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Champions School of Real Estate Law of Agency – Questions and Answers Already Passed
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Champions School of Real Estate Law of Agency – Questions and Answers Already Passed The principal is also known as client fiduciary relationship a relationship founded on trust and confidence Agency Relationship Exists when one person (the agent) acts for, or on behalf of another p...

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  • May 20, 2024
  • 17
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

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  • champions school of real estate law of agency qu

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Champions School of Real Estate Law of Agency – Questions and Answers Already Passed The principal is also known as ✔✔client fiduciary relationship ✔✔a relationship founded on trust and confidence Agency Relationship ✔✔Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal ✔✔is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA ✔✔Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents. Texas Real Estate Commission TREC ✔✔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... ✔✔a license holder or a real estate broker licensed in another state TRELA may suspend or revok e a license or take other disciplinary action if the license holder, while engaged in real estate brokerage engages in... ✔✔conduct that is dishonest or in bad faith or that demonstrates untrustworthiness a broker works FOR ✔✔a client a broker works WITH ✔✔a customer how does a buyer become a client ✔✔by entering into a buyer representation agreement with the broker Subagent ✔✔A license holder not associated with the seller's broker, but who is representing the seller through a cooperative agreement, of ten through membership in a Multiple Listing Service (MLS), with the seller's broker. An agency relationship exists when one person, the _____ acts for, or on behalf of another person, the ______ ✔✔agent, principal which of the following is grounds for s uspension or revocation of license by TREC? ✔✔splitting commission with a person other than a license holder The commission can deny licensure to an applicant based on the applicant's _______________________ ✔✔moral character Ostensible Agency ✔✔exists w hen actions lead another person to assume that one is an agent. Agency by Ratification ✔✔Occurs when an agent acts without prior authorization, and the principal, upon learning of this action, accepts it. agency coupled with an interest ✔✔When a broker i s the owner of a property that is being sold, or when a broker is interested in buying a property, we have agency coupled with an interest

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