Download TEXAS State Real Estate Exam Prep (Champions School of Real estate Chapters 1-6) /Question and more Exams Public Health in PDF only on Docsity! TEXAS State Real Estate Exam Prep (Champions School of Real estate Chapters 1-6) /Questions And Answers Quiz :TREC was created in _________ to administer the provisions of the license act which passed in _______. - √Answer :1949, 1939 Quiz :Trec has the authority to make _________ and __________. - √Answer :Rules, regulations Quiz :TREC consists of how many members? - √Answer :Nine members - six licensed brokers and 3 members of the public. All are appointed by governor and approved by senate Quiz :The broker lawyer committee - √Answer :writes the promulgated contract forms. Quiz :The broker lawyer committee consists of: - √Answer :13 members. 6 brokers appointed by trec and 6 lawyers appointed by the state bar association. 1 is a public member appointed by governor Quiz :Penalties for unlicensed activity - √Answer :Class A misdemeanor, not to exceed $4000 for each penalty, or up to 1 year in prison or both. Each day a violation continues may be considered a separate violation. Quiz :Administrative penalties for unlicensed activity - √Answer :up to $5,000 per day for violation of the license act, by any person, licensed or unlicensed. Quiz :Real estate recovery trust account - √Answer :($50,000 max per transaction and $100,000 max for any one licensee.) If fund falls below $1 mill, trec can charge all licensee's a $10 fee until balance goes back up to $1.7 million. If balance is above $3.5 million, Trec reduces value by flushing excess to the general fund of of texas. Quiz :Non-resident broker - √Answer :A broker with a Texas Real Estate brokers license, but no home or office in Texas Quiz :Trec has the authority to license _______________________________. - √Answer :Real estate inspectors Quiz :Fidelity - √Answer :license holder is a fiduciary to his client. faithfulness; loyalty Quiz :Integrity - √Answer :Will avoid misrepresentation by commission or omission Quiz :Competency - √Answer :Be knowledgeable, informed, and educated Quiz :Customer Information notice 1-2 - √Answer :Notifies the public of the recovery trust account. Must be DISPLAYED in a prominent place in brokers office Quiz :Discriminatory practices - √Answer :No license holder shall inquire about, respond to or facilitate inquires about or make disclosures indicating any discriminatory preferences or limitations Quiz :Commingling money - √Answer :earnest money must be placed in an escrow account, not in with broker personal or operating accounts Quiz :Conversion - √Answer :spending commingled funds is also prohibited