State Portion!

Question 1

Texas Real Estate (Dealers) License Act

Answer 1

in 1939 it became illegal to sell real estate in Texas without first obtaining a license.

Question 2

TRELA (Texas Real Estate License Act)

Answer 2

in 1949 created TREC

• 9 commissioners; 6 are brokers, 3 are members of the general public
• appointed by the Governor for 6 year terms;
• approved by 2/3 of the Senate present
• Brokers must have a minimum of five years active experience in the business.

Question 3

Real Estate Broker-Lawyer Committee

Answer 3

Drafts and revises TREC promulgated contracts

• Thirteen members (6 appointed by the commission- 6 members of the State Bar-appointed by the President of the State Bar and 1 public member appointed by the governor)
• Members will hold office for staggered terms of six years with the terms of two commission appointees and two State Bar appointees expiring every two years

Question 4

Community Property

Answer 4

Property acquired after marriage. The concept is that the husband and wife contribute jointly and equally to their marriage and should share equally in any property purchased during marriage

Question 5

Codicil

Answer 5

A written supplement or amendment to a will. Used to change a will without rewriting

Question 6

Veteran’s Land Board (VLB)

Answer 6

The Texas Veteran’s Land Board was created in 1946 and allows Texas veteran’s to borrow money at below market interest rates for the purchase of land in Texas. There is a minimum 5% down payment and the VLB originates all land loans, not private investors.

Question 7

Uniform Standards of Professional Appraisal (USPAP)

Answer 7

the document that can be considered the quality control standards applicable for real property analysis and reports in the United States. First developed in the 1980’s.

Question 8

Texas Appraiser Licensing and Certification Act

Answer 8

all five classifications of appraiser be licensed. The classifications are: Certified General REA, Certified Residential REA, State Licensed REA, Provisional Licensed REA, and Appraiser Trainee.

Question 9

Sales agent education:

Answer 9

180 core hours of real estate courses with no less than

• 60 hours of Principles,
• 30 hours of Law of Agency,
• 30 hours of Law of Contracts,
• 30 hours of electives

Question 10

broker education:

Answer 10

900 core hours of real estate courses (60 semester hours) and a minimum of four years active licensure