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23 Cards in this Set
- Front
- Back
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When was TREC Created |
1949 |
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What is TREC's responsibility |
To administer provisions of license act |
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How can TREC advise |
With reference to it's rules and laws governing license |
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How many people make up TREC |
9 community members, 3 general public, 6 brokers |
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Who appoints TREC members |
Governor, approved by Senate |
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How long does TREC term last |
6 years |
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What does TREC do if license ignores a subpoena |
File suite with attorney general to enforce it |
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Wise does TREC do if you ignore a summons |
Schedule a hearing in Austin |
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Where can you appeal a TREC license suspension |
District Court |
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How many members in Broker/Lawyer Committee |
13 6-brokers appointed by TREC 3-lawyers by Pres of TX Bar 1- general public by governor |
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Punishment for acting without a license |
Class A misdemeanor fine up to 4k 1year in county jail if profited 3x's civil for that amount |
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What is administrative penalty consist of |
5k per day and 30 days to pay it off |
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How much can public be paid for damage |
Up to 3x their money lost |
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When do we have to pay a fee for trust account |
When balance if below 1 million until balance reaches 1.7 mil |
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What is our fee when trust account is low |
10 renewal fee |
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What does TREC invest trust money in |
Treasury bills, notes ( same as employee retirement system of Tx) |
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What is balance in Trust gets too high |
Above 3.5 mil will overflow into state general fund |
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If TREC suspended license and paid out of trust, can you still hold a license |
Not until all has been paid back with interest |
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What is the limit paid per license |
50k per transaction and 100k per license |
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Who sets the limit the trust can pay per license |
State law |
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Will TREC help resolve conflicts between license |
No |
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Does attorney in Tx or any state that does not get a commission split need to have a license |
No |
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Does court appointed trustees, receivers, guardians, or sheriff's need license |
No |
