What is the real estate license status of a person conducting a real estate transaction under a court order? The person is exempt from holding a real estate license.
Under which conditions will the Commission investigate the actions and records of a license holder quizlet?
The commission will investigate the actions and records of a license holder if: A person submits a signed, written complaint.
Who may act as an administrator in the administrator’s absence quizlet?
The assistant administrator will be the acting administrator in the administrator’s absence. 13.
What are the TREC canons of professional ethics?
The three Canons of Professional Ethics and Conduct are integrity, fidelity and competency.
What is the main feature of the beginning statements of the code quizlet?
What is the main feature of the beginning statements of the Code? They may not be enforced, as can the various Articles that make up the code. They are very detailed. They coincide with state rules and regulations.
Which notice or disclosure is not required by the Texas Real Estate Commission?
The seller’s disclosure notice is always optional but recommended. The seller’s disclosure notice is not required in any land sales contracts. the seller’s disclosure notice is required unless the value of any dwelling does not exceed 5% of the value of the property.
Is it illegal to dual agent in Texas?
No. Texas law does not permit dual agency. A license holder may not represent both principals as a dual agent under the revisions to TRELA. Under the current law, a broker must agree to act as an intermediary in accordance with the statute if the broker agrees to represent more than one party in a transaction.
When was the Texas Real Estate License Act 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.
Do you have to be a Texas resident to get a real estate license?
To be eligible to become a licensed agent in Texas, you must be a U.S. citizen or lawfully admitted alien, a Texas resident, and 18 years of age or older. You also have to meet the qualifications for honesty, trustworthiness, and integrity set by the Texas Real Estate Commission (TREC).
What is the primary purpose of real estate licensing laws?
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 are the canons of conduct?
Never put off till tomorrow what you can do to-day. Never trouble another for what you can do yourself. Never spend your money before you have it. Never buy what you do not want, because it is cheap; it will be dear to you.
What is competency in real estate?
An individual legally fit and able to undertake an activity or function.
What rules guide inspectors under TREC?
A TREC licensed inspector may perform inspections on commercial property, as long as no other laws prohibit the inspector from doing so (please check with the Texas Board of Professional Engineering to determine when a Professional Engineer license is required). All inspections would be subject to §1102.301 et seq.
Can a REALTOR be assured that she is always ethical because she follows the letter of the law?
Can a REALTOR who follows the letter of the law find that he has violated the Code of Ethics? Yes. Ethical reasoning sometimes goes beyond the basic requirements of the law.
What are the three major sections of the Code of Ethics?
The Code of Ethics is divided into three major sections, “Duties to Clients and Customers,” “Duties to the Public,” and “Duties to REALTORS.”
Which document is the most important at closing?
The most important originals are the purchase agreement, deed, and deed of trust or mortgage. In the event originals are destroyed, you might be able to get certified copies of these documents from the lender or closing company, but you don’t want to rely on others’ recordkeeping systems unless you have to.