Texas License Law
A Texas real estate licensee's obligation to account for all money received in a transaction means:
AProviding a summary report to TREC after each transaction
BMaintaining accurate records and properly disbursing all trust funds according to the parties' instructions✓ Correct
CFiling a tax return for each transaction
DReporting all commissions to the IRS quarterly
Explanation
The duty of accounting requires an agent to maintain accurate records of all funds received, hold them in the appropriate accounts, and disburse them only in accordance with the parties' instructions and applicable laws.
Related Texas Texas License Law Questions
- Under TREC rules, a real estate broker who closes their office or ceases operations must:
- A Texas broker's license is issued in an inactive status when:
- A Texas real estate broker who fails to maintain required trust account records may face which TREC penalty?
- Under Texas Occupations Code Chapter 1101, which of the following acts requires a real estate license?
- How many hours of pre-license education are required to obtain a Texas real estate sales agent license?
- The Texas Broker-Lawyer Committee creates promulgated contract forms for TREC. This committee is composed of:
- Under TREC rules, a licensed real estate inspector in Texas is regulated by:
- Which of the following is a TREC-promulgated addendum used when purchasing property in a Texas groundwater conservation district?
Practice More Texas Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Texas Quiz →