Under TRELA, when TREC receives a payment from the Recovery Trust Account on behalf of an aggrieved consumer, what happens to the license holder whose conduct caused the payment?
Correct Answer
B) The license holder's license is automatically suspended until the full amount paid from the Trust Account is repaid to TREC, plus interest
Under Texas Occupations Code §1101.610, when a payment is made from the Recovery Trust Account, the license holder's license is automatically suspended. The license remains suspended until the license holder repays the full amount paid from the Trust Account plus interest. If the amount is not repaid, the license is revoked.
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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 TREC rules, what is the primary purpose of the Real Estate Recovery Trust Account?
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?
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- → 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?
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- → Under TREC rules, how long must a CE provider retain records of course completion for license holders who have taken their courses?
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- → Under TRELA, which of the following is grounds for TREC to take disciplinary action against a license holder?
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Previous Question
A Texas broker operates in multiple cities and has designated broker associates in each office location. Under TREC Rules §535.2, the designated broker has delegated certain supervisory responsibilities to these associates. If a sales agent in the Dallas office commits a TRELA violation, who bears the primary supervisory responsibility?
Next Question
Broker Adams wants to operate her brokerage using a trade name 'Premier Homes Realty.' Under TREC rules, what must Adams do before using this trade name?