TREC in General
TREC was created in 1949 to carry out the duties of this act.
TRELA
The number of years an individual has to file a complaint
4
After passing the exam, this is the next step in the licensing process.
Become sponsored by a broker
Avoiding misrepresentation is a key characteristic of this canon of ethics and conduct
Integrity
All ads must contain what specific information?
Brokerage information
The number of commissioned members
9
The amount of time an individual has to wait before applying for a new license after it was revoked by TREC
2 years
Attorneys in Texas must have a real estate license in order to do this
The link to the IABS cannot be placed in this location
The signature block of an email
These two documents are required on an agent/broker's website
Consumer Protection Notice and IABS
Its main purpose is to:
Criminal penalties for engaging in real estate activities without a license assessed by the court are:
Up to $4,000 or county jail time of up to one year
The minimum amount of E&O insurance a designated agent with less than 10% interest in a real estate business entity must provide proof of is
$1 million
A license may be suspended or revoked if an agent/broker is convicted of these two things
Any felony or a criminal offense involving fraud
What size must the font be when labeled "Texas Real Estate Commission Information About Brokerage Service" on a website
10-point
Broker Lawyer Committee
TREC may assess administrative penalties of this amount against whom
$5,000 a day against licensed/unlicensed individuals
The total number of hours needed for an agent's first time license renewal
98
What happens if the 3rd day to deliver the earnest money/option fee falls on a Saturday, Sunday, or holiday
Deadline may be extended
This must be on every page of a broker website (Hint: there are two options)
Broker or company name
Who may TREC file suit with to enforce a subpoena?
Attorney General
Real Estate Recovery Trust Account
The amount of time an applicant has to request, in writing, a hearing if they are denied a license
by the 30th day of when the notice of denial was sent
When may a licensed agent give something of monetary value to an unlicensed individual (hint: there are three options)
When it is no more than $50, cannot be cash, and gift cards must be to a specific business
Agent/broker license numbers are required in our advertisement: True or False
False