ACEABLE LAW OF AGENCY REVIEW EXAM 2026 QUESTIONS WITH CORRECT ANSWERS

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ACEABLE LAW OF AGENCY REVIEW
EXAM 2026 QUESTIONS WITH
CORRECT ANSWERS

Here are the four major types of agency acts: - correct answer-Listing
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|| Buying
Leasing
Property Management ||




TREC's purpose is to - correct answer-regulate educational and licensing
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programs that maintain standards AND interpret legislation that affects the
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real estate profession — primarily the Texas Real Estate License Act
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(TRELA).
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Integrity - correct answer-Satisfy to the commission (TREC) that the
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candidate meets and exceeds their character standards (honesty,
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trustworthiness, and integrity).
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Competence - correct answer-Demonstrate competence by passing the
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licensing exam.
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Broker: - correct answer-An individual licensed by TREC to perform
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brokerage duties; sponsors sales agents to represent clients on their behalf
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Sales agent: - correct answer-An individual holding a sales agent license
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from TREC who is sponsored by a broker
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License holder - correct answer-A broker or a sales agent licensed by
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TREC
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REALTOR - correct answer-A licensed sales agent who is a member of the
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National Association of REALTORS®.
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Brokers are - correct answer-liable for all sponsored actions committed by
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their sales agents.
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Sales agents represent - correct answer-their broker in all transactions in
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real estate dealings and transactions.
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Listing Agent: - correct answer-A broker representing a seller in a real
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estate transaction, a.k.a. seller's agent, seller's broker, or listing broker
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Buyer's Agent: - correct answer-A broker representing a buyer in a real
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estate transaction, a.k.a. selling agent, buyer's broker, or selling broker
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Tenant's Agent - correct answer-A broker representing a tenant in a real
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estate transaction
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Landlord's Agent: - correct answer-A broker representing a landlord in a
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real estate transaction
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Principal - correct answer-The major parties of the transaction (the buyer
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and seller or landlord and tenant) or a party who has authorized an agent to
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represent them
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Client (principal) - correct answer-Anyone who has an agency relationship
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with you or your broker is your client
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Customer - correct answer-A party to the transaction who has an agency
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relationship with another license holder
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Third Party - correct answer-All non-client parties to a transaction, including
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real estate professionals
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