Exam (elaborations)
Law of Agency AYPO Texas real estate Questions with Accurate Answers
- Course
- Institution
Law of Agency AYPO Texas real estate
[Show more]
Content preview
Law of Agency AYPO Texas real estateagency - answer the act of employing another person or group of people to perform
actions on behalf of the employing party. In return, the agent receives some form of
compensation, usually a payment of money
fiduciary relationship - answer A relationship of trust and confidence, as between trustee
and beneficiary, attorney and client, or principal and agent
types of fiduciaries - answer Lawyers, accountants, investment advisers, any
professional who deals with money/ funds and confidential information
Legal agency relationship - answer An agent acting for a principal party, is legally
considered an extension of the principal party. Legally binding to both principal and
agent
Fiduciary - answer “In trust"
Who enforces the Real Estate License Act – answer TREC enforces the act responsible
for licensing
and activities of:
•Real estate brokers
•real estate sales agents
•real estate inspectors
•providers of real estate and inspection education courses
•residential service companies
•timeshare developers
•easements, or right of way agents
Who appoints TREC members? - answerThe governor of Texas with the concurrence of
the state senate
TREC member makeup - answer9 members.
•6 licensed real estate brokers
•3 members of the public
TREC rules - answer•represent the interests of the client while treating other parties
fairly
•must be faithful and observant
•place no personal interest above client
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 jw638729. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now