Final Review-Texas Law of Agency Exam Questions And Answers
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Course
Texas Law Of Agency
Institution
Texas Law Of Agency
Final Review-Texas Law of Agency Exam Questions And Answers
Intermediary Agency - ANS where a licensee represents both sides of a transaction in an agent-client capacity
Special Agency - ANS AKA specific agency. The principal delegates authority to conduct a specific activity, after which ...
Intermediary Agency - ANS where a licensee represents both sides of a transaction in an
agent-client capacity
Special Agency - ANS AKA specific agency. The principal delegates authority to conduct a
specific activity, after which the agency relationship terminates. In most cases, the special agent
K
may not bind the principal to a contract. In most instances, real estate brokerage is based on a
special agency. The principal hires a licensed broker to procure a ready, willing, and able buyer
or seller.
C
General Agency - ANS 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
LO
contracts. Common between brokers and licensees created by an independent contractor
agreement.
Subagency - ANS specific client representation relationship btwn a property broker or real
estate agent and another real estate broker or agent who brings the buyer to the property. Exists
YC
when the buyer is a customer and there are two brokers involved.
Dual - ANS occurs when the same brokerage represents both the seller and the buyer under a
written agreement. Changes the type of representation the broker and any agents in that
company can provide.
D
Implied - ANS Occurs w/ the seller when the licensee does not write an agreement. This might
be done because the seller will not consent to a written document.
U
Universal Agency - ANS 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. TEXAS DOES NOT ALLOW DUAL AGENCY
ST
Undisclosed dual agency - ANS If an agent performs actions could mislead a buyer into
thinking the agent represents him or her
Accidental dual agency - ANS When an agent creates a dual agency situation, but the intent
was not to purposely deceive anyone.
How agency is created - ANS Agency can be started w/ words or actions, but would best be
done through the written word such as a listing agreement or a buyer's representation
agreement.
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