Texas Real Estate Agency (2023/2024) Already Graded A

Texas Real Estate Agency (2023/2024) Already Graded A accidental agency an unintended agency relationship that is created by actions or words. agency relationship the fiduciary relationship that exists when one person (agent) represents the interest of another (principal) in dealing with others, with their consent and under their control. agency by ratification occurs when a principal gains some benefit from a previously unauthorized act of an agent, and the principal, on learning of the act, does not deny that agent had authority to perform such an act on the principal's behalf. Agency is formed by the principals accepting the benefits that came from the agents actions. agent 1. a broker who represent a seller, a landlord, a buyer, or a tenant. 2. a salesperson or broker licensee who represents the broker with whom the agent is associated. arbitration a form of alternative dispute resolution whereby a neutral third party listens to each party's position and makes a final decision. associate a salesperson or a broker licensee who is associated with a broker. back-up offer an offer to purchase accepted by a seller who has already accepted an early primary offer to purchase the same property. This offer is contingent on the first offer failing to close. blanket offer of sub-agency the offer made by the listing broker on behalf of the seller to all other participants in the multiple listing service (MLS) to act as a subagent for the seller. The seller has the option of making a unilateral offer or making no offer; in either case, under MLS rules, an offer to cooperate must include an offer to compensate. broker associate a broker associated with and conducting business all or in part, as an agent of another broker. Broker-Lawyer Committee a committee of six licensed brokers appointed by TREC, six licensed attorneys appointed by the State Bar of Texas, and one public member appointed by the governor. broker licensee an individual holding this license issued by TREC, may act independently in conducting real estate transactions or may engage other licensees or salesperson licensees to represent them in the conduct of their real estate business; this may also be a business entity such as a corporation, limited liability partnership company, or partnership authorized under the Texas Business Organizations Code. business entity any corporation, limited liability partnership company, partnership or similar entity authorized under the Texas Business Organizations Code. If the broker is the entity, however, then one of the managing officers must be licensed as an individual broker in Texas, who then acts as the designated broker for the business. buyer's agent a broker who is representing the buyer in a real estate transaction. Also called a buyer's broker, selling broker, or selling agent. buyer's broker a real estate broker who is employed by and represents only the buyer in the transaction, whether the commission is paid by the buyer directly or by the seller through commission split with the listing broker. client a person, sometimes called a principal, who engages the professional advice or services of another, called an agent, and whose interests are protected by the specific duties and loyalties of an agency relationship.