Texas law of agency - Study guides, Class notes & Summaries

Agency - ACCURATE ANSWERA relationship established between a principal and a real estate agent Agent - ACCURATE ANSWERThe person who is authorized to represent and act on the behalf of another person Brokerage Agreement - ACCURATE ANSWERA written or oral agreement for brokerage services in exchange for compensation Client - ACCURATE ANSWERA person who is being represented by an agent Consumer - AC

The ________ of statutory law agency directly affect and regulate agency relationships. - Answer- Statues and rules What is the term for a legal relationship in which a person is authorized to conduct business, sign papers, or otherwise act on behalf of another person? - Answer- Agency Common law agency: - Answer- obtains its authority from customs originating from pre-colonial England. The principal is: - Answer- an individual or entity that has the ultimate authority to make decisions...

In an intermediary transaction, the consequences to the seller and buyer are all of the following EXCEPT: A) They will not have full disclosure from the broker about anything confidential about the other party. B) They will receive limited fiduciary duties from the broker. C) They will have to take the transaction out of house. D) They will not have complete loyalty from the broker. - ANSWERSC) They will have to take the transaction out of house. Sarah is a listing agent. When talking t...

Price fixing, boycotting and redlining are violations of - ACCURATE ANSWERFederal Antitrust Laws Errors and omission insurance covers brokers and agents for - ACCURATE ANSWERmistakes made in in listing and sales activites When presenting an offer to listing agent, the buyers agent should NOT - ACCURATE ANSWERDisclose that the buyer is willing to pay more The listing broker should NOT disclose - ACCURATE ANSWERA registered sex offender lives next door One time showing agreements apply...

Real Estate: Texas Law of Agency questions and answers

Aceable Law of Agency Review Exam Questions with 100% Correct Answers Here are the four major types of agency acts: - answerListing Buying Leasing Property Management TREC's purpose is to - answerregulate educational and licensing programs that maintain standards AND interpret legislation that affects the real estate profession — primarily the Texas Real Estate License Act (TRELA). Integrity - answerSatisfy to the commission (TREC) that the candidate meets and exceeds their characte...

Real Estate. Texas Law of Agency

Real Estate. Texas Law of Agency