Express implied customary - Study guides, Class notes & Summaries

RECA fundamentals study guide exam questions with complete solutions Transaction brokerage - Answer-A means to resolve a conflict of interest that occurs when a brokerage practices agency under common law or a real estate professional in designated agency, represents clients with opposing interests in the same transaction Express Authority Implied Authority Customary Authority - Answer-Types of authority agent may hold in a representation relationship Trust and confidence Best intere...

Express Actual Authority: - Authority explicitly given to the agent through the principal's written or oral instructions Implied Actual Authority: - authority to do what is usual, customary and necessary to accomplish the action. No express agreement Apparent Authority: - someone reasonably believes an individual has the authority to act on the behalf of the government Delegation of authority: - he FAR and states that each authority is delegable unless specifically stated otherwise (FA...

What is the Micro-purchase threshold for supplies? - $10k All incentive contracts (schedule or performance) must also include what? - Cost incentive or constraint What requires funds to be used only for needs or services in the year of the appropriations obligation period? - Bona Fide Needs Rule What contract types can be used for commercial item purchases? - FFP or FPEPA What is the Simplified Acquisition Threshold for commercial products and services? What is it for non-commercial?...

Law of Agency - Champions School of Real Estate test with Verified Solutions 2024 The principal is also known as - Answer -client fiduciary relationship - Answer -a relationship founded on trust and confidence Agency Relationship - Answer -Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - Answer -is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA - Answer -Was passed 1939. The purpose is to p...

ACEABLE AGENT – FINANCE EXAM REVIEW QUESTIONS AND ANSWERS, GRADED A+/ TEXAS REAL ESTATE LICENSE ACT (TRELA) 1939 - -Who was the first legislation created to govern the real estate profession in Texas? TEXAS REAL ESTATE COMMISSION (TREC) 1949 - -Which commission was created to enforce TRELA (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 func...

RECA Quiz Review Questions WITH VERIFIED ANSWERS Which of the following describes a competent real estate professional? A) A real estate professional who agrees to provide services that they are incapable of performing B) A real estate professional who possesses the necessary ability and knowledge to perform an action proficiently C) A real estate professional who represents a client in matters that are beyond their expertise D) A real estate professional who holds a valid author...

Which of the following is NOT a RECA educational resource for industry professionals? - Answer- Spatial Information System (Spin 2) Which entity has the authority to amend the Real Estate Act - Answer- Provincial Legislature Which of the following measures the change in a cost of a fixed basket of goods and services purchased by families over a period of time - Answer- Consumer Price Index (CPI) Which of the following will occur to the supply of a good when there is a change in quantity...

Aceable Agent - Finance Questions And Answers TEXAS REAL ESTATE LICENSE ACT (TRELA) 1939 - ANS Who was the first legislation created to govern the real estate profession in Texas? TEXAS REAL ESTATE COMMISSION (TREC) 1949 - ANS Which commission was created to enforce TRELA (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. 1. INSPECT...

CON 3900 Exam Questions and Answers 100% Verified Express Actual Authority: - answerAuthority explicitly given to the agent through the principal's written or oral instructions Implied Actual Authority: - answerauthority to do what is usual, customary and necessary to accomplish the action. No express agreement Apparent Authority: - answersomeone reasonably believes an individual has the authority to act on the behalf of the government Delegation of authority: - answerhe FAR and states ...

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 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, includ...