Under TREC rules, what is the primary purpose of the Real Estate Recovery Trust Account?
Correct Answer
B) To reimburse consumers who have suffered actual damages caused by the wrongful conduct of a license holder
Under Texas Occupations Code §1101.601–§1101.615, the Real Estate Recovery Trust Account exists to reimburse members of the public who have suffered actual damages due to the wrongful acts of a license holder, when the aggrieved party is unable to collect from the license holder directly.
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More Trela Trec Rules Questions
Under TREC rules, a trust account used by a Texas real estate broker to hold client funds must be maintained at which type of institution?
Under TREC rules, a broker who converts client trust funds to personal use has committed which type of violation?
Under TRELA, which of the following persons is NOT exempt from the Texas real estate licensing requirement?
Under TREC rules, how many hours of continuing education (CE) must a Texas real estate license holder complete during each 2-year renewal cycle?
Broker Henderson is approaching his license renewal deadline. He wants to take a CE course that covers changes to the TREC promulgated contract forms. Under TREC rules, would this type of course satisfy part of his CE requirement?
- → Broker Phillips has been renewing her license every 2 years for 10 years. She wonders whether the Broker Responsibility Course content changes each renewal cycle. Under TREC rules, which statement is correct?
- → Under TREC rules, Legal Update I and Legal Update II courses are required for which license holders?
- → Under TRELA, the Texas real estate licensing examination for a sales agent consists of which sections?
- → Under TREC rules, a license holder completes CE early in the renewal cycle, 20 months before the renewal deadline. Do these CE hours count toward the current cycle?
- → Under TREC rules, which CE courses are mandatory for all license holders during every renewal cycle?
- → Under TREC rules, how long must a CE provider retain records of course completion for license holders who have taken their courses?
- → Under TREC rules, which of the following is the correct order of steps in the TREC complaint process?
- → Under TRELA, which of the following is grounds for TREC to take disciplinary action against a license holder?
- → Broker Thompson believes that a newly proposed TREC rule regarding advertising requirements is too restrictive. Under the Texas Administrative Procedure Act, what right does Broker Thompson have before the rule takes effect?
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Under TRELA, which of the following persons is NOT exempt from the Texas real estate licensing requirement?
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Broker Jackson's brokerage has 15 sponsored sales agents. TREC conducts a routine audit and discovers that Jackson has failed to maintain proper records of all transactions handled by his agents over the past year. Under TREC's broker responsibility rules, which of the following best describes Jackson's liability?