Law of Agency - Champions School of Real Estate.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Law%20of%20A
Law of Agency - Champions School of Real
Estate Questions & Answers
1. The principal is also known as
Answer client
2. fiduciary relationship
Answer a relationship founded on trust and confidence
3. Agency Relationship
Answer Exists when one person (the agent) acts for, or onbehalf of another
person (the principal).
4. the principal
Answer is the one who hires and gives authority to the agent
5. Texas Real Estate License ActTRELA
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,Law of Agency - Champions School of Real Estate.pdf file:///C:/Users/HP/Desktop/New%20folder%20(2)/Law%20of%20A
Answer Was passed 1939. The purpose is toprotect the public against
unscrupulous brokers and sales agents.
6. Texas Real Estate Commission TREC
Answer Was created to enforce and administerTRELA in 1949.The purpose of this act
is to protect the public against unscrupulousbrokers and sales agents.
7. A licensed broker may not pay a commission to or otherwise compensatea
person directly or indirectly for performing an act of a broker unless the
person is...
Answer a license holder or a real estate broker licensed in another state
8. TRELA may suspend or revoke a license or take other disciplinary action ifthe
license holder, while engaged in real estate brokerage engages in...
Answer con-duct that is dishonest or in bad faith or that demonstrates
untrustworthiness
9. a broker works FOR
Answer a client
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10. a broker works WITH
Answer a customer
11. how does a buyer become a client
Answer by entering into a buyer representationagreement with the broker
12. Subagent
Answer A license holder not associated with the seller's broker, but who is
representing the seller through a cooperative agreement, often through membershipin
a Multiple Listing Service (MLS), with the seller's broker.
13. An agency relationship exists when one person, the acts for, or on
behalf of another person, the
Answer agent, principal
14. which of the following is grounds for suspension or revocation of licenseby
TREC?
Answer splitting commission with a person other than a license holder
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