What is Chapter 1101 of the Texas Occupations Code?


What is Chapter 1101 of the Texas Occupations Code?


What is Trela?

The Texas Real Estate Act (TRELA) is state legislation that sets standards for how real estate agents conduct themselves in Texas. It resides in Title 7 Chapter 1101 of the Texas Occupations Code.

What is the Texas Real Estate License Act?

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. The Texas legislature created TREC in 1949 (10 years after the creation of TRELA) for that purpose.

What is situs in real estate?

Situs means the location of property or an item for legal purposes. Where the situs of something is depends on the type of item and can have important legal consequences. For most physical items the situs is the place where the object is located presently such as a house or a purse.

What would a field stating BC 3 mean?

On a listing sheet, a field stating “BC: 3” would mean that the company will receive 3% of the sales price as their commission.

What is the main purpose of Trela?

What are thepurposes of TRELA(Texas Real Estate License Act)? Protect the public, minimum standards for licensing,maintain high standards, protect licensees from unfair competition.

How does Trela define the term broker?

In its current form, TRELA defines the term “broker” as follows: (1) “Broker”: (A) means a person who, in exchange for a commission or other valuable consideration or with the expectation. of receiving a commission or other valuable consideration, performs for another person one of the follow-

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. This act was administered by the secretary of state until 1949, when the Texas Real Estate Commission assumed the administrative responsibilities associated with it.

When was the Texas Real Estate License Act last amended?

In 2013, HB 2911 amended the law to require real estate inspectors to have the same education and license-renewal requirements as the Texas Real Estate Commission’s others license holders and addressed issues regarding errors and omissions insurance coverage and the real estate inspection recovery fund.

What are the six courses that are required to get a real estate license in Texas referred to as?

You must take and pass 180 hours of Pre-Licensing education from an approved education provider. These 180 hours consist of the following six 30-hour courses: Principles of Real Estate I, Principles of Real Estate II, Law of Agency, Law of Contracts, Promulgated Contract Forms, and Real Estate Finance.

What is a BPO in real estate?

When a real estate broker or other qualified professional determines a property’s estimated value, it’s considered a broker price opinion. A BPO is used as part of the listing agreement when selling a house. A lender, loss mitigation company or mortgage company that wants an assessment of a property can request a BPO.

What is the Financial Advisers Act?

1. This Act may be cited as the Financial Advisers Act. 2.— (1) In this Act, unless the context otherwise requires — “approved holding company” has the same meaning as in section 2 (1) of the Securities and Futures Act (Cap. 289); “auditor” means a public accountant who is registered or deemed to be registered under the Accountants Act (Cap. 2);

What is chapter 1101 of the real estate license act?

CHAPTER 1101. REAL ESTATE BROKERS AND SALES AGENTS SUBCHAPTER A. GENERAL PROVISIONS Sec. 1101.001. SHORT TITLE. This chapter may be cited as The Real Estate License Act. Added by Acts 2001, 77th Leg., ch. 1421, Sec. 2, eff. June 1, 2003. Sec. 1101.002. DEFINITIONS. In this chapter:

What is an “exempt financial adviser”?

“exempt financial adviser” means a financial adviser who is exempt under section 23 (1) from holding a financial adviser’s licence; “financial adviser” means a person who carries on a business of providing any financial advisory service, but does not include any person specified in the First Schedule;

How are financial advisers regulated in Singapore?

Financial Advisers Act (Cap. 110) Governs the regulation of financial advisers in Singapore, including their representatives and supervisors. Licensing, Authorisation and Registration Applies to: Licensed Financial Adviser, Exempt Financial Adviser, Exempt Financial Adviser Serving up to 30 Accredited Investors