AYPO LAW OF AGENCY PT 2
QUESTIONS AND PROVEN ANSWERS
Duties that are owed to third parties ANSW✅✅"non-fiduciary"
non-fiduciary duties ANSW✅✅-reasonable care and skill
-honest and fair dealing
-disclosure of known material facts about the property
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
QUESTIONS AND PROVEN ANSWERS
Duties that are owed to third parties ANSW✅✅"non-fiduciary"
non-fiduciary duties ANSW✅✅-reasonable care and skill
-honest and fair dealing
-disclosure of known material facts about the property
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
