Texas Real Estate Texas 53 Questions And Answers
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Terms in this set
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TREC (Texas Real Estate Commission)
6 broker members and 3 public members - created to administer the provisions of the license act - they promulgate contract forms for licensees.
TRELA (Texas Real Estate License Act)
Passed by legislation to protect the public.
Broker Lawyer Committee
6 attorneys appointed by the president of the State Bar, 6 brokers appointed by the TREC and 1 public member appointed by the Governor - they write the Texas contract forms.
Real Estate Recovery Trust Account
An account established to pay aggrieved persons who suffer a monetary loss due to unscrupulous acts of licensees.
SAE ( Salesman's Annual Education)
A 90 core hour requirement that must be met during the first two years of licensing in order for a licensee to be able to renew that license.
MCE (Mandatory Continuing Education)
A 15 hour course taken once every two years and including 6 hours of legal update, required by all licensees with a total of 270 or more core hours.
Expired
No longer licensed - a sales or broker license has not been renewed on time.
Inactive
A license has been renewed but Is being held by TREC - one cannot engage in the business while inactive.
Branch Office License
Required if a broker has more than one place of business.
DBA (Doing Business As)
Also an assumed name - a broker with a DBA must file it with the county clerk in every county where he/she has an office.