how many members of the broker lawyer

Full Answer

How many members are on the broker-lawyer committee quizlet?

Terms in this set (8) How many members in The Broker-Lawyer Committee? - consists of 13 members.

What are the members of broker-lawyer committee quizlet?

The committee is composed of six Real Estate Commission appointees (who are licensed real estate brokers) and six lawyers, appointed by the president of the State Bar of Texas, serving staggered six-year terms. There is also one public member of the Committee who is appointed by the governor.

How long shall a member of the Broker-lawyer committee hold office quizlet?

Members of the Committee can serve a term of 6 years once appointed to the committee. After 6 years it is up, the appointing entity is to renew that person's appointment or replace him/her with a new appointment.

Who appoints the lawyers on the broker-lawyer committee quizlet?

Terms in this set (20) The Broker-Lawyer Committee members are appointed by: The Broker members are appointed by the Commission and the Lawyer members are appointed by the President of the State Bar.

How many of the 13 members of the Texas Real Estate Broker-lawyer committee must be appointed by the Texas Real Estate Commission?

six membersIt 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.

How many members of the Texas Real Estate Commission are real estate brokers?

Six membersThe 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.

When someone begins to serve on the broker-lawyer committee what is the length of service?

The members of the Joint Broker-Lawyer Committee served six-year staggered terms. The term used for TREC's approved contracts is "promulgated." A licensee may give opinions concerning the status or validity of the title policy. The Joint Broker-Lawyer drafts long-term lease contracts as well as commercial contracts.

What type of committee is the broker-lawyer Committee quizlet?

What type of committee is the Broker-Lawyer Committee? The answer is advisory. One of the advisory committees that exists under the statutes of the TRELA is the Broker-Lawyer Committee.

How many promulgated contracts trec issued?

Six contract forms are currently promulgated by TREC.

How many contracts does the Texas Association of Realtors have?

TREC promulgates the following six contracts: Unimproved Property Contract; One-to-Four-Family Residential Contract (Resale); New Home Contract (Incomplete Construction); New Home Contract (Complete Construction); Farm & Ranch Contract; and Residential Condominium Contract. All of these.

When you authorize a broker to act for you after he or she has already done so it is known as Group of answer choices?

The owner/seller. When you authorize a broker to have acted for you after he or she has already done so, it's known as: a. Estoppel.

Who promulgates contracts for mandatory use by license holders?

The Broker-Lawyer Committee promulgates forms for mandatory use by licensees.

The Background

The business in question was modest in size, with a valuation of $2.45 million. The deal was negotiated and the price agreed to by the parties. We represented the sellers. The buyers were professional, and experienced with and comfortable doing deals of this size.

A Little Complexity

There was real estate involved in this transaction and when real estate is involved certain additional steps, considerations and documents become part of the process.

The Stumbling Block

The lender, you see, had an attorney and that attorney had to illustrate her worth to her client. All of the things the lender said were not needed – along with a bunch of other stuff – were now on the “must have” list that the attorney sent to the settlement company.

The Bottom Line

Now, this ordeal and the widespread aggravation that resulted was not directly caused by the lawyer; it was more the fault of the lender insofar as it did not bring the lawyer in until we were getting close to settling the deal. It is, therefore, a cautionary tale for business brokers.