What is the primary purpose of the Texas real estate licensing 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 primary purpose of real estate licensing laws?

Real estate licenses, authorizations issued by state governments, give agents and brokers the legal ability to represent a home seller or buyer in the process of buying or selling real estate.

What is the purpose of the Real Estate License Law quizlet?

to protect the general public during real estate transactions from dishonest or incompetent brokers and sales agents, set out minimum standards and qualifications for licensing brokers and sales agents, maintain high standards for the real estate profession, and protect licensed brokers and sales agents from unfair or …

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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.

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 the purpose of real estate law?

Real estate law is the area of law that governs buying, using and selling land. It’s the law that governs how people acquire property and what they can do with the property that they own. Real estate law is also called real property law.

What does Licensing mean in real estate?

License, in property law, permission to enter or use the property of another. … Contractual license provides an express or implied permission to enter or use the property in exchange for some consideration.

What is the primary purpose of the Illinois Real Estate License Act of 2000?

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.

What government entity was created for the purpose of administering and enforcing real estate?

On August 4, 1943, the Legislature organized the statutory authority of the Department of Real Estate (DRE) into the two Parts of Division 4 of the Business and Professions Code (hereinafter, the Code). Part 1 (now Sections 10000 to 10580) is titled Licensing of Persons and may be cited as the Real Estate Law.

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What organization establishes rules and regulations and enforces real estate license law in the state of Missouri?

Real Estate Commissions

As such, the real estate commission has the authority to implement and enforce real estate licensing laws. In keeping with this authority, the real estate commission serves various important functions, including: Authority to Issue a license, and monitor real estate activities.

Who administers state real estate license laws in each state?

provide for the establishment of a real estate regulatory entity to administer and enforce licensing legislation. This entity is most often known as the state’s real estate commission. In some states, it is a real estate department or similarly- named entity within the state’s department of license regulation.