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