The Real Estate License Act TRELA Texas Real Estate

The Real Estate License Act (TRELA) & Texas Real Estate Commission (TREC) Flashcards TRELA is broken up into what?17 Subchapters (A-Q) What was originated as the Texas Real Estate Dealers Act of 1939 and revised in 1949 to create the Texas Real Estate Commission (TREC), legislature amendments to the act in 1955 added licensing duties and changed the name of the act of?

TRELA What governing body oversees the real estate profession activities?

TREC Subchapter M covers what?This subchapter covers 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.What are some responsibilities of TREC?- Responding to complaints of licensee misconduct- Taking disciplinary actions against licensees found to have committed violations- Promulgating contracts and forms developed for the practice of real estate in Texas- Overseeing educational training and standards for the real estate profession in Texas- Developing and promulgating regulations to protect both licensees and consumers engaged in real estate transactions TREC is the agency in charge of overseeing the licensing and professional activities of what?

• Real estate brokers- Real estate sales agents- Real

estate inspectors- Providers of real estate -and inspection education courses- Residential service companies- Timeshare developers- Easement or Right-of-Way (ERW) Agents Subchapters G-K generally cover what?Education, Licensing, and Renewals Where can TRELA be found?In Chapter 1101 of the Texas Occupations Code.Subchapters G-K specifically cover what? These subchapters 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.

Subchapters L-Q generally cover what?Practicing, Prohibitions and Disciplinary Actions Subchapters N-P cover what?These subchapters 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.Subchapters A-D cover what?These subchapters covers 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.Subchapters A-F cover what?The Basic Provisions Subchapter L covers what?This subchapter 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.TRELA is there for the public purpose of what? - Protecting the public interests from dishonest or incompetent brokers or salespersons,- Maintaining high standards in the real estate profession, and- Protecting licensed brokers and salespersons from unfair or improper competition.Subchapter Q covers what?This 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.Attorneys are exempt from any of the provisions of what?TRELA Subchapter F covers what?This 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.Subchapter E covers what?This subchapter 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.