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texas real estate exam prep workbook > unit 1 commission duties and powers > Flashcards

unit 1 commission duties and powers Flashcards

1
Q

t/f

the real estate commission must investigate every complaint against a license holder

A

false
the commission may initiate investigations on its own or in response to a signed written complaint. it does not investigate anonymous phone calls

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2
Q

t/f

TREC has the power to make laws, rules, and regulations.

A

false

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3
Q

t/f
once a complaint is ruled on by TREC, no other action can take place. appeals of the TREC decision may be made to an appeals court.

A

false

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4
Q

t/f

TREC is authorized to subpoena documentation and witnesses.

A

true

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5
Q

t/f

the real estate broker-lawyer committee has the power to promulgate forms

A

true

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6
Q

t/f

TREC approves and promulgates contracts forms

A

true

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7
Q

t/f

the texas real estate commission consists of three brokers and six general members.

A

false

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8
Q

t/f

a consumer’s action to recover funds from the trust account must be taken within two years of the cause of action

A

true

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9
Q

t/f

the maximum amount to be paid from the trust account per violation is $50,000

A

true

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10
Q

t/f

the primary purpose of the texas real estate license act is to protect consumers

A

true

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11
Q

what is the primary purpose of TRELA?

A

protect the public

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12
Q

what law governs real estate brokerage activities in texas?

A

TRELA

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13
Q

who administers the law governing real estate brokerage activities in texas?

A

TREC

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14
Q

how many members does TREC have?

A

9

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15
Q

how many broker members does TREC have?

A

6

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16
Q

how many public members does TREC have?

A

3

17
Q

the members of TREC are appointed by

A

the governor with advice and consent of the sentate

18
Q

TREC has the power to do all of the following except

A

mediate commission disputes between license holders or brokerage firms

19
Q

TREC has the power to do all of the following except

A

settle disputes between license holders or brokerage firms

20
Q

TREC has the power to do all of the following except

A

recommend individual license holders to the public

21
Q

TREC has the power to do all of the following except

A

send license holders to jail

22
Q

how many members does the Broker-Lawyer committee have?

A

13

23
Q

how many broker members does the broker-lawyer committee have

A

6

24
Q

how many lawyer members does the broker-lawyer committee have

A

6

25
Q

contract forms are written by

A

the broker-lawyer committee

26
Q

a “promulgated” form is generally mandatory for use by real estate license holders, whereas an “approved” form is voluntary for use by real estate license holders. who promulgates or approves contract forms?

A

texas real estate commission

27
Q

all of the following are correct regarding investigations and hearings by TREC except

A

the commission may initiate investigations in response to anonymous telephone calls

28
Q

if after investigation, the commission may do all of the following except

A

send a license holder to jail

29
Q

if a principal broker has his license suspended, the broker must do all of the following except

A

notify all the firm’s sales agents that they have 30 days to find a new sponsoring broker

30
Q

TREC can issue administrative penalties not to exceed

A

$5,000 for violations

31
Q

in texas, a person who acts as a real estate license holder without an active real estate license is guilty of

A

a class a misdermeanor

32
Q

in texas, a person who acts as a real estate license holder without an active real estate license may be punished by a fine up to

A

$4,000

33
Q

consumers must apply to the real estate recovery trust account within

A

two years of the cause of action

34
Q

the maximum that may be paid out of the real estate recovery trust account per transaction

A

$50,000

35
Q

the maximum that may be paid out of the real estate recovery trust account per license holder is

A

$100,000

texas real estate exam prep workbook (4 decks)

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