Exam (elaborations)
AYPO Law of Agency Questions with Solutions
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Exam of 9 pages for the course AYPO at AYPO (AYPO Law of Agency)
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AYPO Law of AgencyThe Original Legislation: - answer The Real Estate Dealers Act of 1939
main piece of Texas law governing the licensing and behavior of real estate
professionals in the state. - answer The Real Estate License Act (TRELA)
Licensing Duties were added in: - answer1955
Broker license was changed from 2 years in the 36 month before the application to: -
answer4 Years in the 60 months before application
TREC is the agency in charge of overseeing the licensing and professional activities of:
- answer-Real estate brokers
-Real estate sales agents
-Real estate inspectors
-Providers of real estate and inspection education courses
-Residential service companies
-Timeshare developers
-Easement or Right-of-Way (ERW) Agents
TREC Membership Makeup - answer6 licensed real estate brokers and 3 members of
the public, who are appointed by the Governor of Texas
Serving 6 year terms
Texas allows net listings with a limit on the percentage over the principal's required
minimum. Currently, the percentage is capped at: - answer15%.
How agency is formed - answerAn agency relationship is formed when one person or
group of people employ another person or group to perform actions on behalf of the first
person or group. If a person moving into a new house hires a moving company to
transport his or her furniture, an agency relationship has been formed.
Property owners and real estate agents create what kind of relationship? -
answerProperty owners and real estate agents create
The broker decides that this is too big a task to handle alone and decides to assign
different sales agents, who effectively work as agents for the broker, to each half of the
project. The sales agents are - answerDe Facto Agents
, Customers or Clients? - answerWhat really defines whether someone is a customer or a
client is whether a contractual agreement exists between a real estate professional and
that person.
Client - answerSomeone who has formed a contractual agreement- Fiduciary duties are
owed
Broker Licensee - answerThe broker licensee is the person who possesses a real
estate broker's license from the Texas Real Estate Commission.
Unlicensed Broker - answerThe term "unlicensed broker" refers to anyone who acts as
a broker and provides the services normally provided by a broker without holding a valid
broker's license issued by TREC. Acting as an unlicensed broker is a violation of
TRELA and a Class A misdemeanor.
Sponsoring Broker - answerA sponsoring broker is the licensed broker a licensed real
estate sales agent works for. The sales agent's license is issued through sponsoring
broker, and the sponsoring broker is responsible for the brokerage activities of the sales
agent.
Other Broker - answerThe term "other broker" refers to a real estate broker involved in a
real estate transaction who is not affiliated with the listing broker. It is an agency-neutral
term
REALTIST® - answerA realtist® is specifically a member of the National Association of
Real Estate Brokers (NAREB), which is another national trade association for real
estate professionals. Like realtor®, realtist® is a trademarked term that is only usable by
members of NAREB.
inactive licensee - answerholds an expired real estate license. Inactive licensees are not
allowed to conduct business as a broker or sales agent in Texas.
sales associate. - answerA sales agent who is actively conducting business as an agent
of their sponsoring broker may be referred to as a sales associate.
Agent has two distinct meanings. - answer-An agent is a broker who is the
representative of a seller, a buyer, a landlord, or a tenant.
-An agent is also a sales agent who is the representative of the sponsoring broker he or
she works for.
Subagent - answerrepresents a principal through cooperation with and the consent of a
broker representing the principal; and is not sponsored by or associated with the
principal's broker.
Dual Agent - answerA dual agent is a person who is the representative of both the
buying and selling parties in a real estate transaction. This type of agency was made
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