REAL ESTATE: TEXAS LAW OF AGENCY EXAM WITH GUARANTEED ACCURATE ANSWERS |VERIFIED
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Course
REAL ESTATE: TEXAS LAW OF AGENCY
Institution
REAL ESTATE: TEXAS LAW OF AGENCY
Agency - ACCURATE ANSWERA relationship established between a principal and a real estate agent
Agent - ACCURATE ANSWERThe person who is authorized to represent and act on the behalf of another person
Brokerage Agreement - ACCURATE ANSWERA written or oral agreement for brokerage services in ex...
REAL ESTATE: TEXAS LAW OF AGENCY
EXAM
REAL ESTATE: TEXAS LAW OF AGENCY EXAM WITH GUARANTEED ACCURATE
ANSWERS |VERIFIED
Agency - ACCURATE ANSWER✅✅A relationship established between a
principal and a real estate agent
Agent - ACCURATE ANSWER✅✅The person who is authorized to represent
and act on the behalf of another person
Brokerage Agreement - ACCURATE ANSWER✅✅A written or oral agreement
for brokerage services in exchange for compensation
Client - ACCURATE ANSWER✅✅A person who is being represented by an
agent
,Consumer - ACCURATE ANSWER✅✅A person requesting or receiving
licensed services
Customer - ACCURATE ANSWER✅✅A person who is not represented by an
agent, but receiving ministerial acts
Ministerial Acts - ACCURATE ANSWER✅✅Acts performed by a licensed
agent for a customer that are informative or clerical in nature
Fiduciary Relationship - ACCURATE ANSWER✅✅A relationship in which one
party places special trust, confidence, and reliance in another
Principal - ACCURATE ANSWER✅✅The person who hires the agent and
delegates to the agent the responsibility of representing the principal's interests
Universal Agent - ACCURATE ANSWER✅✅the principal empowers the agent
to perform any and all actions that may be legally delegated to an agency
representative. The instrument of authorization is the power of attorney.
General Agent - ACCURATE ANSWER✅✅the principal delegates to the agent
ongoing tasks and duties within a particular business or enterprise. Such delegation
may include the authority to enter into contracts.
Special Agent - ACCURATE ANSWER✅✅also known as a specific agent.
Under a special agency agreement, the principal delegates authority to conduct a
specific activity, after which the agency relationship terminates. In most cases, the
special agent may not bind the principal to a contract. In most instances, real estate
brokerage is based on a special agency.
, Agency coupled with an interest - ACCURATE ANSWER✅✅an agency
relationship in which the agent has an interest in the property that is being sold.
This type of agency cannot be revoked by the principal, nor is it terminated if the
principal dies.
Real estate brokerage is based on what kind of agency? - ACCURATE
ANSWER✅✅Special Agency
What is a duty agent? - ACCURATE ANSWER✅✅The person who is given the
opportunity to answer the phones or greet someone walking off the street in an
attempt to find leads
What are the fiduciary duties assigned to do? - ACCURATE ANSWER✅✅Place
the client's needs above the desires of the brokers and salespeople
Single Agency - ACCURATE ANSWER✅✅when a licensee represents a either a
seller/landlord or a buyer/tenant directly and exclusively as an agent. This
relationship is normally bound by a written agency agreement, or listing agreement
having a specified and limited duration
Subagency - ACCURATE ANSWER✅✅practiced between brokerage firms
where "cooperating" licensees, of other firms, are subagents of the listing
supervising broker of the principal. Subagency is legal in Texas. A subagent is a
license holder who:
Represents a principal through cooperation with a broker, and the consent of a
broker representing the principal: and
Is not sponsored by, or associated with the principal's broker
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