Overview of the StatuteSubchapter Q This final subchapter addresses issues regarding liability

Basic Provisions of the Real Estate License Act (TRELA) Flashcards Overview of the StatuteSubchapter Q'This final subchapter addresses issues regarding liability issues in disciplinary actions, explaining, among other things, that disciplinary action by the Commission does not insulate a licensee from other private actions, such as litigation, from the aggrieved public party.That's the view from above. In the remaining sections of this lesson, we will look at the exact language of the statute, including much of the language directly from statute, but eliminating the more procedural language and focusing on the pieces pertinent to the everyday engagement in the real estate profession.Overview of the StatuteSubchapters N - P These three sections address the "dos and don'ts" of the real estate profession and the repercussions for violations.Subchapter N addresses the prohibited practices of the profession, O covers the administrative penalties for violations, while P provides for additional penalties and enforcement procedures available to the Commission (including criminal action), as well as consumer advocacy.Overview of the StatuteSubchapters G - K The next several sections address the process of becoming and retaining a license to engage in real estate professional activities in Texas. Subjects covered include the accreditation and approval of educational programs to attain and renew a license, the requirements necessary to receive a license, the examination process for a license, renewing a license, and the certificate for receiving or renewing a license.Overview of the StatuteSubchapter LSubchapter L is one that licensees need to be particularly well-acquainted with. This section details many of the basics of setting, running and maintaining the practice of real estate in Texas. Some of the key areas covered here include the requirement to have a fixed office location and the importance of keeping TREC informed of any changes in address or establishment of branch locations, the display and retention of agent licenses in the office, required disclosures, agency representation, and regulations on broker and associate actions in an intermediary capacity.Basic Provisions of The Real Estate License Act (TRELA)Overview of the Statute The Real Estate License Act (TRELA) is broken into 17 subchapters, all of which, at least in part, are discussed in this lesson.Briefly, here's an overview of the subjects covered in each of the 17 subchapters (A-Q).Basic Provisions of The Real Estate License Act The Real Estate License Act for Texas (TRELA, sometimes referred to as the Texas Real Estate License Act including

on the TREC website) is found in Chapter 1101 of the Texas Occupations Code. Like all of the other states, Texas tests and licenses applicants who are hoping to become real estate agents and brokers in the state for the

public purpose of:Protecting the public interests from

dishonest or incompetent brokers or salespersons,Maintaining high standards in the real estate profession, andProtecting licensed brokers and salespersons from unfair or improper competition.Practice

Note: Attorneys are exempt from any of the provisions of

The Real Estate License Act. They are permitted to represent clients in real estate transactions by virtue of their license to practice law. That representation could include those actions typically referred to as real estate brokerage services.

Overview of the StatuteSubchapter MSubchapter M deals with the Real Estate Recovery Account, a fund maintained by TREC funded by licensee fees and designed to create a pool of funds for payment to aggrieved parties filing complaints and being awarded judgments in their favor for violations committed by licensees, where the licensee is unable to provide payment or reimbursement. The subchapter delineates in detail the processes for filing for and paying out the funds. ' Overview of the StatuteSubchapter ESubchapter E specifically addresses the complaint process for aggrieved customers. This includes the Commission's obligation to keep the public aware and informed of the existence of the complaint process and how to access it.Also covered are the internal processes such as the confidentiality of information gathered through the investigative process and how the public can participate in the complaint and investigation process.Overview of the StatuteSub chapters A-DThe first four subchapters of TRELA cover the basic groundwork for the overall statute. These sections include general provisions and definitions, the purpose and make-up of the Texas Real Estate Commission (TREC / Commission), as well as TREC's powers and duties, plus additional administrative and personnel matters attendant to the function of the Commission and execution of their duties.Basic Provisions of The Real Estate License Act (TRELA)Brief History Originating as the Texas Real Estate Dealers Act of 1939 and revised in 1949 to create the Texas Real Estate Commission (TREC), legislative amendments to the act in 1955 added licensing duties and changed the name of the act to The Real Estate License Act. This is the guiding authority to the engagement in the real estate profession in Texas today, with TREC as the governing body overseeing the professional activities.Broadly speaking, TREC is primarily charged with enforcing the provisions of The Real Estate License Act. More specifically, TREC is the agency in charge of overseeing the licensing and professional

activities of:Real estate brokersReal estate sales

agentsReal estate inspectorsProviders of real estate and inspection education coursesResidential service companiesTimeshare developersEasement or Right-of-Way (ERW) AgentsAmong the many

responsibilities of TREC are:Responding to complaints of

licensee misconductTaking disciplinary actions against licensees found to have committed violationsPromulgating contracts and forms developed for the practice of real estate in TexasOverseeing educational training and

standards for the real estate profession in TexasDeveloping and promulgating regulations to protect both licensees and consumers engaged in real estate transactions Over View of the StatuesSuchapter FThis subchapter creates the Broker-Lawyer Committee to assist the Commission in efforts such as the development of contracts and forms to be promulgated by the Commission.