How many divisions does the Texas Real Estate Commission have?
The operation of these two divisions are different in many respects; however, each involves rule-making and implementation of changes to requirements, processes or procedures.
Which of the following is the correct composition of the Texas Real Estate Commission?
The Texas Real Estate Inspector Committee is made up of nine members, six inspector industry members, and three public members, who are appointed by the Chair of the Commission.
What is the makeup of the Texas broker lawyer committee?
The Texas Real Estate Broker-Lawyer Committee drafts and revises all contracts promulgated by TREC. It consists of six members appointed by the Commission, six members appointed by the State Bar of Texas, and one public member appointed by the Governor’s Office.
What is the main function of the Texas Real Estate Commission?
The purpose of the Texas Real Estate Commission is to protect the public through regulation of licensed real estate brokerage practitioners, real estate inspectors, residential service companies, and entities offering timeshare interests.
Who makes up the real estate commission?
Real estate agents make a commission on each home they successfully sell. That commission is generally around 5-6% of the sales price. But one agent won’t necessarily pocket the entire 5-6%. Real estate agent commissions are often split 50/50 between the seller’s agent (or “listing agent”) and the buyer’s agent.
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.
Which of the following is the correct composition of the Texas Real Estate Commission quizlet?
The committee is composed of six Real Estate Commission appointees (who are licensed real estate brokers); six lawyers, appointed by the president of the State Bar of Texas; and one public member, appointed by the governor. They serve staggered six-year terms.
What is considered common property in Texas?
Texas is one of nine states that is a community property jurisdiction. In general, this means that any property acquired by a couple during their marriage (with a few exceptions) is equally owned by both spouses. This can have a profound effect on the dissolution of property during divorce proceedings.
How much is the additional fee charged for license renewal for the Texas real estate Center?
If you renew your license online, the renewal fee will be $110. If you submit a renewal application by mail, you will have to pay the standard $110 renewal fee plus a $20 paper filing fee. There are several late fees you should be aware of as well.
What is the primary purpose of the broker-lawyer committee?
The Broker-Lawyer Committee drafts and revises standard real estate contract forms to bring consistency to real estate transactions, provide safeguards to protect the principals in a transaction and minimize potential controversy.
When a real estate sales contract has been agreed to and signed?
Scenario 1: You sign the purchase agreement.
This is, perhaps, the most desired next step in the process for most buyers. For the purchase of property, an offer is considered “under contract” when it has been accepted in writing and signed by both parties. This written contract is called a purchase agreement.