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Texas Real Estate Law of Agency - Champions School of Real Estate Questions with correct Answers 2024 $20.49
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Exam (elaborations)

Texas Real Estate Law of Agency - Champions School of Real Estate Questions with correct Answers 2024

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  • Course
  • Texas Re law SAE
  • Institution
  • Texas Re Law SAE

Texas Real Estate Law of Agency - Champions School of Real Estate

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  • May 9, 2024
  • 15
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers
  • Texas Re law SAE
  • Texas Re law SAE
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Texas Real Estate Law of Agency -
Champions School of Real Estate


Customer - answer A person who received limited brokerage services without
establishing an agency relationship

Agency - answer A relationship between two parties

Texas Real Estate License Act (TRELA) - answer Makes it illegal to practice any act
of real estate brokerage without a license. To protect the public from unscrupulous
brokers and sales agents.

Agent - answer Acts for and on behalf of another person (the principal)

The Principal - answer Who must the agent always remain loyal (beneficial) to?
The one who hires and gives authority to the agent.

National Association of Realtors (NAR) - answer Emerged in the 1880's from local
and state trade groups formed by real estate agents wanting to prevent the government
from controlling them through legislation.

Representation Disclosure (TRELA 1101.558) - answer Mandates the disclosure of
representation and that buyers and sellers be provided with an agency information form.

License Holder - answer A person licensed by TREC to act as a broker or sales
agent in a real estate transaction

Agent - answer A broker who represents a seller, landlord, buyer or tenant

Subagent - answer 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 MLS

Public & Fiduciary Responsibility - answer License holders have two levels of
responsibility

Compensated - answer The agent should be ________ on completion of the agency.

, Reimbursed - answer The agent should be ___________ by the principal for
expenses incurred on behalf of the principal, above and beyond the expenses related to
the sale itself.

Indemnification - answer The principal will protect the agent from suffering a loss due
to the agent's reliance on information received from the principal.

Information About Brokerage Services (IABS) - answer What form must an agent
provide to a potential client at the first substantive of a real estate transaction?

The Procuring Cause of Sale - answer The individual who, through a series of
uninterrupted activities or actions, brought about the completion of a contract, is known
as __________.

Perform - answer The principle is expected to ________ as promised in the agency
agreement.

Splitting a commission with a person other than a license holder. - answer Which of
the following is grounds for suspension or revocation of license by TREC?

Determination of Fitness - answer The commission can deny licensure to an
applicant based on the applicant's...

General Agency - answer ___________ is the right to represent the principal in a
particular type of transaction or business.

Express Authority - answer Authority that comes from specific instructions, either oral
or written

Agency by Ratification - answer __________ is established when an agent acts
without prior authorization and the principal accepts it.

Universal Authority - answer _________ is the power to act for the principal in all
transactions

Ostensible Agency - answer ___________ is when one's actions lead another
person to assume that one is an agent.

Agency by Actual Authority - answer ____________ is when an individual grants
express authority to the agent to perform some act.

Agency by Estoppel - answer __________ is created when a principal inadequately
supervises an agent.

Agency coupled with interest - answer ________ is when a broker is the owner of a
property that is being sold, or when a broker is interested in buying a property...

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