 acres for a family
non-judicial
Bank can foreclose without going to court
Tenants in common
co-ownership, interest passed to heirs upon death
joint tenancy with right of survivorship
Interest passed to co owners upon death w/o going through probate
Escheat
Goverments revisionary right to abandoned property or property of intestate owners with no heirs, property may revert to the state
variance
a variance is requested when a property owner wants to vary or deviate from building codes or build into a setback to prevent economic hardship
elements of a valid contract
1: competent parties
2: offer and acceptance
3: Legal purpose
4: consideration
5: in writing and signed
statute of fraud
requires certain contracts for the transfer of real estate in writing to be enforceable
types of listings
exclusive right to sell listing
exclusive agency listing
open/non-exclusive listing
agency
a fiduciary relationship that results when one party (principle) gives another party (agent) the authority to act on the principals behalf to transact business
