unit 1 commission duties and powers Flashcards
t/f
the real estate commission must investigate every complaint against a license holder
false
the commission may initiate investigations on its own or in response to a signed written complaint. it does not investigate anonymous phone calls
t/f
TREC has the power to make laws, rules, and regulations.
false
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.
false
t/f
TREC is authorized to subpoena documentation and witnesses.
true
t/f
the real estate broker-lawyer committee has the power to promulgate forms
true
t/f
TREC approves and promulgates contracts forms
true
t/f
the texas real estate commission consists of three brokers and six general members.
false
t/f
a consumer’s action to recover funds from the trust account must be taken within two years of the cause of action
true
t/f
the maximum amount to be paid from the trust account per violation is $50,000
true
t/f
the primary purpose of the texas real estate license act is to protect consumers
true
what is the primary purpose of TRELA?
protect the public
what law governs real estate brokerage activities in texas?
TRELA
who administers the law governing real estate brokerage activities in texas?
TREC
how many members does TREC have?
9
how many broker members does TREC have?
6
how many public members does TREC have?
3
the members of TREC are appointed by
the governor with advice and consent of the sentate
TREC has the power to do all of the following except
mediate commission disputes between license holders or brokerage firms
TREC has the power to do all of the following except
settle disputes between license holders or brokerage firms
TREC has the power to do all of the following except
recommend individual license holders to the public
TREC has the power to do all of the following except
send license holders to jail
how many members does the Broker-Lawyer committee have?
13
how many broker members does the broker-lawyer committee have
6
how many lawyer members does the broker-lawyer committee have
6
contract forms are written by
the broker-lawyer committee
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?
texas real estate commission
all of the following are correct regarding investigations and hearings by TREC except
the commission may initiate investigations in response to anonymous telephone calls
if after investigation, the commission may do all of the following except
send a license holder to jail
if a principal broker has his license suspended, the broker must do all of the following except
notify all the firm’s sales agents that they have 30 days to find a new sponsoring broker
TREC can issue administrative penalties not to exceed
$5,000 for violations
in texas, a person who acts as a real estate license holder without an active real estate license is guilty of
a class a misdermeanor
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
$4,000
consumers must apply to the real estate recovery trust account within
two years of the cause of action
the maximum that may be paid out of the real estate recovery trust account per transaction
$50,000
the maximum that may be paid out of the real estate recovery trust account per license holder is
$100,000
