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Law Of Agency Champions 2024 Questions And Answers With Verified Solutions 100% Correct!!!
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Law Of Agency Champions 2024 Questions And Answers With Verified Solutions 100% Correct!!!
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Law Of Agency Champions 2024Questions And Answers With Verified
Solutions 100% Correct!!!
Protection against damage or loss - ANSWER✔✔ Indemnification
relationship, meaning that it is a relationship based on trust. - ANSWER✔✔
Fiduciary
A relationship between two parties - ANSWER✔✔ Agency
A person who receives limited brokerage services
without establishing an agency relationship - ANSWER✔✔ Customer
Also known as the principal - ANSWER✔✔ Client
makes it illegal to practice any act of real estate brokerage
without a license. - ANSWER✔✔ Texas Real Estate License Act (TRELA)
acts for or on behalf of another person, - ANSWER✔✔ Agent
The agent must always remain loyal to the - ANSWER✔✔ principal.
agency relationships constitute the foundation of the practice of brokerage, it is
essential that a license holder - ANSWER✔✔ have a deep understanding of agency
concepts and law
,There are two key points with respect to agency: - ANSWER✔✔ 1. The principal
will count on the agent for specific professional advice. The agent is the "expert".
2. The relationship almost always involves money or property.
The Texas Real Estate License Act (TRELA) was passed in - ANSWER✔✔ 1939.
Texas Real Estate Commission was created to enforce and administer the act in -
ANSWER✔✔ 1949
The purpose of the License Act is to - ANSWER✔✔ protect the public against
unscrupulous brokers and sales agents.
The License Act provides for two types of licenses to be issued - ANSWER✔✔ 1.
Broker License
2. Sales Agent License
Can a someone hold both Sales Agents License and Brokers License? -
ANSWER✔✔ No, but a broker can act as a sales agent under a brokers license.
sales agent is prohibited from splitting fees - ANSWER✔✔ with anyone, except
through the sponsoring broker
If a broker has more than one place of business, a branch - ANSWER✔✔ office
license is required for each location. It is not necessary to have a licensed broker at
each location.
,How can a broker terminate a sales agent? - ANSWER✔✔ it must be done in
writing, and the license must be returned to the Texas Real Estate Commission
immediately
How can a sales agent terminate with a broker? - ANSWER✔✔ it must be done in
writing
The Texas Real Estate Commissions main focus is to... - ANSWER✔✔ protect the
public
Is price fixing and/or standardize commission a violation of federal anti trust laws?
- ANSWER✔✔ Yes, can not be done.
How are disputes between brokers and sales agents solved? - ANSWER✔✔
Through mediation, arbitration or the courts.
The individual remains a customer until he or she enters into an - ANSWER✔✔
agency agreement.
A seller becomes a client by entering into a listing agreement with the __________
- ANSWER✔✔ broker.
A buyer becomes a client by entering into a ___________________________ with
the broker. - ANSWER✔✔ a buyer representation agreement
A person licensed by the Texas Real Estate Commission (TREC) to act as a broker
or sales agent in a real estate transaction. - ANSWER✔✔ License holder
, (1) A broker who represents a seller, landlord, buyer or tenant. (2) Sales agent or
broker license holders who represent the broker with whom they are associated. -
ANSWER✔✔ Agent
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. - ANSWER✔✔ Subagent
A broker selling the listing of another broker. - ANSWER✔✔ Cooperative Broker
An individual holding a broker's license issued by TREC - ANSWER✔✔ Broker
license holder
An individual holding a license issued by TREC - an agent of
the sponsoring broker. - ANSWER✔✔ Sales agent license holder
A broker associated with and conducting all of his or her business as an agent of
another broker. - ANSWER✔✔ Broker Associate
A sales agent or broker license holder associated with and conducting business as
an agent of his or her sponsoring broker. - ANSWER✔✔ Sales Associate
A broker representing the SELLER in a real estate transaction, also referred to as a
SELLER'S Broker, Listing Broker, or Listing Agent. - ANSWER✔✔ Seller's
Agent
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