What is the main purpose of the Texas Real Estate License Act?

What is the main purpose of the Texas Real Estate License Act quizlet?

The Texas Real Estate License Act purpose is: to protect the public from against unscrupulous brokers and sales persons.

What is the purpose of the Real Estate License Law?

These laws define the legal relationship between licensees and the parties to a real estate transaction. They also serve to provide each with a clear understanding of the duties that the real estate licensee will be expected to perform in the transaction.

What is the purpose of Texas Real Estate Commission?

xas Legislature established the Texas Real Estate Commission (TREC) in1949 to safeguard consumers in matters of real property transactions and valuation services.

What is one of the major objectives of the Texas license law?

Protect the public, minimum standards for licensing,maintain high standards, protect licensees from unfair competition.

What is the purpose of Trela?

TRELA’s goal is to safeguard the public interest and consumer protection of real estate services. In accordance with federal and state laws, the agency oversees real estate, appraisal, inspection, home warranty, and timeshare stakeholders.

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What is the main purpose of the Recovery Trust Account?

The law requires that these administrative-penalty funds be deposited into the Real Estate Recovery Trust Account, which disperses money to consumers owed damages due to a license holder’s conduct and subsequent inability to pay.

What is a license in property law?

Licence – A licence arises when a licensor grants a licensee a contractual right to occupy premises in return for the payment of a licence fee. In law, a licensee is not entitled to exclusive possession of the premises. … The sublicensee is not entitled to exclusive possession of the premises.

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 is the difference between land and real estate?

Land is defined as the Earth’s surface extending downward to the center of the Earth and upward to infinity, including permanently attached natural objects. The definition of Real Estate includes everything in the definition of Land, plus all things permanently attached to it naturally or artificially.

What’s a BPO in real estate?

Broker price opinion definition

A broker price opinion, commonly known as a BPO, is a real estate professional’s opinion of a property’s value. BPOs are most often used when setting the list price of a property, similar to a comparative market analysis, and in the case of a foreclosure or short sale.

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