Law of Agency - Champions School of Real Estate Questions and Correct Answers the Latest Update and Recommended Version
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Course
Law of Agency
Institution
Law Of Agency
The principal is also known as
→ client
fiduciary relationship
→ a relationship founded on trust and confidence
Agency Relationship
→ Exists when one person (the agent) acts for, or on
→ behalf of another person (the principal).
the principal
→ is the one who hires and gives autho...
A licensed broker may not pay a commission to or otherwise compensate a person directly or
indirectly for performing an act of a broker unless the person is...
→ a license holder or a real estate broker licensed in another state
TRELA may suspend or revoke a license or take other disciplinary action if the license holder,
while engaged in real estate brokerage engages in...
→ conduct that is dishonest or in bad faith or that demonstrates untrustworthiness
a broker works FOR
→ a client
a broker works WITH
→ a customer
how does a buyer become a client
→ by entering into a buyer representation agreement with the broker
Subagent
→ 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.
An agency relationship exists when one person, the _____ acts for, or on behalf of another
person, the ______
→ agent, principal
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