ACEABLE LAW OF LATEST
AGENCY EXAM
Here are the four major types of agency acts: - ANSWERS-Listing
Buying
Leasing
Property Management
TREC's purpose is to - ANSWERS-regulate educational and licensing
programs that maintain standards AND interpret legislation that affects
the real estate profession — primarily the Texas Real Estate License Act
(TRELA).
Integrity - ANSWERS-Satisfy to the commission (TREC) that the
candidate meets and exceeds their character standards (honesty,
trustworthiness, and integrity).
Competence - ANSWERS-Demonstrate competence by passing the
licensing exam.
Broker: - ANSWERS-An individual licensed by TREC to perform
brokerage duties; sponsors sales agents to represent clients on their
behalf
END OF
PAGE
1
, ACEABLE LAW OF LATEST
AGENCY EXAM
Sales agent: - ANSWERS-An individual holding a sales agent license
from TREC who is sponsored by a broker
License holder - ANSWERS-A broker or a sales agent licensed by
TREC
REALTOR - ANSWERS-A licensed sales agent who is a member of the
National Association of REALTORS®.
Brokers are - ANSWERS-liable for all sponsored actions committed by
their sales agents.
Sales agents represent - ANSWERS-their broker in all transactions in
real estate dealings and transactions.
Listing Agent: - ANSWERS-A broker representing a seller in a real
estate transaction, a.k.a. seller's agent, seller's broker, or listing broker
Buyer's Agent: - ANSWERS-A broker representing a buyer in a real
estate transaction, a.k.a. selling agent, buyer's broker, or selling broker
END OF
PAGE
2
, ACEABLE LAW OF LATEST
AGENCY EXAM
Tenant's Agent - ANSWERS-A broker representing a tenant in a real
estate transaction
Landlord's Agent: - ANSWERS-A broker representing a landlord in a
real estate transaction
Principal - ANSWERS-The major parties of the transaction (the buyer
and seller or landlord and tenant) or a party who has authorized an agent
to represent them
Client (principal) - ANSWERS-Anyone who has an agency relationship
with you or your broker is your client
Customer - ANSWERS-A party to the transaction who has an agency
relationship with another license holder
Third Party - ANSWERS-All non-client parties to a transaction,
including real estate professionals
END OF
PAGE
3
AGENCY EXAM
Here are the four major types of agency acts: - ANSWERS-Listing
Buying
Leasing
Property Management
TREC's purpose is to - ANSWERS-regulate educational and licensing
programs that maintain standards AND interpret legislation that affects
the real estate profession — primarily the Texas Real Estate License Act
(TRELA).
Integrity - ANSWERS-Satisfy to the commission (TREC) that the
candidate meets and exceeds their character standards (honesty,
trustworthiness, and integrity).
Competence - ANSWERS-Demonstrate competence by passing the
licensing exam.
Broker: - ANSWERS-An individual licensed by TREC to perform
brokerage duties; sponsors sales agents to represent clients on their
behalf
END OF
PAGE
1
, ACEABLE LAW OF LATEST
AGENCY EXAM
Sales agent: - ANSWERS-An individual holding a sales agent license
from TREC who is sponsored by a broker
License holder - ANSWERS-A broker or a sales agent licensed by
TREC
REALTOR - ANSWERS-A licensed sales agent who is a member of the
National Association of REALTORS®.
Brokers are - ANSWERS-liable for all sponsored actions committed by
their sales agents.
Sales agents represent - ANSWERS-their broker in all transactions in
real estate dealings and transactions.
Listing Agent: - ANSWERS-A broker representing a seller in a real
estate transaction, a.k.a. seller's agent, seller's broker, or listing broker
Buyer's Agent: - ANSWERS-A broker representing a buyer in a real
estate transaction, a.k.a. selling agent, buyer's broker, or selling broker
END OF
PAGE
2
, ACEABLE LAW OF LATEST
AGENCY EXAM
Tenant's Agent - ANSWERS-A broker representing a tenant in a real
estate transaction
Landlord's Agent: - ANSWERS-A broker representing a landlord in a
real estate transaction
Principal - ANSWERS-The major parties of the transaction (the buyer
and seller or landlord and tenant) or a party who has authorized an agent
to represent them
Client (principal) - ANSWERS-Anyone who has an agency relationship
with you or your broker is your client
Customer - ANSWERS-A party to the transaction who has an agency
relationship with another license holder
Third Party - ANSWERS-All non-client parties to a transaction,
including real estate professionals
END OF
PAGE
3
