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Law of Agency Texas Real Estate License Exam Section 3 of 6: Law of Agency (elaborations) Questions and Correct Answers with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinction$7.99
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Law of Agency Texas Real Estate License Exam Section 3 of 6: Law of Agency (elaborations) Questions and Correct Answers with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinction
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Law of Agency Texas Real Estate License
Institution
Law Of Agency Texas Real Estate License
Law of Agency Texas Real Estate License Exam Section 3 of 6: Law of Agency (elaborations) Questions and Correct Answers with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales
Law of Agency
Texas Real Estate License Exam Section 3 of
6: Law of Agency
Question Answer
Fiduciary an individual upon whom is placed the highest levels of trust and
confidence when acting on behalf of another; specific fiduciary
duties include obedience, loyalty, disclosure, confidentiality,
accountability, and reasonable care
Principal a major party to a real estate transaction (buyer, seller, landlord,
tenant) or an individual who authorizes an agent to represent their
interests as a client in a real estate transaction
Client a person who has signed an agency agreement with you as their
agent a.k.a your principal
Customer a person on the other side of the transaction with whom the license
holder does not have an agency relationship
Third Party any person involved in a real estate transaction who is not your
client
,Broker an individual licensed by TREC to perform brokerage duties
Sales Agent an individual holding a sales agent license from TREC who is
sponsored by a broker
License Holder a broker or a sales agent licensed by TREC
Brokerage the joining of two people for the purpose of an exchange of
products or services
REALTOR® a licensed sales agent who is a member of the National Association
of REALTORS®
Listing Agent a broker representing a seller in a real estate transaction, a.k.a.
seller’s agent, seller’s broker, or listing broker
Buyer’s Agent a broker representing a buyer in a real estate transaction, a.k.a.
buyer’s broker
Tenant’s Agent a broker representing a tenant in a real estate transaction
Landlord’s a broker representing a landlord in a real estate transaction
Agent
, Fiduciary an individual whose principal has trusted to represent their interests
- it denotes a high level of trust
Ostensible when a principal allows a license holder to act in such a way as to
Agency cause a third party to believe that license holder is the principal’s
agent
Agency by legally binding agency created when an individual allows an agent
Estoppel act as though they were authorized to act on that person’s behalf
(ostensible agency) and a third party suffers some harm while
dealing with that agent in a transaction
Agency by created when a license holder acts on behalf of but without prior
Ratification authorization of a principal and that principal accepts the license
holder’s action after the fact
Agency Coupled when an agent is involved in a real estate transaction with a
with Interest personal interest (either for themselves, a family member, or a
business interest)
Agency by actions taken by an agent for which they have permission, whether
Actual Authority given through express or implied authority by a principal
Express when a principal gives an agent authority to act on their behalf by
Authority mutual consent, either by written or oral agreement
Implied when an agent takes actions that are considered customary for the
Authority profession in order to represent their agent’s interests
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