Study (Principles 1) Texas Real Estate License Act *Part One* Flash Cards

 
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(Principles 1) Texas Real Estate License Act *Part One*

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An individual who lists or offers or attempts to list real estate for sales, rental, lease, exchange, or trade is exempt from having a real estate license T/F?
F
A person may be removed from inactive status on proof of attendance of at LEAST how many classroom hours of continuing education during the two-year period preceding the filing of application?
15
A listing contract must include a provision informing the parties to the contract that real estate commissions are negotiable T/F?
T
Which entity may draft and revise standardized contract forms for use by real estate licensees?
Texas Real Estate Broker-Lawyer Committee
The Texas Real Estate License Act prescribes a maximum amount for each fee collected by TREC T/F?
F
The commission may issue or renew a license for a period NOT to exceed 24 months T/F?
T
A member may be removed from the commission if he or she is absent for more than how many of the regularly scheduled meetings?
One-Half
The License Act is administered by the Texas Real Estate Commission T/F?
T
Courses for the renewal of a salesperson license during the first year after licensing are referred to as
Salesperson Annual Education (SAE)
If a position filled by a State Bar appointee to the Texas Real Estate Broker-Lawyer Committee is vacated, that position may be filled by either a State Bar appointee or a Real Estate Commission appointee T/F?
F
An attorney-at-law who is involved in real estate transactions is exempt from having a real estate license T/F?
T
The commission may NOT prohibit a license holder from using for the sale, exchange, option, or lease of an interest in real property a contract form that is prepared by an attorney and required by the property owner or prepared
By the property owner
To be eligible for a license, an applicant must be a resident of Texas
At the time of filing the application
A person is NOT eligible for appointment as a public member of the commission if that person owns more than how much of an interest in an entity regulated by or receiving funds from the commission?
10%
An individual conducting a real estate transaction under a court order or under the authority of a will or trust instrument is required to have a real estate license T/F?
F
The commission may NOT restrict competitive bidding or advertising by individuals who are regulated by the commission T/F?
T
Mandatory Continuing Education (MCE) courses are required each year before a real estate license can be renewed T/F?
F
Members of the Texas Real Estate Broker-Lawyer Committee hold office for staggered terms of how many years?
6 yrs
To be eligible to receive a real estate license in Texas, a person must have a high school diploma or its equivalent (GED) T/F?
F
MCE renewal hours must contain 15 hours of legal topics T/F?
F
Once appointed to the Texas Real Estate Commission, a member may not be removed if he or she does NOT maintain the required qualifications for membership so long as the individual was qualified at the time of appointment T/F?
F
The commission is NOT authorized to subpoena witnesses and/or require production of books, accounts, records, correspondence, or documents relevant to the investigation of alleged violations of the Texas Real Estate License Act T/F?
F
The Texas Broker-Lawyer Committee must develop and implement policies that separate the policymaking responsibilities of the commission from the management responsibilities of the administrator and staff T/F?
F
A licensee may be investigated on the grounds of an anonymous complaint received by the commission T/F?
F
A person licensed as a broker in another state may receive a nonresident broker's license from Texas through a reciprocity agreement with all other states T/F?
F
A partnership or limited liability partnership acting as a broker or real estate salesperson through a partner who is a licensed broker is exempt from having a real estate license T/F?
T
As soon as a salesperson applicant has passed the state exam, he or she may begin listing, selling, or managing real property for others for compensation T/F?
F
Each applicant for renewal of license must disclose in license application whether applicant has entered plea of guilty or nolo contendere to a felony T/F?
T
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