Texas Real Estate Exam - TRELA Flashcards

Texas Real Estate Exam - TRELA Flashcards Texas Real Estate Broker-Lawyer Committee (Powers and Duties)

• They shall draft and revise contract forms that are

capable to be standardize-The contracts must contain safeguards to protect the principals transactions (Buyers and Sellers) Texas Real Estate Broker-Lawyer Committee = Committee13 Total members:6 Appointed by the Commission6 Members of the State Bar of Texas appointed by the president of the state bar.1 Public member appointed by the governorCommittee members serve staggered 6 year terms, of 2 commissions appointees and 2 State Bar of Texas appointees expiring every 2 years and the term of the public expiring every 6 years.

TREC (Members) = The Commission9 Total members: Appointed by the governor with

confirmation by the state senate.3 Members of the public.6 Real Estate broker members.Commission members serve staggered 6 year term, with the terms of 3 members expiring January 31st of each odd-numbered year.If a vacancy occurs during member's team, the governor shall appoint a person to fill the unexpired term.Texas Real Estate License ACT (TRELA)(Purpose) 1. Protect the public from dishonest or incompetent brokers or salesperson,2. prescribe certain minimum standards and qualifications for licensing brokers and salespersons, maintain high standards in the real estate profession,3. and protect licensed broker and salespersons from unfair or improper competition.Real Estate License ACT (Administration) Administration is vested in TREC, which is authorized to pass rules to interpret, define, and enforce the act provisions.Texas Real Estate License ACT (TRELA) = Title 7 Chapter 1101 of Texas Occupations Code Sets forth strict operating restrictions for licensees and penalties for noncompliance