Aceable Law of Agency Review Questions with Certified Solutions

Here are the four major types of agency acts: Listing Buying Leasing Property Management TREC's purpose is to regulate 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 Satisfy to the commission (TREC) that the candidate meets and exceeds their character standards (honesty, trustworthiness, and integrity). Competence Demonstrate competence by passing the licensing exam. Broker: An individual licensed by TREC to perform brokerage duties; sponsors sales agents to represent clients on their behalfSales agent: An individual holding a sales agent license from TREC who is sponsored by a broker License holder A broker or a sales agent licensed by TREC REALTOR A licensed sales agent who is a member of the National Association of REALTORS®. Brokers are liable for all sponsored actions committed by their sales agents. Sales agents represent their broker in all transactions in real estate dealings and transactions.