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Law Of Agency - Champions Test Questions And Answers With Verified Solutions Already Passed!!!
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Law Of Agency - Champions Test Questions And Answers With Verified Solutions Already Passed!!!
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Law Of Agency - Champions TestQuestions And Answers With Verified
Solutions Already Passed!!!
A FIDUCIARY RELATIONSHIP - ANSWER✔✔ A RELATIONSHIP
WHERE THE AGENT ACTS ON BEHALF OF THE CLIENT
A COOPERATIVE BROKER - ANSWER✔✔ SELLS THE LISTING OF
ANOTHER BROKER
UNSCRUPULOUS LICENSE HOLDERS - ANSWER✔✔ THE TEXAS REAL
ESTATE COMMISSION'S MAIN PURPOSE IS TO PROTECT THE PUBLIC
FROM
AGENCY - ANSWER✔✔ AN AGENCY RELATIONSHIP EXISTS WHEN
ONE PERSON ACTS FOR OR ON BEHALF OF ANOTHER PERSON.
The licensee did not know of the falsity of the misrepresentation - ANSWER✔✔
The amendments in 1996 to the License Act state that an agent is not liable for a
misrepresentation or concealment of material fact by a party if:
PRINCIPALS HAVE DUTIES TO THEIR AGENTS - ANSWER✔✔
COMPENSATION
REIMBURSEMENT
INDEMNIFICATION
PERFORMANCE
, THE COMMISSION MAY SUSPEND OR REVOKE A LICENSE -
ANSWER✔✔ ACTS NEGLIGENTLY OR INCOMPETENTLY AND FAILS
WITHIN A REASONABLE TIME TO PROPERLY ACCOUNT FOR OR REMIT
OF MONEY THAT IS RECEIVED BY THE LICENSE HOLDER.
Public Responsibility - ANSWER✔✔ Honesty
Integrity
Fairness
Disclosure of material facts
Accounting of funds held
Fiduciary Responsibility - ANSWER✔✔ Put the interest of the of the client first
Give full disclosure
Exhibit trust and honesty
Exercise good business judgement
Be loyal
Be competent
Indemnification - ANSWER✔✔ MEANS THAT THE PRINCIPAL WILL
PROTECT THE AGENT FROM SUFFERING A MONETARY LOSS DUE TO
THE AGENT'S RELIANCE ON INFORMATION RECEIVED FROM THE
PRINCIPAL.
WRITING - ANSWER✔✔ THE MOST DESIRABLE METHOD OF CREATING
AN AGENCY RELATIONSHIP WITH A BUYER, SELLER, LANDLORD, OR
TENANT.
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