A real estate agent works - Study guides, Class notes & Summaries

Champions Real Estate Exam: Law of Agency Latest Update 100% Pass This person hires an agent The Principal The agent works on behalf of this person the client (principal) This type of agency allows for the greatest range of authority Universal This is provided to the agent when there is written documentation that the agency relationship exists. Express authority This is the most limited of all the agency relationships Special agency This type of agency is created when a 3rd p...

COLORADO REAL ESTATE EXAM REVIEW QUESTIONS AND ANSWERS, RATED A+. Duties of the Colorado Real Estate Commission include all of the following EXCEPT A) Investigation of verified written complaints. B) Approving errors and omissions carriers. C) Creating the Annual Commission Update course each year. D) Hearing disputes between brokers. - -D) Hearing disputed between brokers. A buyer in a closed transaction has filed a complaint with the Colorado Real Estate Commission, claiming the buye...

1. 1. The insured carries a BOP policy with protective systems such as a sprinkler system. If the system becomes inoperative, the insured must advise the insurance company of the problem within if the system cannot be restored to working order: 48 hours Your Answer 2. 2. Tina has two policies (Policy X and Policy Y) that cover the same risk on a pro rata basis. Policy X has a limit of $100,000 and Policy Y has a limit of $25,000. When Tina suffers a loss totaling $75,000, how will the two pol...

Cooperating Firm correct answers A firm that works in conjunction with another firm in procuring a buyer for the seller's property. Fiduciary correct answers One who is placed in a position of trust and confidence, normally responsible for the money or property of another. Agency correct answers A relationship in which one person acts for or represents another. Salesperson correct answers Any individual who is associated with a firm, other than a broker or a person who is not required ...

NYREI Exam With 100% Correct Answers 2023 employee - Correct Answer-someone who works under the direction and control of another independent contractor - Correct Answer-individual who is self employed statutory employee - Correct Answer-independent contractors specifically classified as employees by statute for social security and medicare taxes statutory non-employees - Correct Answer-direct sellers and licenses real estate agents; treated as independent contracts for all tax purposes...

Principles of Real Estate Questions With Correct Answers. Texas Real Estate Agent A person who is licensed through TREC. Texas Real Estate Commission Does a person who manages, buys, sells, leases, or rents their own property have to be licensed through TREC? No. There are two types of licenses: broker's and salesperson's license What is the most popular division of the real estate market? Residential real estate because there are more transactions in residential in other...

Florida Real Estate Final Exam (Latest 2023/ 2024 Update) Questions and Verified Answers| 100% Correct| Already Graded A Q: For all intents and purposes, subagents are agents of the _______. Answer: a. Buyer b. Seller c. The buyer's broker d. The listing broker b. Although a subagent may bring an unrepresented buyer to the transaction, the subagent is an agent of the seller. Q: Can a new licensee specialize in the sale of farm and ranch property? Answer: a. Not until...

Law of Agency - Champions School of Real Estate Exam Questions And Answers The principal is also known as - ANS client fiduciary relationship - ANS a relationship founded on trust and confidence Agency Relationship - ANS Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - ANS is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA - ANS Was passed 1939. The purpose is to protect th...

Texas Law of Agency- CE Source Questions and Answers Graded A Which entity may act independently in conducting a real estate transaction? Broker Which of the following is NOT a growing trend in real estate transactions? 1. Lower consumer expectations. 2. Use of buyer brokerage. 3. Legal protections for consumers. 4. Greater licensee professionalism. 1. Lower consumer expectations A licensee is prohibited from performing which of the following for a customer? 1. Discuss different types of m...

cram for the exam version 6.1 march 21,2020 questions & answers the licensure term for real estate salespersons and brokers is - ANSWER-two years a salesperson may receive compensation from - ANSWER-his sponsoring broker a salesperson may draw legal documents - ANSWER-under no circumstances if the parties to a residential real estate transaction agree to dual agency representation - ANSWER-both seller and purchaser forfeit the right to undivided loyalty by the agent an illegal t...