What is one of the purposes of the Texas Real Estate License Act?
TREC’s primary function is to protect the public from unscrupulous or illegal acts of real estate professionals by enforcing the laws of Chapters 1101 and 1102 of the occupations code and adopt new rules as necessary.
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 …
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.
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 has the greatest impact on the value of a property?
A home’s size has a major influence on its value, with some prospective homebuyers looking specifically at price per square foot to filter out this effect and determine value. Bigger houses tend to sell for higher prices, of course.
What is the purpose of the license laws?
Licensure provides permission to practice in a particular field. Careers which require licensing typically require a specialized skill, are deemed dangerous or affect the general public.
How do I reactivate my real estate license in Florida?
If your license has been inactive for less than one year, you can get it reactivated by completing 14 hours of continuing education. If it has been inactive for more than 12 months but less than 24 months, you’ll have to take 28 hours of continuing education credits, including the core law requirements.
What is the maximum number of years a member may serve on the Florida real estate Commission?
2. What is the maximum number of years a member may serve on the Florida Real Estate Commission? FREC members are appointed for a 4-year term. Members may not serve more than two consecutive terms, although there is no maximum number of years they may serve as long as no more than two terms are consecutive.
When a broker is retained by the buyer?
If a buyer broker is retained by a buyer who subsequently buys a business found by the buyer broker, the buyer broker collects a commission from the buyer.
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 is the salary for real estate agents?
The median annual pay for real estate agents was $48,930 in 2019, according to the most recent data available from the U.S Bureau of Labor Statistics.