Law of Agency questions and answers 2023
Article 2. _____
Article 3. _____
Article 4. _____ _____
Integrity, Competency, Consumer Information
An agency relationship exists when one person,_______, acts for or on behalf of another person,_____, who is also known as the client. This relation...
law of agency questions and answers 2023 article 2 article 3 article 4 integrity
consumer information an agency relationship exists when one person
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Law of Agency questions and answers
2023
Article 2. _____
Article 3. _____
Article 4. _____ _____
Integrity, Competency, Consumer Information
An agency relationship exists when one person,_______, acts for or on behalf of another
person,_____, who is also known as the client. This relationship is a fiduciary relationship, meaning
that it is based on trust. p. 9
the agent, the principal
_____ is the relationship between two parties, a principal, and an agent.
Agency
The _____ is the one who hires and gives authority to the agent. P.10
principal
The __ __ __ __ __ (TRELA) was passed in 1939. P.10
Texas Real Estate License Act
The Real Estate _____ was created to enforce and administer the act in _____. P.10
Commission, 1949
The _____ _____ provides for two types of licenses to be issued, a broker license, and a sales agent
license. P.10
License Act
The initial relationship with all potential buyers and sellers is a _____.
customer
The individual remains a customer until he or she enters into an _____ _____.
agency agreement
A seller becomes a client by entering into a _____ _____ with the broker.
listing agreement
A buyer becomes a client by entering into a ___ ___ ___ with the broker. p.17
buyer representation agreement
, 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. P.18
Subagent
The broker represent the _____. The sales agent license holder represents the _____. P.20
client, broker
Agency by actual authority exists when an individual grants _____ _____ to the agent to perform
some act. P.27
express authority
_____ _____ exists when actions lead another person to assume that one is an agent. P.27
Ostensible agency
Agency authority, or rights, may also be a result of "the norm", or what is considered customary in
the business. For example, a homeowner can expect the listing agent to make appointments to show
the property, not only during business hours, but also on weekend, and in the evenings, This is
standard practice in residential real estate, and this authority is defined as . p.28
implied authority
_____ 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. P.28
Fiduciaries
The _____ _____ has less authority than the universal agent. P.30
General Agency
An agent is obligated to follow all of the lawful instructions of a client. P.32
Obedience
At the first contact with a party to a potential transaction, a license holder must disclose to that
party whom he or she represents. This may be done orally or in writing. P.36
Disclosure of Representation
A license holder is not required to provide the notice required by Subsection (b-1) if: (1 of 3) the
proposed transaction is for a residential lease for not more than one year and a sale is not being
considered. P.37
Representation Disclosure
(a) A broker may act as an _____ between parties to a real estate transaction if; (1 of 2) the broker
obtains written consent from each party for the broker to act as an _____ in the transaction. P.38
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