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level: Texas Real Estate License Act

Questions and Answers List

level questions: Texas Real Estate License Act

Question	Answer
a law that governs the licensing, education, and activities of real estate license holders practicing brokerage in this state	Texas Real Estate License Act (TRELA)
a group of nine people appointed by the governor and confirmed by the state senate that are to set policy and rules from the real estate license act	Texas Real Estate Commission (TREC)
someone who assists in buying and selling to receive a commission	Broker
a person who is licensed to practice real estate and is sponsored by a real estate broker	Sales Agent
a person who is licensed to give legal advice	Attorney
located at Texas A&M University to provide the results of research and education to license holders	Real Estate Center
contracts prepared and authorized by the Texas Real Estate Commission that must be used by real estate license holders. There are a few exceptions to this rule.	Promulgated Contracts
a committee that creates and corrects contract forms to be used by Texas real estate license holders	Texas Real Estate Broker-Lawyer Committee
insurance that protects against mistakes a license holder might make in real estate transactions; does not cover acts of fraud or other intentional misconduct	Errors and omissions insurance
an abbreviated history of a property, including info on any transfers, grants, wills, conveyances, liens, and encumbrances	Abstract of Title
a fund managed by the Texas Real Estate Commission to provide payment to a party who has been damaged through the violation of The Real Estate License Act by a license holder	Real Estate Recovery Trust Account
a plea in a criminal court in which the defendant accepts the punishment without admitting guilt	Nolo Contendere
an illegal act of mixing personal funds with a client’s funds	Commingling