ACEABLE LAW OF AGENCY EXAM
2024/2025 |UPDATED WITH
GUARANTEED ACCURATE
ANSWERS
Here are the four major types of agency acts: - Accurate
Answers✔✔Listing
Buying
Leasing
Property Management
TREC's purpose is to - Accurate Answers✔✔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 - Accurate Answers✔✔Satisfy to the commission (TREC) that
the candidate meets and exceeds their character standards (honesty,
trustworthiness, and integrity).
Competence - Accurate Answers✔✔Demonstrate competence by
passing the licensing exam.
Broker: - Accurate Answers✔✔An individual licensed by TREC to
perform brokerage duties; sponsors sales agents to represent clients on
their behalf
,Sales agent: - Accurate Answers✔✔An individual holding a sales agent
license from TREC who is sponsored by a broker
License holder - Accurate Answers✔✔A broker or a sales agent licensed
by TREC
REALTOR - Accurate Answers✔✔A licensed sales agent who is a
member of the National Association of REALTORS®.
Brokers are - Accurate Answers✔✔liable for all sponsored actions
committed by their sales agents.
Sales agents represent - Accurate Answers✔✔their broker in all
transactions in real estate dealings and transactions.
Listing Agent: - Accurate Answers✔✔A broker representing a seller in a
real estate transaction, a.k.a. Seller's agent, seller's broker, or listing
broker
Buyer's Agent: - Accurate Answers✔✔A broker representing a buyer in
a real estate transaction, a.k.a. Selling agent, buyer's broker, or selling
broker
Tenant's Agent - Accurate Answers✔✔A broker representing a tenant in
a real estate transaction
, Landlord's Agent: - Accurate Answers✔✔A broker representing a
landlord in a real estate transaction
Principal - Accurate Answers✔✔The major parties of the transaction
(the buyer and seller or landlord and tenant) or a party who has
authorized an agent to represent them
Client (principal) - Accurate Answers✔✔Anyone who has an agency
relationship with you or your broker is your client
Customer - Accurate Answers✔✔A party to the transaction who has an
agency relationship with another license holder
Third Party - Accurate Answers✔✔All non-client parties to a
transaction, including real estate professionals
Types of Principles: - Accurate Answers✔✔Seller: Party seeking to sell
their property in a real estate transaction
Buyer: Party seeking to buy property in a real estate transaction
Tenant: Party who occupies land or property rented from a landlord
Landlord: Party who rents land or property to a tenant
2024/2025 |UPDATED WITH
GUARANTEED ACCURATE
ANSWERS
Here are the four major types of agency acts: - Accurate
Answers✔✔Listing
Buying
Leasing
Property Management
TREC's purpose is to - Accurate Answers✔✔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 - Accurate Answers✔✔Satisfy to the commission (TREC) that
the candidate meets and exceeds their character standards (honesty,
trustworthiness, and integrity).
Competence - Accurate Answers✔✔Demonstrate competence by
passing the licensing exam.
Broker: - Accurate Answers✔✔An individual licensed by TREC to
perform brokerage duties; sponsors sales agents to represent clients on
their behalf
,Sales agent: - Accurate Answers✔✔An individual holding a sales agent
license from TREC who is sponsored by a broker
License holder - Accurate Answers✔✔A broker or a sales agent licensed
by TREC
REALTOR - Accurate Answers✔✔A licensed sales agent who is a
member of the National Association of REALTORS®.
Brokers are - Accurate Answers✔✔liable for all sponsored actions
committed by their sales agents.
Sales agents represent - Accurate Answers✔✔their broker in all
transactions in real estate dealings and transactions.
Listing Agent: - Accurate Answers✔✔A broker representing a seller in a
real estate transaction, a.k.a. Seller's agent, seller's broker, or listing
broker
Buyer's Agent: - Accurate Answers✔✔A broker representing a buyer in
a real estate transaction, a.k.a. Selling agent, buyer's broker, or selling
broker
Tenant's Agent - Accurate Answers✔✔A broker representing a tenant in
a real estate transaction
, Landlord's Agent: - Accurate Answers✔✔A broker representing a
landlord in a real estate transaction
Principal - Accurate Answers✔✔The major parties of the transaction
(the buyer and seller or landlord and tenant) or a party who has
authorized an agent to represent them
Client (principal) - Accurate Answers✔✔Anyone who has an agency
relationship with you or your broker is your client
Customer - Accurate Answers✔✔A party to the transaction who has an
agency relationship with another license holder
Third Party - Accurate Answers✔✔All non-client parties to a
transaction, including real estate professionals
Types of Principles: - Accurate Answers✔✔Seller: Party seeking to sell
their property in a real estate transaction
Buyer: Party seeking to buy property in a real estate transaction
Tenant: Party who occupies land or property rented from a landlord
Landlord: Party who rents land or property to a tenant
