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5.0
AYPO LAW OF AGENCY QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
Quiz: The Original Legislation:
Ans: The Real Estate Dealers Act of 1939
Quiz: main piece of Texas law governing the licensing and behavior of
real estate professionals in the state.
Ans: The Real Estate License Act (TRELA)
Quiz: Licensing Duties were added in:
Ans: 1955
Quiz: Broker license was changed from 2 years in the 36 month before
the application to:
Ans: 4 Years in the 60 months before application
Quiz: TREC is the agency in charge of overseeing the licensing and
professional activities of:
Ans: -Real estate brokers
-Real estate sales agents
-Real estate inspectors
-Providers of real estate and inspection education courses
,-Residential service companies
-Timeshare developers
-Easement or Right-of-Way (ERW) Agents
Quiz: TREC Membership Makeup
Ans: 6 licensed real estate brokers and 3 members of the public, who are
appointed by the Governor of Texas
Serving 6 year terms
Quiz: Texas allows net listings with a limit on the percentage over the
principal's required minimum. Currently, the percentage is capped at:
Ans: 15%.
Quiz: How agency is formed
Ans: An agency relationship is formed when one person or group of
people employ another person or group to perform actions on behalf
of the first person or group. If a person moving into a new house hires a
moving company to transport his or her furniture, an agency
relationship has been formed.
Quiz: Property owners and real estate agents create what kind of
relationship?
Ans: Property owners and real estate agents create
Examstudy - Stuvia US
, Quiz: The broker decides that this is too big a task to handle alone and
decides to assign different sales agents, who effectively work as agents
for the broker, to each half of the project. The sales agents are
Ans: De Facto Agents
Quiz: Customers or Clients?
Ans: What really defines whether someone is a customer or a client is
whether a contractual agreement exists between a real estate
professional and that person.
Quiz: Client
Ans: Someone who has formed a contractual agreement- Fiduciary duties
are owed
Quiz: Broker Licensee
Ans: The broker licensee is the person who possesses a real estate broker's
license from the Texas Real Estate Commission.
Quiz: Unlicensed Broker
Ans: The term "unlicensed broker" refers to anyone who acts as a broker
and provides the services normally provided by a broker without
holding a valid broker's license issued by TREC. Acting as an
unlicensed broker is a violation of TRELA and a Class A misdemeanor.
Quiz: Sponsoring Broker
Examstudy - Stuvia US
In today's fast-paced educational landscape, students need reliable resources to excel in their studies.
5.0
AYPO LAW OF AGENCY QUESTIONS WITH DETAILED
VERIFIED ANSWERS (100% CORRECT ANSWERS)
/ALREADY GRADED A+
Quiz: The Original Legislation:
Ans: The Real Estate Dealers Act of 1939
Quiz: main piece of Texas law governing the licensing and behavior of
real estate professionals in the state.
Ans: The Real Estate License Act (TRELA)
Quiz: Licensing Duties were added in:
Ans: 1955
Quiz: Broker license was changed from 2 years in the 36 month before
the application to:
Ans: 4 Years in the 60 months before application
Quiz: TREC is the agency in charge of overseeing the licensing and
professional activities of:
Ans: -Real estate brokers
-Real estate sales agents
-Real estate inspectors
-Providers of real estate and inspection education courses
,-Residential service companies
-Timeshare developers
-Easement or Right-of-Way (ERW) Agents
Quiz: TREC Membership Makeup
Ans: 6 licensed real estate brokers and 3 members of the public, who are
appointed by the Governor of Texas
Serving 6 year terms
Quiz: Texas allows net listings with a limit on the percentage over the
principal's required minimum. Currently, the percentage is capped at:
Ans: 15%.
Quiz: How agency is formed
Ans: An agency relationship is formed when one person or group of
people employ another person or group to perform actions on behalf
of the first person or group. If a person moving into a new house hires a
moving company to transport his or her furniture, an agency
relationship has been formed.
Quiz: Property owners and real estate agents create what kind of
relationship?
Ans: Property owners and real estate agents create
Examstudy - Stuvia US
, Quiz: The broker decides that this is too big a task to handle alone and
decides to assign different sales agents, who effectively work as agents
for the broker, to each half of the project. The sales agents are
Ans: De Facto Agents
Quiz: Customers or Clients?
Ans: What really defines whether someone is a customer or a client is
whether a contractual agreement exists between a real estate
professional and that person.
Quiz: Client
Ans: Someone who has formed a contractual agreement- Fiduciary duties
are owed
Quiz: Broker Licensee
Ans: The broker licensee is the person who possesses a real estate broker's
license from the Texas Real Estate Commission.
Quiz: Unlicensed Broker
Ans: The term "unlicensed broker" refers to anyone who acts as a broker
and provides the services normally provided by a broker without
holding a valid broker's license issued by TREC. Acting as an
unlicensed broker is a violation of TRELA and a Class A misdemeanor.
Quiz: Sponsoring Broker
Examstudy - Stuvia US
