Name: Score:
60 Multiple choice questions
Definition 1 of 60
- Client a person who engages the professional advice or services of another, and whose
interests are protected by the specific duties and loyalties of an agency relationship.
Customer a person who receives limited brokerage services without establishing an agency
relationship
Dual agency vs. intermediary
The rights Approach
Cooperative broker
Client vs. Customer
Definition 2 of 60
Commission rates must be a matter of negotiation between broker and client. A "standard" or
"goin rate" could be evidence of violation
Buyer representations agreement
Texas real estate license act (trela)
- creation
-purpose
Sherman Anti-Trust Act and commission rates
Trec Advertising Rules and font requirements.
,Definition 3 of 60
rates are always negotiable
- attempt by a group of brokers to set commission rates in their area or between a group of
brokerage firms is ILLEGAL (price- fixing)
Sherman-Anti-Trust Act and Clayton Act have the most impact in this area.
Sherman anti-trust act and commission rates
Defamation - definition -explanation -examples
(Types of listings)
Open listing
Setting commission rates - violations
Definition 4 of 60
license holder can not place advertisement that implies sales agent is responsible fo
brokerage business or causes someone to believe a person not authorized to conduct
brokerage is engaged in brokerage.
- inaccurate in any material way , property terms, values, services, policies .
- advertising another brokers list without permission and disclosing that brokers name
- failing to remove ad about listing within reasonable time
-
How is agency terminated
Benefits of seller agency
Defamation of character
Deceptive advertising
,Definition 5 of 60
When a license holder is not associated with the seller's broker but is representing the seller
through a cooperative agreement with the seller's broker.
Designated Agency
Subagency
Single Agency
Dual Agency
Definition 6 of 60
Ethics are habits than enable us to act accordingly as persons who are truthful, honest,
courageous, compassionate, generous, tolerant, and posses integrity, fairness, self-control, and
prudence
The Common Good Approach
The Utilitarian Approach
The Virtue Approach
The Rights Approach
Definition 7 of 60
- Passed in 1939 - TREC was created to enforce and administer the act in 1949.
- Purpose of the acts is to protect the public against unscrupulous brokers and sales agents.
Texas Real Estate License Act (TRELA)
- Creation
-Purpose
Dual agency vs. intermediary
Client vs. Customer
Sherman Anti-Trust Act and commission rates
, Definition 8 of 60
- dual agency; allows real estate firm represent both sides of a transaction at the same time.
broker represents both parties with their written permission. broker may appoint designated
agent to represent buyer or seller.
- intermediary; makes it possible to bring buyers and sellers together while representing their
best interest. broker remains neutral
Intermediary - appointed associates - duties and requirements
How is agency terminated
Dual agency vs. intermediary
Deceptive Trade Practices Act (DTPA)
Definition 9 of 60
- allows consumer to sue a seller of goods for damages.
- lists over 30 practices that are considered unlawful under the act in order to protect the
consumer from unethical and unfair sales practices.
Dual agency vs. intermediary
Deceptive Trade Practices Act (DTPA)
Texas Real Estate License Act (TRELA)
- Creation
-Purpose
Sherman Anti-Trust Act and commission rates
60 Multiple choice questions
Definition 1 of 60
- Client a person who engages the professional advice or services of another, and whose
interests are protected by the specific duties and loyalties of an agency relationship.
Customer a person who receives limited brokerage services without establishing an agency
relationship
Dual agency vs. intermediary
The rights Approach
Cooperative broker
Client vs. Customer
Definition 2 of 60
Commission rates must be a matter of negotiation between broker and client. A "standard" or
"goin rate" could be evidence of violation
Buyer representations agreement
Texas real estate license act (trela)
- creation
-purpose
Sherman Anti-Trust Act and commission rates
Trec Advertising Rules and font requirements.
,Definition 3 of 60
rates are always negotiable
- attempt by a group of brokers to set commission rates in their area or between a group of
brokerage firms is ILLEGAL (price- fixing)
Sherman-Anti-Trust Act and Clayton Act have the most impact in this area.
Sherman anti-trust act and commission rates
Defamation - definition -explanation -examples
(Types of listings)
Open listing
Setting commission rates - violations
Definition 4 of 60
license holder can not place advertisement that implies sales agent is responsible fo
brokerage business or causes someone to believe a person not authorized to conduct
brokerage is engaged in brokerage.
- inaccurate in any material way , property terms, values, services, policies .
- advertising another brokers list without permission and disclosing that brokers name
- failing to remove ad about listing within reasonable time
-
How is agency terminated
Benefits of seller agency
Defamation of character
Deceptive advertising
,Definition 5 of 60
When a license holder is not associated with the seller's broker but is representing the seller
through a cooperative agreement with the seller's broker.
Designated Agency
Subagency
Single Agency
Dual Agency
Definition 6 of 60
Ethics are habits than enable us to act accordingly as persons who are truthful, honest,
courageous, compassionate, generous, tolerant, and posses integrity, fairness, self-control, and
prudence
The Common Good Approach
The Utilitarian Approach
The Virtue Approach
The Rights Approach
Definition 7 of 60
- Passed in 1939 - TREC was created to enforce and administer the act in 1949.
- Purpose of the acts is to protect the public against unscrupulous brokers and sales agents.
Texas Real Estate License Act (TRELA)
- Creation
-Purpose
Dual agency vs. intermediary
Client vs. Customer
Sherman Anti-Trust Act and commission rates
, Definition 8 of 60
- dual agency; allows real estate firm represent both sides of a transaction at the same time.
broker represents both parties with their written permission. broker may appoint designated
agent to represent buyer or seller.
- intermediary; makes it possible to bring buyers and sellers together while representing their
best interest. broker remains neutral
Intermediary - appointed associates - duties and requirements
How is agency terminated
Dual agency vs. intermediary
Deceptive Trade Practices Act (DTPA)
Definition 9 of 60
- allows consumer to sue a seller of goods for damages.
- lists over 30 practices that are considered unlawful under the act in order to protect the
consumer from unethical and unfair sales practices.
Dual agency vs. intermediary
Deceptive Trade Practices Act (DTPA)
Texas Real Estate License Act (TRELA)
- Creation
-Purpose
Sherman Anti-Trust Act and commission rates
