Best answer: What was the name of the Texas law that preceded the real estate License Act Trela )?

TRELA was originally passed in 1939 as the Real Estate Dealers License Act.

What was the name of the Texas law that preceded the Real Estate License Act Trela )?

What was the name of the Texas law that preceded The Real Estate License Act (TRELA)? The answer is Real Estate Dealer’s Act. The Texas State Legislature first began regulating practitioners in 1939 with the passage of the Real Estate Dealer’s Act.

When was the Texas real estate license last amended?

In 2013, HB 2911 amended the law to require real estate inspectors to have the same education and license-renewal requirements as the Texas Real Estate Commission’s others license holders and addressed issues regarding errors and omissions insurance coverage and the real estate inspection recovery fund.

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What is one of the purposes of the Texas Real Estate License Act?

The state legislature of Texas passed the Texas Real Estate License Act to protect the public from brokers and sales agents who are dishonest. TRELA also: Establishes rules that license holders must follow that pertain to obtaining, and later maintaining, a real estate license.

What is TREC’s position on a real estate broker with associate brokers having a code of conduct and ethics for the firm?

What is TREC’s position on a real estate broker with associate brokers having a code of conduct and ethics for the firm that minimally meets TREC standards? TREC allows brokers to establish their own codes and ethics.

What is a BPO in real estate?

When a real estate broker or other qualified professional determines a property’s estimated value, it’s considered a broker price opinion. A BPO is used as part of the listing agreement when selling a house. A lender, loss mitigation company or mortgage company that wants an assessment of a property can request a BPO.

When was trec founded?

In 1949 the Texas Real Estate Commission (TREC) was created to administer the act (Senate Bill 28, 51st Legislature, Regular Session).

When was Trela established?

TRELA was originally passed in 1939 as the Real Estate Dealers License Act. In 1955, it was renamed the Texas Real Estate License Act. The original law set up a licensing system for people who broker the sale of real estate.

When was the Texas Real Estate License Act originally passed?

Texas Real Estate Commission.In 1939 the legislature passed the Real Estate Dealer’s License Act, which required real estate agents to obtain licenses.

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What is the Texas Property Code?

Texas Property Code (“TPC”) Title 11, includes numerous provisions governing the formation, management, powers, and operation of residential HOAs (usually called “Property Owners Associations” in the statute) in Texas.

What does trec stand for in real estate?

The Texas Real Estate Commission (TREC) was established in 1949 by the Texas legislature as a protection for consumers engaged in all matters related to real property transactions and valuation services.

What are the six courses that are required to get a real estate license in Texas referred to as?

You must take and pass 180 hours of Pre-Licensing education from an approved education provider. These 180 hours consist of the following six 30-hour courses: Principles of Real Estate I, Principles of Real Estate II, Law of Agency, Law of Contracts, Promulgated Contract Forms, and Real Estate Finance.

How many members does Trela have?

The Texas Real Estate Commission is composed of nine members appointed by the Governor for six-year terms. Six members must be licensed real estate brokers. Three members must be members of the general public who are not regulated by the Commission.

Which of the following forms of agency representation is not authorized in Texas?

Which of the following forms of agency representation is not authorized in Texas? The answer is dual agency. Broker Sue enters into a written agreement to represent seller James and buyer Mary that authorizes Sue to act as an intermediary and make appointments.

Can a realtor talk to another Realtors client?

While it is unethical for a REALTOR to speak to another agent’s client, there is nothing wrong with a buyer and seller communicating directly. They are not held to the same ethical standards. It is completely ok for a buyer and seller to directly speak to each other.

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Can a broker licensed in Texas share a commission with a broker licensed in another state?

Section 535.1(e) of the Rules provides “The Real Estate License Act permits Texas-licensed brokers to cooperate with and share earned commission with persons licensed as brokers by other states, but all negotiations within Texas must be handled by Texas licensees.”