What is the purpose of Texas Real Estate License Law?

Estates and ownership interests defined

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 License Law quizlet?

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

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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Do you need a real estate license to flip houses?

You don’t need your real estate license to become a house flipper but it’s a good idea to get your real estate license because it will open up more opportunities for you throughout the process.

Why was Frec created?

The Florida Real Estate Commission (FREC) was created to protect the public through education and regulation of real estate licensees. The Commission consists of seven members appointed by the Governor, subject to confirmation by the Senate. … At least one member of the Commission must be 60 years of age or older.

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.

How can a seller terminate a listing contract?

There are three surefire ways to terminate a listing agreement according to real property law — death, insanity, or bankruptcy of either the broker or the seller. Depending on the contract, someone who has power of attorney for the seller may be able to continue the sale of the home.

Which entity administer license is legal in Texas?

TREC is Texas’s state regulatory agency. Identify which professions it regulates. Within TREC, there is a committee—yes, another committee—made up of 13 members. This one is known as the Broker-Lawyer Committee.

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.

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What is Real Estate License Act?

Reduces the minimum age for obtaining a license from 21 to 18; Defines and recognizes real estate brokerage “teams” and addresses the use of team names in advertising; Clarifies and streamlines consumer access to the Real Estate Recovery Fund and addresses and clarifies other disciplinary provisions.