Law of Agency - Champions REAL EXAM 2025
Study online at https://quizlet.com/_hm0l09
A RELATIONSHIP
A FIDUCIARY RELATIONSHIP WHERE THE AGENT ACTS ON BE-
HALF OF THE CLIENT
SELLS THE LISTING OF ANOTHER
A COOPERATIVE BROKER
BROKER
THE TEXAS REAL ESTATE COMMIS-
UNSCRUPULOUS LICENSE HOLD-
SION'S MAIN PURPOSE IS TO PRO-
ERS
TECT THE PUBLIC FROM
AN AGENCY RELATIONSHIP EXISTS
AGENCY WHEN ONE PERSON ACTS FOR OR
ON BEHALF OF ANOTHER PERSON.
The amendments in 1996 to the License
The licensee did not know of the falsity of Act state that an agent is not liable for
the misrepresentation a misrepresentation or concealment of
material fact by a party if:
COMPENSATION
PRINCIPALS HAVE DUTIES TO THEIR REIMBURSEMENT
AGENTS INDEMNIFICATION
PERFORMANCE
ACTS NEGLIGENTLY OR INCOMPE-
TENTLY AND FAILS WITHIN A REA-
THE COMMISSION MAY SUSPEND SONABLE TIME TO PROPERLY AC-
OR REVOKE A LICENSE COUNT FOR OR REMIT OF MONEY
THAT IS RECEIVED BY THE LICENSE
HOLDER.
Honesty
Integrity
Public Responsibility Fairness
Disclosure of material facts
Accounting of funds held
Put the interest of the of the client first
Give full disclosure
Exhibit trust and honesty
Fiduciary Responsibility
Exercise good business judgement
Be loyal
Be competent
, Law of Agency - Champions REAL EXAM 2025
Study online at https://quizlet.com/_hm0l09
MEANS THAT THE PRINCIPAL WILL
PROTECT THE AGENT FROM SUF-
FERING A MONETARY LOSS DUE TO
Indemnification
THE AGENT'S RELIANCE ON INFOR-
MATION RECEIVED FROM THE PRIN-
CIPAL.
THE MOST DESIRABLE METHOD OF
CREATING AN AGENCY RELATION-
WRITING
SHIP WITH A BUYER, SELLER, LAND-
LORD, OR TENANT.
A PRINCIPAL INADEQUATELY SUPER-
VISES AN AGENT. THE AGENT TAKES
ON POWERS THAT GO BEYOND THE
Agency of Estoppel
SCOPE OF AUTHORITY GIVEN BY
THE PRINCIPAL (EXCEEDS AUTHOR-
ITY)
A WRITTEN LISTING AGREEMENT OR
BUYER REPRESENTATION AGREE-
EXPRESS AUTHORITY MENT IS EVIDENCE THAT THE
AGENCY RELATIONSHIP EXISTS,
AND PROVIDES THE AGENT WITH
The Agent's authority to act on behalf of
someone else, usually an insurer. This
Agency Authority
authority is derived from the agent's con-
tract with the insurer.
IS THE NORM OR WHAT IS CON-
IMPLIED AUTHORITY SIDERED CUSTOMARY IN THE BUSI-
NESS.
ARE HELD TO THE HIGHEST AMOUNT
OF GOOD FAITH, ARE REQUIRED TO
FIDUCIARIES EXCLUDE SELFISH INTEREST, MAKE
FULL DISCLOSURE OF ALL RELE-
VANT FACTS.
A COMMON EXAMPLE OF A GENER-
IS A PROPERTY MANAGER
AL AGENT
SPECIAL AGENCY
Study online at https://quizlet.com/_hm0l09
A RELATIONSHIP
A FIDUCIARY RELATIONSHIP WHERE THE AGENT ACTS ON BE-
HALF OF THE CLIENT
SELLS THE LISTING OF ANOTHER
A COOPERATIVE BROKER
BROKER
THE TEXAS REAL ESTATE COMMIS-
UNSCRUPULOUS LICENSE HOLD-
SION'S MAIN PURPOSE IS TO PRO-
ERS
TECT THE PUBLIC FROM
AN AGENCY RELATIONSHIP EXISTS
AGENCY WHEN ONE PERSON ACTS FOR OR
ON BEHALF OF ANOTHER PERSON.
The amendments in 1996 to the License
The licensee did not know of the falsity of Act state that an agent is not liable for
the misrepresentation a misrepresentation or concealment of
material fact by a party if:
COMPENSATION
PRINCIPALS HAVE DUTIES TO THEIR REIMBURSEMENT
AGENTS INDEMNIFICATION
PERFORMANCE
ACTS NEGLIGENTLY OR INCOMPE-
TENTLY AND FAILS WITHIN A REA-
THE COMMISSION MAY SUSPEND SONABLE TIME TO PROPERLY AC-
OR REVOKE A LICENSE COUNT FOR OR REMIT OF MONEY
THAT IS RECEIVED BY THE LICENSE
HOLDER.
Honesty
Integrity
Public Responsibility Fairness
Disclosure of material facts
Accounting of funds held
Put the interest of the of the client first
Give full disclosure
Exhibit trust and honesty
Fiduciary Responsibility
Exercise good business judgement
Be loyal
Be competent
, Law of Agency - Champions REAL EXAM 2025
Study online at https://quizlet.com/_hm0l09
MEANS THAT THE PRINCIPAL WILL
PROTECT THE AGENT FROM SUF-
FERING A MONETARY LOSS DUE TO
Indemnification
THE AGENT'S RELIANCE ON INFOR-
MATION RECEIVED FROM THE PRIN-
CIPAL.
THE MOST DESIRABLE METHOD OF
CREATING AN AGENCY RELATION-
WRITING
SHIP WITH A BUYER, SELLER, LAND-
LORD, OR TENANT.
A PRINCIPAL INADEQUATELY SUPER-
VISES AN AGENT. THE AGENT TAKES
ON POWERS THAT GO BEYOND THE
Agency of Estoppel
SCOPE OF AUTHORITY GIVEN BY
THE PRINCIPAL (EXCEEDS AUTHOR-
ITY)
A WRITTEN LISTING AGREEMENT OR
BUYER REPRESENTATION AGREE-
EXPRESS AUTHORITY MENT IS EVIDENCE THAT THE
AGENCY RELATIONSHIP EXISTS,
AND PROVIDES THE AGENT WITH
The Agent's authority to act on behalf of
someone else, usually an insurer. This
Agency Authority
authority is derived from the agent's con-
tract with the insurer.
IS THE NORM OR WHAT IS CON-
IMPLIED AUTHORITY SIDERED CUSTOMARY IN THE BUSI-
NESS.
ARE HELD TO THE HIGHEST AMOUNT
OF GOOD FAITH, ARE REQUIRED TO
FIDUCIARIES EXCLUDE SELFISH INTEREST, MAKE
FULL DISCLOSURE OF ALL RELE-
VANT FACTS.
A COMMON EXAMPLE OF A GENER-
IS A PROPERTY MANAGER
AL AGENT
SPECIAL AGENCY
