Licenses
It is unlawful for persons to act in the capacity of or represent themselves as real estate brokers without first
obtaining license from TREC
To collect commission through litigation, the seller's broker is NOT required to prove
The buyer was aware of the commission amount
what fees are set by TREC rule
Renewal fees
Professional associations of specialist in various fields of real estate activity are organized to serve the interests of their members but DO NOT ....
Pass laws to regulate agents
A factor that affects supply in the real estate market is
construction cost
It is unlawful for a person to act as a real estate sales agent without a
Sponsoring broker
$20 from brokers and sales agents when a license is issued/renewed.
Real Estate Center at A&M University is funded by
Failure to give this notice to buyer at or before closing may lead to suspension/revocation and loss of commission on the sale.
Statutory title notice
REALTORS must be licensed agents that are memebers of what association?
National Association of REALTORS (NAR)
When the supply of a certain commodity increases
Prices tend to drop
A real estate broker's license is NOT required for a person who
OWNS his own property
Must be at least 18 and U.S. citizen or lawfully admitted alien.
To get real estate license
Drawing an earnest-money contract instead of the required form can result in suspension/revocation... what are these forms known as?
Promulgated forms
Value
The amount a buyer AGREES to pay and a seller ACCEPTS
PRICE
6 brokers and 3 lay/public members
TREC made up of
An inspector must use a report form prescribed by TREC.
Inspector Licensing Laws
Promulgated form exception when an ? prepares the forms and the property owner requires their use.
Attorney
Wage levels and employment influence what?
Demand
this adjust because of nonhomogeneity and its immobile characteristics
A broker operating from home still performs brokerage and needs a what?
License
a license may be revoked if payment is made from the ? account
Recovery trust account
A minimum of 18 classroom hours as a pre req for license renewal every 2 years
CE Continuing education
Involve periods of expansion, recession, depression, and revival
Business cycles
a place where buyers and sellers come together to establish prices
the term Market