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Aceable Law of Agency Review Questions and Answers
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Aceable Law of Agency Review Questions and Answers Here are the four major types of agency acts: - Listing Buying Leasing Property Management TREC's purpose is to - regulate educational and licensing programs that maintain standards AND interpret legislation that affects the real estate prof...

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  • December 27, 2024
  • 19
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • aceable law of agency review questions and answers

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  • Aceable agent real estate
  • Aceable agent real estate

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KatelynWhitman

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Aceable Law of Agency Review
Questions and Answers

Here are the four major types of agency acts: - ✔✔Listing


Buying


Leasing


Property Management


TREC's purpose is to - ✔✔regulate educational and licensing programs that maintain

standards AND interpret legislation that affects the real estate profession — primarily

the Texas Real Estate License Act (TRELA).


Integrity - ✔✔Satisfy to the commission (TREC) that the candidate meets and exceeds

their character standards (honesty, trustworthiness, and integrity).


Competence - ✔✔Demonstrate competence by passing the licensing exam.


Broker: - ✔✔An individual licensed by TREC to perform brokerage duties; sponsors

sales agents to represent clients on their behalf


Sales agent: - ✔✔An individual holding a sales agent license from TREC who is

sponsored by a broker



Katelyn Whitman© 2025, All Rights Reserved.

,2|Page


License holder - ✔✔A broker or a sales agent licensed by TREC


REALTOR - ✔✔A licensed sales agent who is a member of the National Association of

REALTORS®.


Brokers are - ✔✔liable for all sponsored actions committed by their sales agents.


Sales agents represent - ✔✔their broker in all transactions in real estate dealings and

transactions.


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.

selling agent, buyer's broker, or selling broker


Tenant's Agent - ✔✔A broker representing a tenant in a real estate transaction


Landlord's Agent: - ✔✔A broker representing a landlord in a real estate transaction


Principal - ✔✔The major parties of the transaction (the buyer and seller or landlord and

tenant) or a party who has authorized an agent to represent them


Client (principal) - ✔✔Anyone who has an agency relationship with you or your broker

is your client


Customer - ✔✔A party to the transaction who has an agency relationship with another

license holder



Katelyn Whitman© 2025, All Rights Reserved.

, 3|Page


Third Party - ✔✔All non-client parties to a transaction, including real estate

professionals


Types of Principles: - ✔✔Seller: Party seeking to sell their property in a real estate

transaction




Buyer: Party seeking to buy property in a real estate transaction




Tenant: Party who occupies land or property rented from a landlord




Landlord: Party who rents land or property to a tenant


Client Vs Customer: - ✔✔A broker/agent works for a client.


A broker/agent works with a customer.


Agency relationships require the consent of both parties (client and agent), which can

be demonstrated by one of three methods: - ✔✔Written agreement


Oral agreement


Action


Agency relationships are - ✔✔fiduciary relationships; The client's interest must always

come first.


Katelyn Whitman© 2025, All Rights Reserved.

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