AYPO LAW OF AGENCY QUESTIONS
AND LATEST SOLUTIONS
Real estate agency agreements must be: ANSW✅✅written down
Three sample customer service duties are: ANSW✅✅-Maintain a welcoming place of business.
-Respect the customer's time.
-Make the customer feel important.
A person or organization that a person interacts with while acting as an agent for a principal party
ANSW✅✅Third party
Material Facts ANSW✅✅Commonly, the important material facts that need to be revealed by the
seller concern the conditions (e.g., termite damage, water damage, fault lines, etc.) and fixtures of a
property (gas furnaces, carbon monoxide detectors, attached garages, etc.). Material facts that need
to be revealed by the buyer normally involve the buyer's financial ability to buy the property.
Due diligence ANSW✅✅when one performs the research and investigation necessary to uncover
known problems.
The Gramm-Leach-Bliley act ANSW✅✅says that financial institutions must take a variety of
precautions with any form of personal information.
What is the name of the form created by TREC to help sellers meet the requirements of Section
5.008 of the Property Code? ANSW✅✅The Seller's Disclosure of Property Condition
Megan's Law ANSW✅✅Megan's Law was enacted in 1996 after seven-year-old Megan Kanka was
raped and murdered by a sexual predator. Megan's Law requires the registration of sex offenders
and public notification of private and personal information regarding registered sex offenders.
Under Texas law, the owners of single-family homes and real estate licensees are not required to
disclose to potential buyers or tenants any information about registered sex offenders living in the
area where a property is located.
, Listing Agreement ANSW✅✅a contract between a real estate broker (and any agent
representatives, acting in the broker's name) and a seller or sellers of real property. This kind of
contract gives the broker the right to offer the property for sale.
The following are elements that will be found in nearly every kind of listing agreement:
ANSW✅✅-The term of the listing
-The listed price of the property
-The broker's commission and broker fees
-The broker's scope of authority
Express Contract ANSW✅✅all the involved parties to the contract normally state the conditions
and terms of the contract in either a very formal or informal way, and it may be either in writing or
verbal.
Implied Contract ANSW✅✅This type of contract is brought about by the intentions, relationships,
and the actions of all the parties that are involved in the "agreement".
Can I recover Commission? ANSW✅✅A person may not maintain an action in this state to recover
a commission for the sale or purchase of real estate unless the promise or agreement on which the
action is based, or a memorandum, is in writing and signed by the party against whom the action is
brought or by a person authorized by that party to sign the document
Exclusive Listing ANSW✅✅the broker still could be denied commission if the seller produces their
own buyer under some types of exclusive listings.
Exclusive Right-to-Sell Listing ANSW✅✅Under this listing arrangement, the broker employed is
entitled to a commission no matter who sells the property during the listing period. (Even the Seller)
Where does seller Agency Begin? ANSW✅✅The listing contract is where seller's agency begins.
Exclusive Seller Agency ANSW✅✅a brokerage that only represents sellers.
What is the term for a transaction in which licensees from the same brokerage represent both the
buyer and seller? ANSW✅✅In-house sale
AND LATEST SOLUTIONS
Real estate agency agreements must be: ANSW✅✅written down
Three sample customer service duties are: ANSW✅✅-Maintain a welcoming place of business.
-Respect the customer's time.
-Make the customer feel important.
A person or organization that a person interacts with while acting as an agent for a principal party
ANSW✅✅Third party
Material Facts ANSW✅✅Commonly, the important material facts that need to be revealed by the
seller concern the conditions (e.g., termite damage, water damage, fault lines, etc.) and fixtures of a
property (gas furnaces, carbon monoxide detectors, attached garages, etc.). Material facts that need
to be revealed by the buyer normally involve the buyer's financial ability to buy the property.
Due diligence ANSW✅✅when one performs the research and investigation necessary to uncover
known problems.
The Gramm-Leach-Bliley act ANSW✅✅says that financial institutions must take a variety of
precautions with any form of personal information.
What is the name of the form created by TREC to help sellers meet the requirements of Section
5.008 of the Property Code? ANSW✅✅The Seller's Disclosure of Property Condition
Megan's Law ANSW✅✅Megan's Law was enacted in 1996 after seven-year-old Megan Kanka was
raped and murdered by a sexual predator. Megan's Law requires the registration of sex offenders
and public notification of private and personal information regarding registered sex offenders.
Under Texas law, the owners of single-family homes and real estate licensees are not required to
disclose to potential buyers or tenants any information about registered sex offenders living in the
area where a property is located.
, Listing Agreement ANSW✅✅a contract between a real estate broker (and any agent
representatives, acting in the broker's name) and a seller or sellers of real property. This kind of
contract gives the broker the right to offer the property for sale.
The following are elements that will be found in nearly every kind of listing agreement:
ANSW✅✅-The term of the listing
-The listed price of the property
-The broker's commission and broker fees
-The broker's scope of authority
Express Contract ANSW✅✅all the involved parties to the contract normally state the conditions
and terms of the contract in either a very formal or informal way, and it may be either in writing or
verbal.
Implied Contract ANSW✅✅This type of contract is brought about by the intentions, relationships,
and the actions of all the parties that are involved in the "agreement".
Can I recover Commission? ANSW✅✅A person may not maintain an action in this state to recover
a commission for the sale or purchase of real estate unless the promise or agreement on which the
action is based, or a memorandum, is in writing and signed by the party against whom the action is
brought or by a person authorized by that party to sign the document
Exclusive Listing ANSW✅✅the broker still could be denied commission if the seller produces their
own buyer under some types of exclusive listings.
Exclusive Right-to-Sell Listing ANSW✅✅Under this listing arrangement, the broker employed is
entitled to a commission no matter who sells the property during the listing period. (Even the Seller)
Where does seller Agency Begin? ANSW✅✅The listing contract is where seller's agency begins.
Exclusive Seller Agency ANSW✅✅a brokerage that only represents sellers.
What is the term for a transaction in which licensees from the same brokerage represent both the
buyer and seller? ANSW✅✅In-house sale
