Law of Agency-Final Exam Review Questions And Answers
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Course
AYPO Real Estate Law Of Agency
Institution
AYPO Real Estate Law Of Agency
Law of Agency-Final Exam Review Questions And Answers
What are the minimum services an agent
must offer; - ANS According TRELA subchapter 1101.557b states a broker representing a party or listing real estate for sale is the party's agent and
1. May not instruct another broker to directly or...
Law
of
Agency-Final
Exam
Review
What
are
the
minimum
services
an
agent
must
offer;
-
ANS
According
TRELA
subchapter
1101.557b
states
a
broker
representing
a
party
or
listing
real
estate
for
sale
is
the
party's
agent
and
1.
May
not
instruct
another
broker
to
directly
or
indirectly
violate
the
sub
chpt-1101.65b22,
2.Must
inform
the
party
if
the
broker
Receives
material
information
related
to
the
transaction
to
list,
buy,
sell,
or
lease
the
parties
real
estate,
including
the
receipt
of
an
offer
by
the
broker;
and
3.
Shall,
at
a
minimum,
answer
the
parties
questions
and
present
Any
offered
to
or
from
the
party.
What
is
TRELA?
-
ANS
It
is
the
law
that
establishes
the
duties
of
a
real
estate
licensee.
>
TRAC
is
responsible
for
the
administration
of
TRELA.
TREC
consists
of
nine
members
-
six
brokers
and
three
public
members
-
who
serve
staggered
terms
of
six
years.
The
governor,
with
the
approval
of
the
senate,
appoints
three
replacement
members
every
two
years.
Advice
and
opinions
are
given
to
whom:
-
ANS
Clients.
Who
are
the
parties
to
agency
agreement?
-
ANS
The
seller,
buyer,
broker
or
sales
associate,
tenant
What
is
a
subagent;
-
ANS
A
Licensee
holder
not
sponsored
by
or
associated
with
the
clients
broker
who
is
representing
the
client
through
a
cooperative
agreement
with
the
client
broker.
Also
called
the
other
broker.
If
a
principal
instructs
His
agent
to
violate
the
law,
what
should
an
agent
do?
-
ANS
The
agent
should
remove
himself
from
dealing
with
the
principal
and
not
violate
the
law.
What
is
an
attorney
-
in
-
fact;
-
ANS
a
person
authorized
to
act
for
another
under
a
power
of
attorney.
This
person
is
not
necessarily
a
licensed
attorney.
Under
what
conditions
may
a
broker
buy
property
listed
with
the
broker;
-
ANS
Only
with
full
disclosure
to
all
parties
in
the
transaction.
What
is
agency
by
ramification:
-
ANS
Occurs
when
a
principal
gain
some
benefit
from
a
previously
unauthorized
act
of
an
agent,
and
the
principals,
on
learning
of
the
act,
do
not
deny
that
the
agent
has
authority
to
perform
such
an
act
on
their
behalf. A
seller's
sub
agent
is
working
with
a
buyer
-
who
does
the
sub
agent
have
a
fiduciary
relationship
with,
the
buyer
or
the
seller?
-
ANS
The
seller.
The
person
receiving
services,
but
who
is
not
represented
is
called?
-
ANS
The
customer.
May
the
listing
agent
disclose
the
selling
motivation
to
a
buyer;
-
ANS
No,
that
is
a
breach
of
fiduciary
responsibility.
In
a
real
estate
transaction,
who
do
the
buyer
and/or
seller
inter
into
a
contract
with
to
create
the
agency
relationship
-
the
broker
or
salesperson:
-
ANS
The
broker.
What
is
the
agency
's
educational
requirement?
-
ANS
Licensee
must
show
evidence
of
a
minimum
of
30
clock
hours
-
2
semester
hours
-
in
the
law
of
agency.
What
happens
to
the
fiduciary
duties
when
the
agency
relationship
terminates:
-
ANS
The
duty
of
confidentiality
continues
after
the
termination
of
an
agency.
What
does
TRELA
require
in
regard
to
the
duration
of
a
listing
or
buyer
representation
agreement:
-
ANS
It
requires
a
expiration
or
termination
date.
Must
a
buyer
believe
that
he
is
represented
in
order
for
agency
to
exist:
-
ANS
YES,
expressed
agency
What
is
the
difference
between
implied
and
express
authority:
-
ANS
Implied
Authority
not
specifically
granted
to
the
agent
but
necessary
or
customary
if
the
agent
is
to
perform
the
agency
duties,
and
it
is
implied
by
the
principal's
action.
>
Express
authority
is
legal
term
means
clear,
definite,
explicit,
unmistakable,
and
unambiguous.
Is
a
payment
required
to
create
agency;
Is
a
written
agreement
require;
-
ANS
No
a
payment
is
not
required
to
create
agency.
a
written
agreement
is
not
required.
But
if
you
want
to
collect
your
commission
it
must
be
in
writing.
What
does
TRELA
required
in
order
for
a
broker
to
sue
for
a
commission;
-
ANS
Must
be
in
writing.
What
is
a
net
listing?
If
an
agent
takes
a
net
listing,
what
advice
should
the
agent
give
the
seller:
-
ANS
Net
listing
is
a
listing
agreement
in
which
the
broker's
commission
is
the
difference
-
net-
between
the
sales
proceeds
and
the
amount
desired
by
the
owner
of
the
real
estate.
Advice
to
the
seller
is
informed
of
the
current
market
conditions
the
value
of
the
property
to
be
sold
and
that
the
broker
should
inform
the
seller
of
market
conditions
And
What
the
maximum
broker
commission
will
be.
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