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AYPO Law of Agency questions with correct answers.
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AYPO Law of Agency questions with correct answers.
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AYPO Law of Agency questions with correct answersThe Original Legislation: Correct Answer-The Real Estate Dealers Act
of 1939
main piece of Texas law governing the licensing and behavior of real
estate professionals in the state. Correct Answer-The Real Estate
License Act (TRELA)
Licensing Duties were added in: Correct Answer-1955
Broker license was changed from 2 years in the 36 month before the
application to: Correct Answer-4 Years in the 60 months before
application
TREC is the agency in charge of overseeing the licensing and
professional activities of: Correct Answer--Real estate brokers
-Real estate sales agents
-Real estate inspectors
-Providers of real estate and inspection education courses
-Residential service companies
-Timeshare developers
-Easement or Right-of-Way (ERW) Agents
,TREC Membership Makeup Correct Answer-6 licensed real estate
brokers and 3 members of the public, who are appointed by the
Governor of Texas
Serving 6 year terms
Texas allows net listings with a limit on the percentage over the
principal's required minimum. Currently, the percentage is capped at:
Correct Answer-15%.
How agency is formed Correct Answer-An agency relationship is
formed when one person or group of people employ another person or
group to perform actions on behalf of the first person or group. If a
person moving into a new house hires a moving company to transport
his or her furniture, an agency relationship has been formed.
Property owners and real estate agents create what kind of relationship?
Correct Answer-Property owners and real estate agents create
The broker decides that this is too big a task to handle alone and decides
to assign different sales agents, who effectively work as agents for the
broker, to each half of the project. The sales agents are Correct Answer-
De Facto Agents
Customers or Clients? Correct Answer-What really defines whether
someone is a customer or a client is whether a contractual agreement
exists between a real estate professional and that person.
, Client Correct Answer-Someone who has formed a contractual
agreement- Fiduciary duties are owed
Broker Licensee Correct Answer-The broker licensee is the person who
possesses a real estate broker's license from the Texas Real Estate
Commission.
Unlicensed Broker Correct Answer-The term "unlicensed broker" refers
to anyone who acts as a broker and provides the services normally
provided by a broker without holding a valid broker's license issued by
TREC. Acting as an unlicensed broker is a violation of TRELA and a
Class A misdemeanor.
Sponsoring Broker Correct Answer-A sponsoring broker is the licensed
broker a licensed real estate sales agent works for. The sales agent's
license is issued through sponsoring broker, and the sponsoring broker is
responsible for the brokerage activities of the sales agent.
Other Broker Correct Answer-The term "other broker" refers to a real
estate broker involved in a real estate transaction who is not affiliated
with the listing broker. It is an agency-neutral term
REALTIST® Correct Answer-A realtist® is specifically a member of
the National Association of Real Estate Brokers (NAREB), which is
another national trade association for real estate professionals. Like
realtor®, realtist® is a trademarked term that is only usable by members
of NAREB.
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