Law of Agency - Champions School of Real Estate Exam Questions And Answers
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Course
Texas Law Of Agency
Institution
Texas Law Of Agency
Law of Agency - Champions School of Real Estate Exam Questions And Answers
The principal is also known as - ANS client
fiduciary relationship - ANS a relationship founded on trust and confidence
Agency Relationship - ANS Exists when one person (the agent) acts for, or on
behalf of an...
fiduciary relationship - ANS a relationship founded on trust and confidence
K
Agency Relationship - ANS Exists when one person (the agent) acts for, or on
behalf of another person (the principal).
C
the principal - ANS is the one who hires and gives authority to the agent
LO
Texas Real Estate License Act TRELA - ANS Was passed 1939. The purpose is to protect the
public against unscrupulous brokers and sales agents.
Texas Real Estate Commission TREC - ANS Was created to enforce and administer TRELA in
1949. The purpose of this act is to protect the public against unscrupulous brokers and sales
YC
agents.
A licensed broker may not pay a commission to or otherwise compensate a person directly or
indirectly for performing an act of a broker unless the person is... - ANS a license holder or a
real estate broker licensed in another state
D
TRELA may suspend or revoke a license or take other disciplinary action if the license holder,
while engaged in real estate brokerage engages in... - ANS conduct that is dishonest or in bad
U
faith or that demonstrates untrustworthiness
a broker works FOR - ANS a client
ST
a broker works WITH - ANS a customer
how does a buyer become a client - ANS by entering into a buyer representation agreement
with the broker
Subagent - ANS 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.
An agency relationship exists when one person, the _____ acts for, or on behalf of another
person, the ______ - ANS agent, principal
, which of the following is grounds for suspension or revocation of license by TREC? - ANS
splitting commission with a person other than a license holder
The commission can deny licensure to an applicant based on the applicant's
_______________________ - ANS moral character
Ostensible Agency - ANS exists when actions lead another person to assume that one is an
agent.
K
Agency by Ratification - ANS Occurs when an agent acts without prior authorization, and the
principal, upon learning of this action, accepts it.
C
agency coupled with an interest - ANS When a broker is the owner of a property that is being
sold, or when a broker is interested in buying a property, we have agency coupled with an
interest
LO
Agency Authority - ANS or rights, may also be a result of "the norm", or what is considered
customary in the business
Implied Authority - ANS an agent's authority to do things not specifically authorized in order to
YC
carry out express authority
Fiduciaries - ANS are held to the highest amount of good faith, are required to exclude all
selfish interest, are prohibited from putting themselves in positions where personal interest and
representative interest will conflict and must, in any direct dealing with the principal, make full
disclosure of all relevant facts and give the latter an opportunity to obtain independent advice
D
General Agent - ANS has less authority than the universal agent. Has the right to represent his
or her principal in a particular type of transaction or business. One common example of a
U
general agent in real estate is the property manager.
As agents, our fiduciary duties and responsibilities include - ANS OLD CAR
ST
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable care
Obedience - ANS an agent is obligated to follow all o the lawful instructions of a client
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