ACEABLE LAW OF AGENCY REVIEW EXAM
QUESTIONS AND VERIFIED ANSWERS
A |subagent
a |license |holder, |not |affiliated |with |the |seller's |broker, |brings |an |UNREPRESENTED |buyer |to |the
|transaction |via |a |cooperative |agreement |with |the |seller's |broker.
the |most |desirable |way |to |terminate |agency |is |when
the |purpose |for |that |agency |has |been |fulfilled.
|
Mutual |Rescission
when |both |parties |mutually |agree |to |end |an |agency |agreement.
Revocation
when |the |client |initiates |the
termination |they |may |be |liable |for
|
damages.
|
Renunciation
when |the |license |holder |initiates |the |termination |of |the |agency |agreement
the |agent |could |be |liable |for |damages |if |the |contract |is |breached.
|
,Destruction |or |Condemnation
termination |of |an |agency |agreement |due |to |the |extinction |of |the |property
Abandonment
when |an |agent |ceases |to |perform |their |agency |duties |without |notifying |the |principal.
A |breach |of |duty
includes |acts |of |commission |or |omission |on |the |part |of |the |license |holder |which |constitute |a |violation
|of |the |agency |agreement
Operation |of |law
termination |due |to |a |change |in |law |that |affects |the |salability |of |the |property
Death, |Incapacity, |or |Bankruptcy
are |all |causes |for |termination |of |an |agency |agreement.
(IF |AGENT |DIES, |IT |IS |NOT |TERMINATED. |JUST |TRANSFERRED |TO |ANOTHER |AGENT)
A |fiduciary |duty |that |never |terminates |is
the |duty |of |confidentiality |and |the |duty |of |accounting
The |Four |D's |of |Disclosure
Decide |whom |they |represent
|
Disclose |to |all |parties |whom |they |represent
, Document |that |sufficient |disclosure |was |made |in |a |timely |manner
Do |your |duties |based |on |the |representation |and |disclosures |you |have |made
TREC
the |body |that |oversees |and |enforces |the |statutes |and |rules |that |dictate |industry |disclosure |policy |and
|the |mandate |for |brokers |to |have |written |company |policies |for |their |brokerages.
(TRELA) |The |Real |Estate |License |Act
provides |the |statutory |guidelines |stipulating |the |duties |of |disclosure |of |license |holder |agency
|relationships.
consensual |relationship
between |a |broker |and |a |client.
|
The |subagent |must |take |care |to |disclose |to |the |buyer |that
there |is |no |agency |agreement |between |them
|
that |the |subagent |is |working |in |the |best |interests |of |the
seller
|
independent |contractors
The |vast |majority |of |real |estate |sales |agents |operate |as
QUESTIONS AND VERIFIED ANSWERS
A |subagent
a |license |holder, |not |affiliated |with |the |seller's |broker, |brings |an |UNREPRESENTED |buyer |to |the
|transaction |via |a |cooperative |agreement |with |the |seller's |broker.
the |most |desirable |way |to |terminate |agency |is |when
the |purpose |for |that |agency |has |been |fulfilled.
|
Mutual |Rescission
when |both |parties |mutually |agree |to |end |an |agency |agreement.
Revocation
when |the |client |initiates |the
termination |they |may |be |liable |for
|
damages.
|
Renunciation
when |the |license |holder |initiates |the |termination |of |the |agency |agreement
the |agent |could |be |liable |for |damages |if |the |contract |is |breached.
|
,Destruction |or |Condemnation
termination |of |an |agency |agreement |due |to |the |extinction |of |the |property
Abandonment
when |an |agent |ceases |to |perform |their |agency |duties |without |notifying |the |principal.
A |breach |of |duty
includes |acts |of |commission |or |omission |on |the |part |of |the |license |holder |which |constitute |a |violation
|of |the |agency |agreement
Operation |of |law
termination |due |to |a |change |in |law |that |affects |the |salability |of |the |property
Death, |Incapacity, |or |Bankruptcy
are |all |causes |for |termination |of |an |agency |agreement.
(IF |AGENT |DIES, |IT |IS |NOT |TERMINATED. |JUST |TRANSFERRED |TO |ANOTHER |AGENT)
A |fiduciary |duty |that |never |terminates |is
the |duty |of |confidentiality |and |the |duty |of |accounting
The |Four |D's |of |Disclosure
Decide |whom |they |represent
|
Disclose |to |all |parties |whom |they |represent
, Document |that |sufficient |disclosure |was |made |in |a |timely |manner
Do |your |duties |based |on |the |representation |and |disclosures |you |have |made
TREC
the |body |that |oversees |and |enforces |the |statutes |and |rules |that |dictate |industry |disclosure |policy |and
|the |mandate |for |brokers |to |have |written |company |policies |for |their |brokerages.
(TRELA) |The |Real |Estate |License |Act
provides |the |statutory |guidelines |stipulating |the |duties |of |disclosure |of |license |holder |agency
|relationships.
consensual |relationship
between |a |broker |and |a |client.
|
The |subagent |must |take |care |to |disclose |to |the |buyer |that
there |is |no |agency |agreement |between |them
|
that |the |subagent |is |working |in |the |best |interests |of |the
seller
|
independent |contractors
The |vast |majority |of |real |estate |sales |agents |operate |as
