Champions School of Real Estate Law of Agency – Questions and Answers Already Passed
37 views 1 purchase
Module
Champions School of Real Estate Law of Agency –
Institution
Champions School Of Real Estate Law Of Agency –
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...
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
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 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 StellarScores. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.19. You're not tied to anything after your purchase.
