What is the sunset act? Agencies reviewed every 12 years- funded or abolished

Lesson 7: Texas Real Estate License Act (TRELA) Flashcards

What is subchapter J of TRELA?License Renewal, details of how/what is required to renew licensing What is the sunset act?Agencies reviewed every 12 years- funded or abolished What is subchapter E of TRELA?Public Interest/Complaint Procedures, is what it says.What is Subchapter O?Administrative Penalty, addresses the fines that can be levied by a person who violates the administrative penalites. Penalty may not exceed 5k, is What is Subchapter M?Real Estate Recovery Trust Account, a trust maintained to reimburse aggrieved persons who suffer damage form unlawful acts of license holders, cert. holders or anyone employed by them. Outlines how fees are paid, the maximum that can be paid (50k).How many basic provisions are included in TRELA? They are listed as subchapters A-Q, so a total of 17.What is Subchapter F or TRELA?Broker Lawyer Committee What is Subchapter D of TRELA?Commission Powers and Duties, identifies what TREC can and may do, establishes the ability to adopt/change rules and establish/collect fees. Also allows the Comm to subpoena authority.What is Subchapter A in TRELA and what does it involveSubchapter A - General Provisions, includes articles and standard practices for agents and licensees. Also includes educational requirements as well at what an agent can and cannot do. Also established the Sunset Act.What is Subchapter C of TRELA?Admin and Other TREC Personnel, addresses the admin functions in respect to human resource management, EEO practices, COE, etc.What is Subchapter N?Prohibited Practices/Disciplinary Proceedings, details practices that are prohibited and how licenses can be revoked/suspended and the process in doing so.What is Subchapter B?Subchapter B - TREC, describes the commission membership and eligibility for appointments.What is Subchapter G of TRELA?Accredation and Approval of RE Education, determines approval for real estate education programs, evaluate performance, etc.What is Subchaper I of TRELA?Examinations, details of how examinations are performed, when/where/time, guidelines provded, etc.Who compromises the TREC?Nine members, 6 being licensed brokers engaged in brokeraging for 5 years, and 3 non-broker members, usually from the state business community.What comprises of the Broker Lawywer Committee? Commission that consists of 13 members, 6 member are brokers appointed by TREC, 6 are lawyers appointed by the State Bar Assoc, and the 13th is a member of the

public appointed by the governor. Primary duties are to draft and revise contract forms for the approval and adoption for use.What is Subchapter H of TRELA?License Requirements, outlines what is required to become a broker and who can and cannot be one. Process of

application, eligiability requirements for individual as well as business entities.

What is Subchapter L or TRELA?Practice by a License Holder, identifies primarily to requirements of a broker in what they must provide to TREC to operate as a business as well as what a broker may provide.What does TREC do?regulates activities of real estate professionals, inspector and education providers. Also regulates residential service companies, timeshare developers and easement or right-of-way developers.What are the service terms of TREC?Commission members serve staggered six-year terms, with the terms of three members expiring January 31 of each odd-numbered year. If a vacancy occurs during a member's term, the governor shall appoint a person to fill the unexpired term.What is Subchapter K of TRELA?Certificate Requirements, identifies the registration and eligibility requirements for certificate holders.What is the TRELA and when was it passed? Texas Real Estate Licensing Act, passed in 1949, established the Texas Real Estate Commision (TREC) to oversee licensing, education requirements, and ethical standards for licensees within the State of Texas.