Unit 7: TX RE License Act

Question 1

Association of RE License Law Officials (ARELLO)

Answer 1

promotes uniform policies & standards in the field of license law admin. & enforcement across the US

Question 2

professional inspectors

Answer 2

performs real property inspection

Question 3

RE Inspector

Answer 3

under supervision of professional inspector, performs real property inspection

Question 5

TX RE Research Center

Answer 5

@ TX A&M, brokers & sales agent license holders pay fees to the center w/ each renewal

Question 6

apprentice inspector

Answer 6

training under 1 & 2 to become qualified to perform inspections

Question 7

TX RE Broker-Lawyer Committee

Answer 7

drafts & revises standard contract forms to be used by RE license holders

Question 8

non-resident broker

Answer 8

a resident broker of another state also license in TX but not a TX resident

Question 9

sales agent apprentice education (SAE)

Answer 9

requirement for education beyond that needed to obtain a RE sales agent license, continuing education for the first year of a licensure

Question 10

continuing education (CE)

Answer 10

prerequisite course for license renewal

Question 11

RE recovery trust account

Answer 11

fund of RE license revenues to cover claims of aggrieved parties who have suffered monetary damage through the illegal actions of a RE or property inspection license holder