STATE EXAMM!!!!!!!!!

What is the primary purpose of the Texas Real Estate Commission (TREC)?

• To regulate real estate agents and brokers

• To set property values

• To approve home loans

• To enforce building codes

How many members serve on the Texas Real Estate Commission (TREC)?

• 9

• 11

• 7

• 15

What is the minimum age requirement to obtain a Texas real estate license?

• 16

• 18

• 21

• 25

What is required for a Texas broker to legally operate?

• A surety bond

• A valid Texas broker’s license

• A bachelor’s degree

• A minimum of 100 transactions per year

How often must Texas real estate licenses be renewed?

• Annually

• Every two years

• Every five years

• Every ten years

What is the required amount for the Texas Real Estate Recovery Trust Account balance?

• $500,000

• $1,000,000

• $1,700,000

• $3,000,000

If the Texas Real Estate Recovery Trust Account balance falls below the required amount, how is it replenished?

• By increasing license renewal fees

• By state taxes

• By fines paid by buyers

• By a special assessment on property transactions

Who is exempt from holding a real estate license in Texas?

• Attorneys licensed in Texas

• Property managers leasing their own properties

• Home builders selling their own homes

• All of the above

What is the penalty for practicing real estate without a license in Texas?

• A warning letter

• A fine up to $5,000 per violation

• A misdemeanor charge

• Both b and c

What must a real estate license holder include in all advertising?

• Their home address

• Their license number

• The name of their brokerage

• Their personal phone number