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Texas Real Estate Principles 1 Chapter 3 questions & answers.
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Texas Real Estate Principles 1 Chapter 3 questions & answers.
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Texas Real Estate Principles 1 Chapter 3questions & answers.
Agent must show ANS -Honesty, trustworthiness, and integrity
Agency ANS -Legal relationship in which a person (agent) is authorized to conduct business, sign papers,
or otherwise act on behalf of another person (principal)
Fiduciary relationship ANS -Implies a position of trust or confidence
Law of agency ANS -"He who acts through another is deemed in law to do it himself"
Statutory law agency ANS -Drawn from the statutes and rules created by various legislative and
governing bodies
Agent ANS -A person who has the authority to act on the behalf of another, representing the business
interests of that person
Principal ANS -A person who gives authority to an agent to represent his/her interests in dealing with
third parties.
Third party ANS -A person who may be affected by the terms of an agreement but who is not a part of
the agreement
Special agency ANS -A relationship in which a principal delegates limited tasks or specific duties to an
agent under his/her employ
Limited agent ANS -Most restricted agency relationship
Special agent ANS -A person employed to perform a particular task or transaction for a specified amount
of time
, Broker ANS -Person or business entity that holds a broker license issued by TREC
General Agency ANS -A relationship in which a principal delegates ongoing tasks or duties to an agent
under his or her employ
General agent ANS -Is authorized by a principal to perform all tasks associated with the continued
operation of a particular project
Client ANS -(Also known as principal) can be a seller, buyer, tenant, or landlord
Realestate broker is also known as ANS -The agent
The third party is also known as ANS -The customer
Associate licensee ANS -Is a licensed real estate sales agent or broker whose license is held by an
employing licensed broker
Sellers agent ANS -A broker who obtains a listing from a seller to act as an agent for compensation
Listing agreement ANS -Is an employment contract between an owner of real property and broker for
the sale of real estate
Subagent ANS -A broker who accepts an offer of sub agency by the listing agent
Buyers agent ANS -A broker hired by the buyer to represent his/her interests in locations a certain kind
of real property
Intermediaries ANS -Representing both buyer and seller
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