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Law Of Agency Review Quiz 2 Questions And Answers With Verified Solutions Already Passed!!!
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Law Of Agency Review Quiz 2 Questions And Answers With Verified Solutions Already Passed!!!
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Law Of Agency Review Quiz 2 QuestionsAnd Answers With Verified Solutions
Already Passed!!!
What source is the Intermediary relationship law? - ANSWER✔✔ The concept of
common-law dual agency. Also the legislator in 1993 in order to assist revise the
statutory dual agency.
What is the danger in the "in house" transaction? - ANSWER✔✔ A lawsuit, Loss
of a broker or licensee license and punitive damages.
What law has been passed to deal with the problems raised by the "in house"
transaction? - ANSWER✔✔ Recognizing her shortcomings and limitations created
by the statutory dual agency the Texas legislator passed Senate Bill 489 which
among all things eliminated statutory dual agency and amended TRELA to
substitute statutory intermediary brokerage. Effective January 1 1996
Who is the "intermediary" the broker, the salesperson, or both? - ANSWER✔✔
The intermediary are the broker who appoints two salespersons to handle both
sides of the transaction the buyer and the seller.
Must the buyer be represented in order to buy the house? - ANSWER✔✔ No
What is the danger if the buyer is not represented? - ANSWER✔✔
Misrepresentation or possible lawsuit may occur.
Is there any way that broker can represent both the buyer and seller in and "in-
house" transaction? - ANSWER✔✔ Yes, as an -intermediary- provided that both
, the seller and buyer have been advised in writing and they mutually agree to the
representation.
What is an in-house transaction? - ANSWER✔✔ One in which - a broker has
appointed a sales associate two different sales associates to handle the in-house
transaction.
Discuss single agency and the duties for seller's agent, seller's sub-agent, and
buyer's agent? - ANSWER✔✔ 1.a single agency - is a representation of an agent
and his client in a fiduciary responsibility.
2. a single agency's duties to the sellers agent is one in which he represents the
seller and the seller only in a fiduciary responsibility.
3. a single agency duties to the sellers sub-agent - is one in which they cooperate in
facilitating the closing for the seller's transaction.
4. a single agency duties to the buyers agent is one of providing pertinent material
information to the buyers agent ensuring and advising that they work For the seller.
If you were showing - selling property from another firm, what type of agency
could be practice?
What type of agency should be practice? - ANSWER✔✔ -The type of agency
agencies could be - single agency, or an Intermediary, and /or in-house transaction
-if you are part of the same company.- a single agency is preferred and should be
practiced.
When should. Common Law Dual agency be practiced? - ANSWER✔✔ Never in
Texas it is outlawed and has changed according to the law and is now called
intermediary agency.
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