Question

Sally mistakenly let her E&O insurance lapse. She applied for her renewal license after completing her continuing education and sent in her renewal fee. Which of the following activities are permissible by TREC?

a. TREC will notify both Sally and her broker of the lapsed insurance.
b.b. occurrences generally recognized as having a negative impact on the value of real estate.
c. Owner of real estate and Attorney in fact operation under a recorded power of attorney.

Answer 1

The permissible activity by TREC is notifying both Sally and her broker of the lapsed insurance.

Step-by-step explanation:

The subject of this question is Law and it is tackled at a College level.

In this case, the permissible activity by TREC, which stands for Texas Real Estate Commission, is option a. TREC will notify both Sally and her broker of the lapsed insurance. It is important to maintain active Errors and Omissions (E&O) insurance for real estate professionals, as it provides liability coverage in case of errors or omissions in their work. Letting the insurance lapse can expose both the individual and the broker to potential risks. TREC takes this issue seriously and ensures that both parties are aware of the situation.