When was trec created Study guides, Class notes & Summaries

The principal is also known as - client fiduciary relationship - a relationship founded on trust and confidence Agency Relationship - Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA - Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents. Texas Real Estate Commission TREC - Was created ...

Texas Real Estate Exam STATE Portion Already Graded A How many members in TREC? 9: 3 general public, 6 brokers Who appoints, confirms TREC members? Governor appoints, senate approves How many members on the Broker-Lawyer Committee? 13: 6 brokers, 6 lawyers, 1 public member Who appoints Broker-Lawyer committee members? Brokers/TREC, Lawyers/Pres of State Bar, Public Member/Governor Where is the Real Estate Advisory Committee? Texas A & M Who is on the Real Estate Advisory Committee? 10 membe...

Champions Real Estate Principles of Real Estate 1 in 2024 Already Graded A brokerage A business that pertains to overseeing the needs of the parties and completing a transaction they may or may not involve agency relationships Real Estate Development Involves the acquisition of land for development into residential subdivisions, retail centers and other commercial uses. immobility It's a physical characteristic of land that cannot be moved The demand for real estate is affected b...

The principal is also known as - correct answer client fiduciary relationship - correct answer a relationship founded on trust and confidence Agency Relationship - correct answer Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - correct answer is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA - correct answer Was passed 1939. The purpose is to protect the public against unscr...

Texas Real Estate Commission - ANSWER-Created by the legislature in 1949 to carry out the provisions of TRELA Unauthorized Practice of Law - ANSWER-When license holders add provisions to contracts that go beyond the factual business details they are engaging in.. Deceptive Trade practices act - ANSWER- Real Estate Recovery Trust account - ANSWER-Administered by TREC, the purpose of the account is to protect aggrieved individuals who suffer a monetary loss due to illegal acts of license ...

This person hires an agent - Answer-The Principal The agent works on behalf of this person - Answer-the client (principal) This type of agency allows for the greatest range of authority - Answer-Universal This is provided to the agent when there is written documentation that the agency relationship exists. - Answer-Express authority This is the most limited of all the agency relationships - Answer-Special agency This type of agency is created when a 3rd party believes that an agent has aut...

Fiduciary: - Answer an individual upon whom is placed the highest levels of trust and confidence when acting on behalf of another; specific fiduciary duties include obedience, loyalty, disclosure, confidentiality, accountability, and reasonable care An agency relationship: - Answer "a fiduciary relationship created wherein one party (the client or principal) authorizes another party (the agent) to represent their best interests and that second party (the agent) accepts the responsibili...

When was TREC created? - ANSWER - 1947 TREC has the authority to.. - ANSWER - make rules and regulations. It's rules and laws govern license holders TREC has how many commission members? - ANSWER - 9 members, 3 represent the general public and 6 are real estate brokers TREC has the power to.. - ANSWER - subpoena books, records, and witnesses and issue and revoke real estate licenses If your license is revoked by TREC... - ANSWER - You can appeal the decision to the district court ...

TEXAS REAL ESTATE LICENSE ACT (TRELA) 1939 - Answer Who was the first legislation created to govern the real estate profession in Texas? TEXAS REAL ESTATE COMMISSION (TREC) 1949 - Answer Which commission was created to enforce TRELA (it's main purpose)? Also regulates educational and licensing programs that maintain standards AND interprets legislation that effects the real estate profession, but these are not it's main function. 1. INSPECTORS 2. EASEMENT/RIGHT OF WAY AGENTS 3. EDU...

TEXAS REAL ESTATE STATE EXAM 2024 WITH 100% ACCURATE SOLUTTIONS When was TREC created? - correct answer 1947 TREC has the authority to.. - correct answer make rules and regulations. It's rules and laws govern license holders TREC has how many commission members? - correct answer 9 members, 3 represent the general public and 6 are real estate brokers TREC has the power to.. - correct answer subpoena books, records, and witnesses and issue and revoke real estate licenses ...