Law of Agency - Champions School of Real Estate Exam 2024 Questions and Answers

The principal is also known as - answer-client fiduciary relationship - answer-a relationship founded on trust and confidence Agency Relationship - answer-Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - answer-is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA - answer-Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents. Texas Real Estate Commission TREC - answer-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... - answer-a license holder or a real estate broker licensed in another state