  The M8V star TRAPPIST-1 hosts seven roughly Earth-sized planets and is a
promising target for exoplanet characterization. Kepler/K2 Campaign 12
observations of TRAPPIST-1 in the optical show an apparent rotational
modulation with a 3.3 day period, though that rotational signal is not readily
detected in the Spitzer light curve at 4.5 $\mu$m. If the rotational modulation
is due to starspots, persistent dark spots can be excluded from the lack of
photometric variability in the Spitzer light curve. We construct a photometric
model for rotational modulation due to photospheric bright spots on TRAPPIST-1
which is consistent with both the Kepler and Spitzer light curves. The
maximum-likelihood model with three spots has typical spot sizes of
$R_\mathrm{spot}/R_\star \approx 0.004$ at temperature $T_\mathrm{spot} \gtrsim
5300 \pm 200$ K. We also find that large flares are observed more often when
the brightest spot is facing the observer, suggesting a correlation between the
position of the bright spots and flare events. In addition, these flares may
occur preferentially when the spots are increasing in brightness, which
suggests that the 3.3 d periodicity may not be a rotational signal, but rather
a characteristic timescale of active regions.
