Law of Agency - Champions School of Real Estate Latest Update Graded A+

Law of Agency - Champions School of Real Estate Latest Update Graded A+ The principal is also known as client fiduciary relationship a relationship founded on trust and confidence Agency Relationship Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents. Texas Real Estate Commission TREC Was created to enforce and administer TRELA in 1949. The purpose of this act is to protect the public against unscrupulous brokers and sales agents. A licensed broker may not pay a commission to or otherwise compensate a person directly or indirectly for performing an act of a broker unless the person is... a license holder or a real estate broker licensed in another state TRELA may suspend or revoke a license or take other disciplinary action if the license holder, while engaged in real estate brokerage engages in... conduct that is dishonest or in bad faith or that demonstrates untrustworthiness a broker works FOR a client a broker works WITH a customer how does a buyer become a client by entering into a buyer representation agreement with the broker Subagent A license holder not associated with the seller's broker, but who is representing the seller through a cooperative agreement, often through membership in a Multiple Listing Service (MLS), with the seller's broker. An agency relationship exists when one person, the _____ acts for, or on behalf of another person, the ______ agent, principal which of the following is grounds for suspension or revocation of license by TREC? splitting commission with a person other than a license holder The commission can deny licensure to an applicant based on the applicant's _______________________ moral character Ostensible Agency exists when actions lead another person to assume that one is an agent. Agency by Ratification Occurs when an agent acts without prior authorization, and the principal, upon learning of this action, accepts it. agency coupled with an interest When a broker is the owner of a property that is being sold, or when a broker is interested in buying a property, we have agency coupled with an interest Agency Authority or rights, may also be a result of "the norm", or what is considered customary in the business Implied Authority an agent's authority to do thin