Law of Agency Bundled Exams with Complete Solution | Expert Verified 2024 | Guaranteed Success

Here are the four major types of agency acts: Listing Buying Leasing Property Management TREC's purpose is to regulate educational and licensing programs that maintain standards AND interpret legislation that affects the real estate profession — primarily the Texas Real Estate License Act (...

This person hires an agent The Principal The agent works on behalf of this person the client (principal) This type of agency allows for the greatest range of authority Universal This is provided to the agent when there is written documentation that the agency relationship exists. Express authori...

Which of the following definitions most closely defines agency A. . A relationship between an agent and a principal whereby the agent is subject to the control of the principal. B. A legal relationship by agreement of an agent and a principal whereby the principal is governed by the agent's dec...

Which of the following has the authority to suspend or revoke a Texas real estate license? TREC Which of the following is an element of a listing agreement? the agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the following a violation of i...

Most lawsuits involve issues of who did or did not represent whom. The number of lawsuits is: A. Increasing B. Decreasing C. Stabilizing over the last several years D. Broker lawsuits are not allowed. A. Increasing The correct answer is A. A broker is more likely to be sued because he failed to...

A buyer's agent may not tell the buyer any information told to the agent by the owner: False If a salesperson is an employee, the broker/employer must withhold income tax and Social Security from the salesperson compensation True The broker may give the seller advice and opinions about the price...

What are the duties of an agent Fiduciary Duties (OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care Types of Agents - Universal Agency; power to act for the principal in all transactions. - General Agency; represents principal in a particular type o...

What are the duties of an agent? OLDCAR - Obedience Loyalty Disclosure Confidentiality Accounting of funds Reasonable care and due diligence General agent An individual has the right to represent his or her principal in a particular type of transaction or business. One common example is the ...

If a buyer hires a broker under a buyer representation agreement, the principal is the: buyer. If a seller signs a listing agreement with a broker, the ________ is the listing agent. broker There is no third party customer in ________ representation. intermediary The role each party (client, b...

What are the minimum services an agent must offer; 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 p...

Real estate agents are considered to have which kind relationship with clients? A fiduciary relationship Acting as which of the following is a violation of The Real Estate License Act? Acting as a broker without possessing a valid license issued by the Texas Real Estate Commission Which of the f...