Ostensible agency - Study guides, Class notes & Summaries

(TRELA) The Real Estate License Act - provides the statutory guidelines stipulating the duties of disclosure of license holder agency relationships. A breach of duty - includes acts of commission or omission on the part of the license holder which constitute a violation of the agency agreement A buyer/tenant representation agreement is the best way to create a written agency agreement with - a buyer A defect - item that was installed or is attached to the home and has an imperfection. A f...

Champions School of Real Estate - Exam Prep With Correct Solutions Graded A+ Buyer Representation Agreement An employment contract obligating a broker to act as a fiduciary to a buyer Implied Agency Agency as a result of customary, usual or typical conditions Broker A properly licensed party who serves a principal in an agency relationship- also called an agent Client A party represented by a broker in an agency relationship - also called a principal Duties of an Agent ...

Champions School of Real Estate - Exam Prep Buyer Representation Agreement An employment contract obligating a broker to act as a fiduciary to a buyer Implied Agency Agency as a result of customary, usual or typical conditions Broker A properly licensed party who serves a principal in an agency relationship- also called an agent Client A party represented by a broker in an agency relationship - also called a principal Duties of an Agent An agent owes his client obedienc...

Quiz :A licensee is required to disclose any personal interest he or she has in a property when dealing with a client because of which fiduciary duty? A. Loyalty B. Confidentiality C. Accountability D. Care - Answer :A. Loyalty Quiz :If an agent fails to verify a fact before passing it to the buyer, the agent has committed A. Intentional misrepresentation. B. Negligent misrepresentation. C. Passive fraud. D. Active fraud. - Answer :B. Negligent misrepresentation. Quiz :In some transa...

Which of the following has the authority to suspend or revoke a Texas real estate license? - Answer- TREC Which of the following is an element of a listing agreement? - Answer- the agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the following a violation of independent contractor status? - Answer- salesperson is told to work set hours, guaranteed a monthly minimum wage, has his licensing fees paid by the broker the TAR buyer repre...

The type of contract where a seller employs one real estate firm to find a buyer for the seller's property; yet the seller retains the right to find a buyer himself/herself and not pay a commission to the listing firm is a(an)? A. Exclusive right to sell agreement B. Exclusive agency agreement C. Opportunity listing agreement D. Opening listing agreement B. Exclusive agency agreement A listing broker is hired to perform a specific purpose. What is the correct term to describe thus t...

Principal - ANSWERSA principal has two meanings: A major party who is a part of a real estate transaction (buyer, seller, landlord, tenant). An individual who authorizes an agent to represent their interests as a client in a real estate transaction. Client - ANSWERSA client is an individual who has signed an agency agreement with you or your broker to represent them in a real estate transaction. Explanation: Clients are the people you will work for as a sales agent — they're the peopl...

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 authority to the agent Texas Real Estate License Act TRELA - Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents. Texas Real Estate Commission TREC - Was created ...

Buyer Representation Agreement - Answer An employment contract obligating a broker to act as a fiduciary to a buyer Implied Agency - Answer Agency as a result of customary, usual or typical conditions Broker - Answer A properly licensed party who serves a principal in an agency relationship- also called an agent Client - Answer A party represented by a broker in an agency relationship - also called a principal Duties of an Agent - Answer An agent owes his client obedience, ...

Champions Real Estate Exam: Law of Agency Latest Version Graded A+ This person hires an agent The Principal The agent works on behalf of this person the client (principal) This type of agency allows for the greatest range of authority Universal This is provided to the agent when there is written documentation that the agency relationship exists. Express authority This is the most limited of all the agency relationships Special agency This type of agency is created when a 3rd party believes ...