Aceable Law of Agency Review Exam Questions and Answers 100% Solved!!
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Course
Aceable Law of Agency
Institution
Aceable Law Of Agency
TREC's purpose is to -ANSWER- 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 -ANSWER- Satisfy to the commission (TREC) that the candidate meet...
Aceable Law of Agency Review Exam Questions and Answers 100% Solved!!
Here are the four major types of agency acts: -ANSWER- Listing
Buying
Leasing
Property Management
TREC's purpose is to -ANSWER- 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 -ANSWER- Satisfy to the commission (TREC) that the candidate meets and exceeds their character standards (honesty, trustworthiness, and integrity).
Competence -ANSWER- Demonstrate competence by passing the licensing exam.
Broker: -ANSWER- An individual licensed by TREC to perform brokerage duties; sponsors sales agents to represent clients on their behalf
Sales agent: -ANSWER- An individual holding a sales agent license from TREC who is sponsored by a broker
License holder -ANSWER- A broker or a sales agent licensed by TREC
REALTOR -ANSWER- A licensed sales agent who is a member of the National Association of REALTORS®.
Brokers are -ANSWER- liable for all sponsored actions committed by their sales agents.
Sales agents represent -ANSWER- their broker in all transactions in real estate dealings
and transactions.
Listing Agent: -ANSWER- 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: -ANSWER- A broker representing a buyer in a real estate transaction, a.k.a. selling agent, buyer's broker, or selling broker
Tenant's Agent -ANSWER- A broker representing a tenant in a real estate transaction
Landlord's Agent: -ANSWER- A broker representing a landlord in a real estate transaction Principal -ANSWER- 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) -ANSWER- Anyone who has an agency relationship with you or your broker is your client
Customer -ANSWER- A party to the transaction who has an agency relationship with another license holder
Third Party -ANSWER- All non-client parties to a transaction, including real estate professionals
Types of Principles: -ANSWER- 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: -ANSWER- 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: -ANSWER- Written agreement Oral agreement Action
Agency relationships are -ANSWER- fiduciary relationships; The client's interest must always come first.
the principal authorizes: -ANSWER- the agent to represent their interests.
The fiduciary duties (OLD CAR) -ANSWER- obedience, loyalty, disclosure, confidentiality, accounting, and reasonable care
Real estate brokerage -ANSWER- is a type of agency
Express Authority -ANSWER- when a client has given an agent explicit permission for an action.
Express authority can be given -ANSWER- both verbally or through a written agreement.
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