Law of Agency Chapter 1 Latest Update Graded A

Law of Agency Chapter 1 Latest Update Graded A Agent One who is authorized to act for or in the place of another. A broker who represents a client or a salesperson who represents a broker Principal One who the agent is acting on the behalf of Fiduciary Founded in trust or confidence. A relationship in trust. Associate A licensee associated with a broker Broker Associate One broker working with another broker who accepts responsibility for the broker associate's activities Broker License A person licensed by TREC as a broker. The broker may sponsor salespersons Buyers Agent A broker representing a buyer client Client A person represented by a broker. Broker owes fiduciary duties to this person Customer A person not represented by a broker. Honesty is owed to this person. Intermediary A broker representing both the seller and the buyer in the same transaction Licensee License Holder. A person who hold a real estate license issued by TREC Sales associate A salesperson associated with a sponsoring broker Salesperson Licensee A person licensed by TREC as a salesperson Sellers Agent A broker representing a seller client Subagent A broker working with a buyer customer and representing the seller thru the sellers broker 1919 When the first real estate act was passed California Where the first real estate act was passed 1939 Texas passed it's first real estate Act Texas Real Estate Dealers Act Texas's first real estate act 1949 TREC was created by TRELA Texas Occupations Code Chapter 1101 - The real estate license act Chapter 1102 The inspectors licensing act Third Party Customer Material Fact Something that a buyer would need to know before they could make a decision to buy Indemnify Hold the broker harmless for any damage or expense that is caused by the client to the broker Psychological Stigmas Have no physical affect on the property Physical Stigmas Affect the property or the health of the residents of the property