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Law of Agency - Champions School of Real Estate Exam 2023 Questions and Answers
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Law of Agency - Champions School ofReal Estate Exam 2023 Questions and
Answers
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 to enforce and
administer TRELA in 1949. The purpose of this act is to protect the public
against unscrupulous brokers and sales agents.
-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
, -which of the following is grounds for suspension or revocation of license by
TREC? - -splitting commission with a person other than a license holder
-The commission can deny licensure to an applicant based on the
applicant's _______________________ - -moral character
-Ostensible Agency - -exists when actions lead another person to assume
that one is an agent.
-Agency by Ratification - -Occurs when an agent acts without prior
authorization, and the principal, upon learning of this action, accepts it.
-agency coupled with an interest - -When a broker is the owner of a
property that is being sold, or when a broker is interested in buying a
property, we have agency coupled with an interest
-Agency Authority - -or rights, may also be a result of "the norm", or what is
considered customary in the business
-Implied Authority - -an agent's authority to do things not specifically
authorized in order to carry out express authority
-Fiduciaries - -are held to the highest amount of good faith, are required to
exclude all selfish interest, are prohibited from putting themselves in
positions where personal interest and representative interest will conflict and
must, in any direct dealing with the principal, make full disclosure of all
relevant facts and give the latter an opportunity to obtain independent
advice
-General Agent - -has less authority than the universal agent. Has the right
to represent his or her principal in a particular type of transaction or
business. One common example of a general agent in real estate is the
property manager.
-As agents, our fiduciary duties and responsibilities include - -OLD CAR
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable care
-Obedience - -an agent is obligated to follow all o the lawful instructions of a
client
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