Which of the following bodies appoints the public member on the broker-lawyer committee?
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The Texas Real Estate Commission (TREC) is pleased to announce the appointment of two broker members to the TREC Broker-Lawyer Committee. Broker members Dianne McCoy and Mary Miner were appointed at the August 2021 Commission meeting with terms set to expire in 2027. Dianne McCoy of Houston is Director of Education and Compliance for Better Homes and Gardens Real Estate Gary Greene. A real estate broker and educator for over 30 years, she also
instructs TREC non-elective courses and served for six years on the TREC Educational Standards Advisory committee. She was the recipient of the Texas REALTORS® 2019 Education Program of the Year Award. She holds a Bachelor of Arts degree in communications from Allegheny College. Mary Miner of Austin is the broker/owner of Nextage Lone Star Realty. In 2017, she received Lifetime Achievement from Austin Women's Council and Educator of the year from the Texas Association of Realtors. Mary was
the recipient of Realtor of the Year from Williamson County Association of Realtors and Entrepreneur of the Year from Women's Council of Real Estate in 2014. She received her Bachelor of Science degree in 1995 and her Master's in Real Estate in 2014. The Commission appointed broker Charles Porter of Austin as an alternate to the committee. Charles will serve as an active member of the committee if any member cannot continue their appointment. The Broker-Lawyer Committee drafts and
revises all contracts promulgated by TREC. It consists of six members appointed by the Commission, six members appointed by the State Bar of Texas, and one public member appointed by the Governor's Office. Future meetings and agendas for the Broker Lawyer Committee are posted on the TREC website. The Commission thanks these volunteer members for their willingness to serve and looks forward to their contributions to
this important committee. News and Article Category: Upgrade to remove ads Only SGD 41.99/year
Terms in this set (43)What is the name of the document prepared by a condo association (or HOA) to outline the fees and rules of the condo for a prospective buyer? the Condo Resale Cert A murder/suicide took place in a property. The crime was widely publicized. What is the disclosure requirement for this crime? It must be disclosed forever Paragraph 7D(2) of the contract indicates: repairs that must be completed by the seller before closing Buyer Javier sends a formal offer to Seller Joy: $250,000 and the appliances stay. Joy counters: $250,000, no appliances. She then reconsiders and accepts the first offer. Is Javier obligated to buy the home? Why or why not? No, becasue the first offer was dead when Joy countered.(Once an offer is countered, it is considered rejected and is dead.) What are two real estate governing bodies that were formed as a result of TRELA? TREC and the Broker-Lawyer Committee If clients want to make an offer to the seller offering a "lease with option to buy," the buyer's agent should: tell the client they will need an attorney to draw up the documents( Which of these is an example of something that could go in Paragraph 12 of the One to Four Family Residential Contract? the seller plans to pay some of the buyers closing costs(In paragraph 12B, Settlement and Other Expenses, each party's closing expenses are noted.) Which type of TREC promulgated contract form(s) gives disclosure about the type of insulation in the property? Both New Home Contracts What is the purpose of TREC form OP-C Notice to Prospective Buyer? provides notice to buyers using their own contract to obtain Abstract of Title How can a license holder ensure that any relevant addenda or notices are officially included in a contract? by checking the appropriate boxes in Paragraph 22(Checking the appropriate boxes in Paragraph 22 officially includes them as part of the contract.) Which of these is NOT a protected class of people, according to Fair Lending Laws? Sexuality at what time in the day do option periods end? 5pm What form must be provided to any unrepresented buyer or seller a license holder talks with? Information About Brokerage Services If a property is occupied solely by people over the age of 62 and qualifies as senior housing it is exempt from: The Familial Status portion of the Fair Housing Act A seller is selling a property that is under a lease. When does the seller have to deliver a copy of the lease and any move-in condition form to the buyer? within 7 days after the effective date Which of the following bodies appoints the public member on the Broker-Lawyer Committee? The Governor Your buyer client has received their inspection report. In it, there are several identified items that they want the seller to fix. Seller has agreed to fix these items before close. What will you need to include in the contract to ensure this agreement is enforced? amendment (An amendment is something that is attached to the contract after it is accepted that changes the contract's requirements.) Even the most experienced home inspectors have limitations. Which of these are frequently difficult to vet by visual inspection? HVAC, leaks, and environmental toxins (HVAC issues, slow leaks, and environmental toxins are hard to detect visually. A buyer should hire a specialist to examine these systems.) What is the only time it is acceptable for a license holder not to present all offers to a seller client? If the listing agreement specifies that it is not necessary Which of these forms is least likely to be involved in the sale of unimproved property? Condominium Resale Certificate Why does the Option to Terminate require an extra consideration in the form of option money? because it is another contract within the overall contract When would it be appropriate to use the New Home Contract (Incomplete Construction)? for a client buying a new home that is being built Paragraph D of the Short Sale Addendum contains a date by which the seller must get approval from their lender for the sale. What happens if the lender does not give approval by the date? The contract will terminate and the earnest money will be refunded to the buyer. Seller Ben wants to make sure that their agent offers a cooperating broker a commission. Ben believes this will drive better traffic to the listing. How can Ben BEST make sure this is a part of the transaction? Make sure it is in the listing agreement that Ben signs with the broker. What is special about the earnest money section (paragraph five) and the option money section (paragraph 23) in the TREC promulgated sales contract? They contain "Time is of the essence" language What part of the One to Four Family Residential Contract advises the buyer to get an abstract of title reviewed by a lawyer? 6E1 (Title Notice under Paragraph 6E1 of the One to Four Family Residential Contract advises the buyer to get an abstract of title reviewed by a lawyer.) Seller Xavier's home is in a special statutory tax district. According to the Texas Water Code, what does Xavier have to do before going into contract with a buyer? Sign an extra notice informing them of the extra taxes. If a buyer is using VA financing, what will be part of the contract? Third Party Financing Addendum If a buyer is sent an Addendum for Property Subject to Mandatory Membership in an Owner's Association and they don't like the terms, what remedy do they have? They can terminate the contract within the first three days How can a buyer ensure they pay the least possible amount of pre-paid interest to the mortgage company? Close near the end of the month When do brokers determine how the commission from a sale will be split? before closing What is the purpose of the Short Sale Addendum? to protect the seller who is selling their home for less than they owe their lender What is one thing that differentiates TREC from the Broker-Lawyer Committee? TREC members are only appointed by the governor. Broker-Lawyer Committee members can be appointed by different people In paragraph 9 of the One to Four Family contract. What must happen "on or before" the specified date? Closing Agents are required to give all buyers a written copy of the title notice. Aside from Paragraph 6E(1) of the One to Four Family Residential contract, where else can this notice be found? the Notice to Prospective Buyer Emily and Josh signed a real estate contract with each other. The contract is now fully executed. What does that mean that Josh and Emily have done? fulfilled the material terms of the contract Which of these materials would be considered part of a property's mineral estate? oil Agent Alicia is hjelping her client buy a newly built home. She does not use the NEW Home Contract(Completed Construction). What is the Most likely reason? The builder required that she use their contract Which of these is a possible rfesult of when zoning is changed and a property no longer qualifies for a previous exemption? the property's owners owes charged rollback taxes Paragraph C2 on the Lead Based Paint Disclosure state that the buyer has 10 days to have the property inspected for lead based paint What part of the Third Party Financing Addendum for Credit Approval specifically pertains to people getting VA loans? Paragraph D What should an agent do if asked to violate anti-discrimination laws by a client? educate the seller about anti-discrimination laws and say they cannot honor the request. The amount of the earnest money the buyer is contractually obligated to pay the seller is set by the parties Sets with similar termschapter 960 terms adriana_mandegar Law of CONTRACTS- study set [specify promulgated f…73 terms quizlette586240 Final Exam Study - Promulgated Forms73 terms Perub7 Contracts173 terms MELLYJ123
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Who is tasked with drafting and editing Texas's promulgated contracts?The Texas Broker-Lawyer Committee consists of six members appointed by TREC. They write and revise all contracts that TREC promulgates. Before TREC even considers a contract form for promulgation, the Broker-Lawyer Committee must identify a real estate transaction requiring a standardized contract.
Which entity was formed for the purpose of enforcing the real estate Dealers Act in Texas?xas Legislature established the Texas Real Estate Commission (TREC) in 1949 to safeguard consumers in matters of real property transactions and valuation services.
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.
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