Real Estate: Texas Law of Agency Exam Questions And Answers
4 views 0 purchase
Course
Texas Law Of Agency
Institution
Texas Law Of Agency
Real Estate: Texas Law of Agency Exam Questions And Answers
Agency - ANS A relationship established between a principal and a real estate agent
Agent - ANS The person who is authorized to represent and act on the behalf of another person
Brokerage Agreement - ANS A written or oral a...
Agency - ANS A relationship established between a principal and a real estate agent
Agent - ANS The person who is authorized to represent and act on the behalf of another
person
K
Brokerage Agreement - ANS A written or oral agreement for brokerage services in exchange
for compensation
C
Client - ANS A person who is being represented by an agent
Consumer - ANS A person requesting or receiving licensed services
LO
Customer - ANS A person who is not represented by an agent, but receiving ministerial acts
Ministerial Acts - ANS Acts performed by a licensed agent for a customer that are informative
or clerical in nature
YC
Fiduciary Relationship - ANS A relationship in which one party places special trust, confidence,
and reliance in another
Principal - ANS The person who hires the agent and delegates to the agent the responsibility
of representing the principal's interests
D
Universal Agent - ANS the principal empowers the agent to perform any and all actions that
may be legally delegated to an agency representative. The instrument of authorization is the
U
power of attorney.
General Agent - ANS the principal delegates to the agent ongoing tasks and duties within a
ST
particular business or enterprise. Such delegation may include the authority to enter into
contracts.
Special Agent - ANS also known as a specific agent. Under a special agency agreement, the
principal delegates authority to conduct a specific activity, after which the agency relationship
terminates. In most cases, the special agent may not bind the principal to a contract. In most
instances, real estate brokerage is based on a special agency.
Agency coupled with an interest - ANS an agency relationship in which the agent has an
interest in the property that is being sold. This type of agency cannot be revoked by the
principal, nor is it terminated if the principal dies.
, Real estate brokerage is based on what kind of agency? - ANS Special Agency
What is a duty agent? - ANS The person who is given the opportunity to answer the phones or
greet someone walking off the street in an attempt to find leads
What are the fiduciary duties assigned to do? - ANS Place the client's needs above the desires
of the brokers and salespeople
Single Agency - ANS when a licensee represents a either a seller/landlord or a buyer/tenant
K
directly and exclusively as an agent. This relationship is normally bound by a written agency
agreement, or listing agreement having a specified and limited duration
C
Subagency - ANS practiced between brokerage firms where "cooperating" licensees, of other
firms, are subagents of the listing supervising broker of the principal. Subagency is legal in
Texas. A subagent is a license holder who:
LO
Represents a principal through cooperation with a broker, and the consent of a broker
representing the principal: and
Is not sponsored by, or associated with the principal's broker
YC
Intermediary Agency - ANS where a licensee represents both sides of a transaction in an
agent-client capacity. In a firm, intermediary agency can occur in two ways:
The supervising broker or a single licensee represents both parties.
One of the principal broker's agents represents a seller and another of his agents represents a
buyer.
D
What four types of agency positions are recognized in Texas? - ANS Seller's agent (single
agent)
U
Subagent
Buyer's agent (single agent)
Intermediary
ST
When must a seller's agent provide a written statement about brokerage services to a party? -
ANS At the time of the first substantive dialogue with the party
When must a buyer's agent provide a written statement about brokerage services to a party? -
ANS At first contact with the seller, landlord, or either party's agent
Licensee - ANS Someone who is licensed in Texas as a salesperson or broker
Subagent - ANS A licensee who is not affiliated with the client's broker, but who represents the
client as a cooperating broker
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Studyclock. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.99. You're not tied to anything after your purchase.
