Aceable Law of Agency Review Questions with Certified Solutions

Aceable Law of Agency Review Questions with Certified Solutions Here are the four major types of agency acts: Listing Buying Leasing Property Management TREC's purpose is to 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 Satisfy to the commission (TREC) that the candidate meets and exceeds their character standards (honesty, trustworthiness, and integrity). Competence Demonstrate competence by passing the licensing exam. Broker: An individual licensed by TREC to perform brokerage duties; sponsors sales agents to represent clients on their behalf Sales agent: An individual holding a sales agent license from TREC who is sponsored by a broker License holder A broker or a sales agent licensed by TREC REALTOR A licensed sales agent who is a member of the National Association of REALTORS®. Brokers are liable for all sponsored actions committed by their sales agents. Sales agents represent their broker in all transactions in real estate dealings and transactions. Listing Agent: 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: A broker representing a buyer in a real estate transaction, a.k.a. selling agent, buyer's broker, or selling broker Tenant's Agent A broker representing a tenant in a real estate transaction Landlord's Agent: A broker representing a landlord in a real estate transaction Principal 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) Anyone who has an agency relationship with you or your broker is your client Customer A party to the transaction who has an agency relationship with another license holder Third