Laws of Agency Champions Texas Real Estate Answered 2023
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Course
Laws of Agency
Institution
Laws Of Agency
Laws of Agency Champions Texas Real Estate Answered 2023
Fiduciary
A relationship based on trust
Agency
A relationship between two parties
Customer
A person who receives limited brokerage services without establishing an agency relationship/Also known as 3rd party.
Client
Also known as ...
Laws of Agency Champions Texas Real
Estate Answered 2023
Fiduciary
A relationship based on trust
Agency
A relationship between two parties
Customer
A person who receives limited brokerage services without establishing an agency
relationship/Also known as 3rd party.
Client
Also known as the principal who engages the professional advice or services of another, called
an agent, and whose interests are protected by the speci c duties and loyalties of an agency
relationship. Many of these duties are outlined in a listing or buyer/tenant representation
agreement
Act that makes it illegal to practice any act of real estate brokerage without a license?
Texas Real Estate License Act
agency relationship
When one person, the agent, acts for or on behalf of another person, the principal, who is also
known as the client.
principal
the one who hires and gives authority to the agent
Agent
A broker who represents a seller, landlord, buyer or tenant. (2) Sales agent or broker license
holders who represent the broker with whom they are associated
Texas Real Estate License Act (TRELA)
Was passed 1939. Created to enforce and administer the act in 1949. The purpose of the Act is to
protect the public against unscrupulous brokers and sales agents.
, Two types of licenses
Broker/Sales Agent
If a broker has more than one place of business...What is required for each office?
branch office license is required for each location/not necessary to have a licensed broker at each
location
Federal law dictates that commissions are a matter of __________________________
Negotiations
When dealing with a customer, the broker has duties of
____________________________________________.
disclosure, honesty, fairness and competency
A seller becomes a client by entering into a ___________________ with the broker
listing agreement
A buyer becomes a client by entering into a ___________________________ agreement
with the broker.
buyer representation
License holder
A person licensed by the Texas Real Estate Commission (TREC) to act as a broker or sales agent
in a real estate transaction.
Subagent
A license holder not associated with the seller's broker, but who is representing the seller through
a cooperative agreement, often through membership in a Multiple Listing Service (MLS), with
the seller's broker.
Cooperative Broker
A broker selling the listing of another broker. A cooperative broker may complete the transaction
as a subagent of the listing broker, or may represent the buyers under an agency agreement; he
also known as the other broker
Broker license holder
An individual holding a broker's license issued by TREC. Brokers may act independently in
conducting real estate transactions, or may engage other broker or sales agent license holders to
represent them in the conduct of their real estate business
Sales agent license holder
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