Law of agency champions Study guides, Class notes & Summaries

Which of the following has the authority to suspend or revoke a Texas real estate license? - Correct Answer--TREC Which of the following is an element of a listing agreement? - Correct Answer--the agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the following a violation of independent contractor status? - Correct Answer--salesperson is told to work set hours, guaranteed a monthly minimum wage, has his licensing fees paid by the broke...

Duties of agent - Answer- OLDCAR Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Resasonable care Types of Agents Special vs General - Answer- = "limited agency", must follow the instruction of the principal, not allowed to sign or accept any term on behalf of the prinicipal (client) = can represent the principal, (client)common examples are a property manager and the broker agent relationship / a license holder will act for the broker or principal IRS Independent Contr...

Client Principal-agency relationship-in writting. Special agency Also known as Limited Agency General Agency The right to represent the principal in a particular type of transaction. Ostensible Agency Actions that lead another person to assume that one is an agent. Agency of Ratification An agent acts without proper auth. And when principal learns this they accept it. Agency of Estoppel When principal inadequately supervises an agent. Fiduciary Trust Uni...

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champions school of real estate law of agency chapter quiz and Answers An agency relationship exists when one person, the ______________ acts for, or on the behalf of another person, the _____________________. Agent, principal Which of the following is ground for suspension or revocation of license by TREC? Splitting commission with a person other than a license holder The commission can deny licensure to an applicant based on the applicants? Moral character What form must an agent pr...