What was the name of the Texas law that preceded the Real Estate License Act?
TRELA is enforced by TREC (Texas Real Estate Commission)What was the name of the first Texas Real Estate Act, originally passed in 1939? TEXAS PROPERTY COMMISSION. In 1939, the legislature passed the Real Estate Agents Act, which required real estate agents to acquire licenses.
What is Texas Real Estate License Act?
The Texas Real Estate License Act is the legislation that governs the licensing of Texas real estate license holders. … The Texas legislature created TREC in 1949 (10 years after the creation of TRELA) for that purpose. Think of it this way: TRELA is the law, and TREC is the enforcer of that law.
What law established the Texas Real Estate Commission?
In 1949 the Texas Real Estate Commission (TREC) was created to administer the act (Senate Bill 28, 51st Legislature, Regular Session).
How difficult is the Texas real estate exam?
Is the Texas real estate exam hard? Well, given that only 57.09% of agents pass the licensing exam on the first try, it’s safe to say it’s not an easy test. Aceable Real Estate School, however, currently holds one of the highest pass rates in Texas.
What happens if you fail the Texas real estate exam 3 times?
TREC allows up to 3 attempts to pass both the national and state law portions of the exam. If you fail one portion of the exam, you are only required to retake the portion you did not pass. … If you fail both portions of the exam 3 times, you must take an additional 60 hours of qualifying real estate education.
Is it illegal to dual agent in Texas?
Texas law does not permit dual agency. A license holder may not represent both principals as a dual agent under the revisions to TRELA. Under the current law, a broker must agree to act as an intermediary in accordance with the statute if the broker agrees to represent more than one party in a transaction.
Is subject to illegal in Texas?
In order to understand “subject to” transactions, one must separate the concept of title from the concept of debt. They are divisible. Transferring title to real property without transferring the obligation to pay the debt associated with it is a “subject to” transaction. …
When a Texas real estate license holder is in inactive status?
With an inactive license, you pay the renewal fee every two years to keep the license current but are not required to complete CE. This means you are unable to provide real estate services as a license holder but would have an inactive and current license with TREC.
What are the two levels of sales license under the Texas real estate Licensing Act?
In its current form, TRELA creates two license levels for professionals who assist in the sale of real estate: Salesperson and Broker. It defines what activities require a real estate license in Texas and which activities are reserved for Brokers.