TEXAS ESTHETICIAN > EXAM > Texas Real Estate Exam 1 – State (Latest 2023 - 2024) New Full Exam Questions and Answers Included (All)

Texas Real Estate Exam 1 – State (Latest 2023 - 2024) New Full Exam Questions and Answers Included

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1. Texas Real Estate Commission (TREC) Answer: -created in 1949 -purpose: to administer the provisions of the License Act -authority to make rules and regulations -9 members (3 represent the gene... ral public, 6 are real estate brokers) -all appointed by the governor and approved by the Senate -serve 6 year terms -has the power to subpoena books, records, and witnesses -has the power to issue or revoke Real Estate Licenses 2. Broker Lawyer Committee Answer: -writes promulgated contract forms -13 members (6 are brokers appointed by TREC, 6 are lawyers appointed by thePresident of the State Bar Association, 1 is a public member appointed by the governor) 3. Real Estate Recovery Fund Answer: created by TREC to pay aggrieved persons whosuffered a monetary loss due to unscrupulous acts of the licensees -persons can receive up to 3 times the amount of money lost -when an amount is paid out of it, the license of the individual is automatically revoked or suspended without a hearing (cannot be recovered until the fund hasbeen repaid with interest) 4. persons who must have a real estate license Answer: 1.attorneys who participate ina commission split 2.auctioneers involved in a real estate transaction 3.apartment locators 4.real estate salespeople [Show More]

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