Aceable Agent Questions and correct answers 2023/2024

Aceable Agent Questions and correct answers 2023/2024 TEXAS REAL ESTATE LICENSE ACT (TRELA) 1939 - correct answer Who was the first legislation created to govern the real estate profession in Texas? TEXAS REAL ESTATE COMMISSION (TREC) 1949 - correct answer Which commission was created to enforce TRELA (it's main purpose)? Also regulates educational and licensing programs that maintain standards AND interprets legislation that effects the real estate profession, but these are not it's main function. 1. INSPECTORS 2. EASEMENT/RIGHT OF WAY AGENTS 3. EDUCATION PROVIDERS FOR REAL ESTATE AND INSPECTION 4. DEVELOPERS OF TIMESHARES 5. RESIDENTIAL SERVICE COMPANIES 6. REAL ESTATE AGENTS AND SALES BROKERS - correct answer Who does TREC regulate? OSTENSIBLE AGENCY - correct answer When a principal allows a license holder to act in such a way as to cause a third party to believe the license holder is the principal's agent? AGENCY BY ESTOPPEL - correct answer Agency imposed by law when it is determined that ostensible agency existed; used to create legal accountability for the agent or the principal on whose behalf the agent acted? AGENCY BY RATIFICATION - correct answer Created when a license holder acts on behalf of but without prior authorization of a principal and that principal accepts the license holder's action after the fact? AGENCY COUPLED WITH INTEREST - correct answer When an agent is involved in a real estate transaction with a personal interest (either for themselves, a family member, or a business interest)? AGENCY BY ACTUAL AUTHORITY - correct answer Actions taken by an agent for which they have permission whether given through express or implied authority by a principal? EXPRESS AUTHORITY - correct answer When a principal gives an agent authority to act on their behalf by mutual consent either by written or oral agreement? IMPLIED AUTHORITY - correct answer When an agent takes action that are considered customary for the profession in order to represent their agents interests? SPECIAL AGENCY - correct answer A form of agency relationship in which agents are limited in scope and are only authorized to perform acts permitted by their principal (Broker/Client) GENERAL AGENCY - correct answer A form of agency relationship in which the principal is responsible for the acts of their agent as long as the agent is acting within the scope of their duties (Broker/ Sales Agent) UNIVERSAL AGENCY - correct answer A form of agency relationship in which agents have a very broad scope of power to act on behalf of the principal. Agents have the general power of attorney (Child/ Parent