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TX Exam Prep - Ch 3

Ch 3 - Standards of Contact

QuestionAnswer
The Texas Administrative Code includes six canons of professional ethics and conduct 1. Fidelity (scrupulous and meticulous ) 2. Integrity 3. Competency 4. Consumer Protection Notice 1-4 - Notification of recovery trust account (displayed in Broker's office) 5. Discriminatory Practices 6. Information About Brokerage Services
Information About Brokerage Services (IABS) 1. by personal delivery 2. by first class mail/overnight common carrier 3. in the body of an email; or 4. as an attachment to an email, or a link within the body of an email, with a specific reference to the IABS Notice in the body of the email
Grounds for Suspension and Revocation • Guaranteeing future profits • Sales agents receiving commissions directly • No termination date in a Buyer’s Rep or Listing contract • Selling by lottery. • Giving legal advice.
Grounds for Suspension and Revocation, cont • Not advising a buyer in writing to get an attorney’s opinion of title/or obtain an Owner’s Title Policy • Placing a sign offering to sell w/o written permission • A license holder must disclose if he is representing his spouse, parent, or child.
Grounds for Suspension and Revocation, cont • Knowingly making a substantial misrepresentation. • Advertising without the broker or company name. • Commingling money - earnest money must be placed in an escrow account, not in with broker personal or operating accounts.
Grounds for Suspension and Revocation, cont • Conversion - spending commingled funds is also prohibited. • Threatening to sue for a commission • Not furnishing requested documents to one of the signatories • Steering of prospective buyers • Disbursing trust money before closing consummation
Grounds for Suspension and Revocation, cont • Entering plea of nolo contendere, felony conviction or criminal conviction for fraud • Failure to notify TREC of the above w/in 30 days (Note: 2nd DWI conviction is not a felony) • Failure to submit payment upon request from TREC
Licensees do not prepare forms or draft contracts They fill out TREC forms and TR (Texas Realty) forms
Three entities that can accept earnest money/ option fee deposits • Title companies • Attorneys • Brokers
Earnest money most often goes to the Title Company and must be delivered by the close of the 3rd day after the effective date of contract but may be extended if that day falls on a Saturday, Sunday or Holiday (Paragraph 5)
If the Broker accepts the Earnest money it must be deposited into escrow by the close of business on the 2nd day after he receives it.
A license holder may rebate a portion of the commission to a customer with the client’s permission
Ads also must include the broker’s name in _______ at least half the size of the largest contact information for any sales agent, associated broker, or team name contained in the advertisement.
TREC requires a broker or salesperson with a website to provide information about the IABS and the Consumer Protection Notice on the website
“Texas Real Estate Commission Consumer Protection Notice” On your business website homepage 10-point font. A link in 12-point font can be used with the following wording: "TREC Consumer Protection Notice."
Website requirements you should know regarding the IABS and the Consumer Protection Notice: 1. Place a link on the website homepage. 2. Place the link in a readily noticeable location. 3. Place the link in at least 10-point type.
A broker website must include the broker or company name on every page of the website
Created by: deidresj
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