Exam (elaborations)

Law of Agency Texas Real Estate License Exam Section 3 of 6: Law of Agency (elaborations) Questions and Correct Answers with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinction

2 views 0 purchase

Course
Law of Agency Texas Real Estate License

Institution
Law Of Agency Texas Real Estate License

Law of Agency Texas Real Estate License Exam Section 3 of 6: Law of Agency (elaborations) Questions and Correct Answers with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinctions Rationales

[Show more]

Preview 3 out of 16 pages

View example

Uploaded on August 3, 2024
Number of pages 16
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

law of agency texas real estate license exam secti
law of agency texas real estate license exam

Institution Law of Agency Texas Real Estate License
Course Law of Agency Texas Real Estate License

AnswersCOM

Member since 1 year 457 documents sold

CA$11.48

Added

Add to cart

Add to wishlist

100% satisfaction guarantee
Immediately available after payment
Both online and in PDF
No strings attached

Law of Agency
Texas Real Estate License Exam Section 3 of
6: Law of Agency
Question Answer

Fiduciary an individual upon whom is placed the highest levels of trust and
confidence when acting on behalf of another; specific fiduciary
duties include obedience, loyalty, disclosure, confidentiality,
accountability, and reasonable care

Principal a major party to a real estate transaction (buyer, seller, landlord,
tenant) or an individual who authorizes an agent to represent their
interests as a client in a real estate transaction

Client a person who has signed an agency agreement with you as their
agent a.k.a your principal

Customer a person on the other side of the transaction with whom the license
holder does not have an agency relationship

Third Party any person involved in a real estate transaction who is not your
client

,Broker an individual licensed by TREC to perform brokerage duties

Sales Agent an individual holding a sales agent license from TREC who is
sponsored by a broker

License Holder a broker or a sales agent licensed by TREC

Brokerage the joining of two people for the purpose of an exchange of
products or services

REALTOR® a licensed sales agent who is a member of the National Association
of REALTORS®

Listing Agent a broker representing a seller in a real estate transaction, a.k.a.
seller’s agent, seller’s broker, or listing broker

Buyer’s Agent a broker representing a buyer in a real estate transaction, a.k.a.
buyer’s broker

Tenant’s Agent a broker representing a tenant in a real estate transaction

Landlord’s a broker representing a landlord in a real estate transaction
Agent

, Fiduciary an individual whose principal has trusted to represent their interests
- it denotes a high level of trust

Ostensible when a principal allows a license holder to act in such a way as to
Agency cause a third party to believe that license holder is the principal’s
agent

Agency by legally binding agency created when an individual allows an agent
Estoppel act as though they were authorized to act on that person’s behalf
(ostensible agency) and a third party suffers some harm while
dealing with that agent in a transaction

Agency by created when a license holder acts on behalf of but without prior
Ratification authorization of a principal and that principal accepts the license
holder’s action after the fact

Agency Coupled when an agent is involved in a real estate transaction with a
with Interest personal interest (either for themselves, a family member, or a
business interest)

Agency by actions taken by an agent for which they have permission, whether
Actual Authority given through express or implied authority by a principal

Express when a principal gives an agent authority to act on their behalf by
Authority mutual consent, either by written or oral agreement

Implied when an agent takes actions that are considered customary for the
Authority profession in order to represent their agent’s interests

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller AnswersCOM. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for CA$11.48. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80364 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling

Exam (elaborations)

Law of Agency Texas Real Estate License Exam Section 3 of 6: Law of Agency (elaborations) Questions and Correct Answers with 100% Accurate , Verified , Latest fully Updated , 2024/2025 ,Already Passed , Graded A+, Complete solutions guarantee distinction

Document information

Subjects

Written for

Seller

Reviews received

Content preview