Yes, caret is in the scrabble dictionary

...and is worth 8 points by itself.

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Caret Definition

noun

A proofreading symbol (‸) used to indicate where something is to be inserted in a line of printed or written matter.
from The American Heritage Dictionary of the English Language, 4th Edition
A wedge-shaped mark made on written or printed matter to indicate the place where something is to be inserted.
from Free Scrabble Dictionary

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Wildcard(?) letters appear in RED

Here are some other words you could make with the letters CARET, you can also
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Top Words by points

Points

trace

7

2 letter words with CARET

Points

ar

2

er

2

et

2

ae

2

re

2

ta

2

te

2

at

2

3 letter words with CARET

Points

tae

3

tar

3

ret

3

rec

5

rat

3

tea

3

eta

3

era

3

eat

3

tec

5

ear

3

act

5

arc

5

are

3

art

3

ate

3

ace

5

cat

5

car

5

4 letter words with CARET

Points

acre

6

tace

6

rate

4

race

6

care

6

cart

6

cate

6

cert

6

tare

4

tear

4

5 letter words with CARET

Points

trace

7

crate

7

recta

7

react

7

caret

7

carte

7

cater

7

Found 44 words in 0.13058 seconds