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AYOP REAL ESTATE LAW OF AGENCY-FINAL EXAM REVIEW
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AYOP REAL ESTATE LAW OF AGENCY-FINAL EXAM REVIEW
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AYOP REAL ESTATE LAW OF AGENCY-FINAL EXAMREVIEW
What are the minimum services an agent
must offer; - Answers-According TRELA subchapter 1101.557b states a broker
representing a party or listing real estate for sale is the party's agent and
1. May not instruct another broker to directly or indirectly violate the sub chpt-
1101.65b22, 2.Must inform the party if the broker Receives material information related
to the transaction to list, buy, sell, or lease the parties real estate, including the receipt
of an offer by the broker; and
3. Shall, at a minimum, answer the parties questions and present Any offered to or from
the party.
What is TRELA? - Answers-It is the law that establishes the duties of a real estate
licensee.
> TRAC is responsible for the administration of
TRELA. TREC consists of nine members - six brokers and three public members - who
are who serve staggered terms of six years. The governor, with the approval of the
senate,
appoints three replacement members every two years.
Advice and opinions are given to whom: - Answers-Clients.
Who are the parties to agency agreement? - Answers-The seller, buyer, broker or sales
associate, tenant
May the listing agent disclose the selling motivation to a buyer; - Answers-No, that is a
breach of fiduciary responsibility.
In a real estate transaction, who do the buyer and/or seller inter into a contract with to
create the agency relationship - the broker or salesperson: - Answers-The broker.
What is agency educational requirement. - Answers-Licensee must show evidence of a
minimum of 30 clock hours - 2 semester hours - in the law of agency.
What happens to the fiduciary duties when the agency relationship terminates: -
Answers-The duty of confidentiality continues after the termination of an agency.
What does TRELA require in regard to the duration of a listing or buyer representation
agreement: - Answers-It requires a expiration or termination date.
Must a buyer believe that he is represented in order for agency to exist: - Answers-YES,
expressed agency
, What is the difference between implied and express authority: - Answers-Implied
Authority not specifically granted to the agent but necessary or customary if the agent is
to perform the agency duties, and it is implied by the principal's action.
> Express authority is legal term means clear, definite, explicit, unmistakable, and
unambiguous.
Is a payment required to create agency;
Is a written agreement require; - Answers-No a payment is not required to create
agency.
a written agreement is not required. But if you want to collect your commission it must
be in writing.
What does TRELA required in order for a broker to sue for a commission; - Answers-
Must be in writing.
What is a net listing? If an agent takes a net listing, what advice should the agent give
the seller: - Answers-Net listing is a listing agreement in which the broker's commission
is the difference - net- between the sales proceeds and the amount desired by the
owner of the real estate.
Advice to the seller is informed of the current market conditions the value of the property
to be sold and that the broker should inform the seller of market conditions And What
the maximum broker commission will be.
Are net listings legal in Texas; and what does TRELA recommend; - Answers-Yes, legal
and recommends that only if the seller wants the net listing then the broker is
responsible for informing him of the market condition and the maximum commission the
broker will receive.
What is an open listing: - Answers-a listing in which the broker has the non-exclusive
right to sell the property and receive a commission. If the sale results through the efforts
of the seller or another broker, the open listing broker receives no commission.
When must a buyer's
representation agreement terminate: - Answers-Upon expiration date or mutual
agreement by revocation or renunciation or mutual agreement of termination by both
parties
Does listing property in MLS create a fiduciary relationship: - Answers-Yes, in order to
get an MLS listing a formal contract for listing buyer or seller representation must be
secured in order to listed in MLS.
When is a buyer required to
purchase property through a particular broker. - Answers-Buyer has signed an
exclulsived buyers representation agreemt.
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