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Aceable Agent - Finance Exam (2024 / 2025) Actual Questions with Verified Answers, 100% Guarantee Pass $12.99   Add to cart

Exam (elaborations)

Aceable Agent - Finance Exam (2024 / 2025) Actual Questions with Verified Answers, 100% Guarantee Pass

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  • Course
  • Texas Real estate
  • Institution
  • Texas Real Estate

Aceable Agent - Finance Exam (2024 / 2025) Actual Questions with Verified Answers, 100% Guarantee Pass

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  • August 21, 2024
  • 20
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Texas Real estate
  • Texas Real estate
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Aceable Agent - Finance.pdf file:///C:/Users/HP/Desktop/NIW/Aceable%20Agent%20-%20Finance




Aceable Agent - Finance



1. Who was the first legislation created to govern the real estate profession in Texas?

ANS TEXAS REAL ESTATE LICENSE ACT (TRELA) 1939

2. Which commission was created to enforceTRELA (it's main purpose)? Also regulates

educational and licensing programs that maintain standards AND interprets legislation

that effects the real estate profession, but these are not it's main function.

ANS TEXAS REAL ESTATE COMMISSION (TREC) 1949

3. Who does TREC regulate?

ANS 1. INSPECTORS

2. EASEMENT/RIGHT OF WAY AGENTS

3. EDUCATION PROVIDERS FOR REAL ESTATE AND INSPECTION

4. DEVELOPERS OF TIMESHARES

5. RESIDENTIAL SERVICE COMPANIES

6. REAL ESTATE AGENTS AND SALES BROKERS

4. When a principal allows a license holder to act in such a way as to cause a third party to

believe the license holder is the principal's agent?
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ANS OSTENSIBLE AGENCY

5. Agency imposed by law when it is determined that ostensible agency exist- ed; used to

create legal accountability for the agent or the principal on whose behalf the agent acted?

ANS AGENCY BY ESTOPPEL

6. Created when a license holder acts on behalf of but without prior authoriza- tion of a

principal and that principal accepts the license holder's action after the fact?

ANS AGENCY BY RATIFICATION

7. When an agent is involved in a real estate transaction with a personal inter- est (either

for themselves, a family member, or a business interest)?

ANS AGENCY COUPLED WITH INTEREST

8. Actions taken by an agent for which they have permission whether given through

express or implied authority by a principal?

ANS AGENCY BY ACTUAL AUTHORITY

9. When a principal gives an agent authority to act on their behalf by mutual consent

either by written or oral agreement?

ANS EXPRESS AUTHORITY

10. When an agent takes action that are considered customary for the profes- sion in

order to represent their agents interests?
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ANS IMPLIED AUTHORITY

11. A form of agency relationship in which agents are limited in scope and are only

authorized to perform acts permitted by their principal (Broker/Client)

ANS - SPECIAL AGENCY

12. A form of agency relationship in which the principal is responsible for the acts of their

agent as long as the agent is acting within the scope of their duties (Broker/ Sales Agent)

ANS GENERAL AGENCY




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