Which of the following real estate related entities has rulemaking authority in the state of Texas?

Which of the following real estate-related entities has rule-making authority in the state of Texas? the commission. The commission has rule-making authority, and the rules of the commission have the full force and effect of law.

Which of the following is the correct composition of the Texas Real Estate Commission?

The Texas Real Estate Commission is composed of nine members appointed by the Governor for six-year terms. Six members must be licensed real estate brokers. Three members must be members of the general public who are not regulated by the Commission.

IMPORTANT:  What does Reno mean in real estate?

Which of the following does the Section 5.008 of the Texas Property Code mandate with regard to property disclosure quizlet?

Section 5.008 of the Property Code states that a seller or seller’s agent has no duty to make a disclosure as to whether a previous occupant had, may have had, has, or may have AIDS, HIV-related illnesses, or an HIV infection.

Which of the following groups of real estate professionals subscribes to a code of ethics?

The term REALTOR® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of REALTORS® and subscribes to its strict Code of Ethics.

What is the main function of the Texas Real Estate Commission?

The purpose of the Texas Real Estate Commission is to protect the public through regulation of licensed real estate brokerage practitioners, real estate inspectors, residential service companies, and entities offering timeshare interests.

Who administers the Texas Real Estate License Act?

TRELA and TREC

The Texas Real Estate License Act is the legislation that governs the licensing of Texas real estate license holders. The Texas Real Estate Commission (TREC), on the other hand, enforces the provisions of TRELA.

Who governs realtors in Texas?

Further, the Commission was directed to undergo another Sunset review in six years, rather than the standard 12 years. What does this mean for the real estate industry? The Texas Real Estate Commission licenses and regulates real estate brokers, salespersons, inspectors, and other related professionals.

What is a marketable title in real estate?

Title that is free from reasonable doubt or any sort of threat of litigation. An implied promise in a contract when a seller is selling land to a buyer is that the seller will deliver marketable title to the buyer at the date of the closing.

IMPORTANT:  Can you sell a house in a living trust?

Which phrase best defines real estate?

Real estate is land at, above, and below the earth’s surface, including everything permanently attached to it, whether natural or artificial. Real property is everything included in real estate, plus the rights of ownership, including the right to possess, sell, lease, and enjoy the land.

Which of the following would be regarded as personal property?

Everything you own, aside from real property, is considered personal property. This includes material goods such as all of your clothing, any jewelry, all of your household goods and furnishings, and anything else that is movable and not permanently attached to a fixed location such as your home.

Which of the following was the first real estate professional association to establish a code of ethics?

The National Association of REALTORS (NAR) formed in 1908 at a time when there were no real estate licensing laws and real estate agents had no obligation to protect or promote the interests of their clients.

What does Pathways to Professionalism refer to?

Pathways to Professionalism covers three areas: (i) Respect for the Public, (ii) Respect for Property, and (iii) Respect for Peers. …

What year was the National Association of Realtors Code of Ethics written?

NAR’s Code of Ethics, adopted in 1913, was one of the first codifications of ethical duties adopted by any business group. The Code ensures that consumers are served by requiring REALTORS® to cooperate with each other in furthering clients’ best interests.

What is the purpose of the Texas Real Estate Commission quizlet?

Terms in this set (18) What is a main function of the Texas Real Estate Commission? Feedback: 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.

IMPORTANT:  Are Millennials and Gen Z buying houses?

How many divisions does the Texas Real Estate Commission have?

The operation of these two divisions are different in many respects; however, each involves rule-making and implementation of changes to requirements, processes or procedures.

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.