Law of Agency-Final Exam Qestions And Answers Rated A+ 2024.

What are the minimum services an agent must offer; - Answer According TRELA subchapter 1101.557b states a broker representing a party or listing real estate for sale is the party's agent and 1. May not instruct another broker to directly or indirectly violate the sub chpt-1101.65b22, 2.Must inform the party if the broker Receives material information related to the transaction to list, buy, sell, or lease the parties real estate, including the receipt of an offer by the broker; and 3. Shall, at a minimum, answer the parties questions and present Any offered to or from the party. What is TRELA? - Answer It is the law that establishes the duties of a real estate licensee. TRAC is responsible for the administration of TRELA. TREC consists of nine members - six brokers and three public members - who are who serve staggered terms of six years. The governor, with the approval of the senate, appoints three replacement members every two years. Advice and opinions are given to whom: - Answer Clients. Who are the parties to agency agreement? - Answer The seller, buyer, broker or sales associate, tenant What is a subagent; - Answer A Licensee holder not sponsored by or associated with the clients broker who is representing the client through a cooperative agreement with the client broker. Also called the other broker. If a principal instructs His agent to violate the law, what should an agent do? - Answer The agent should remove himself from dealing with the principal and not violate the law. What is an attorney - in - fact; - Answer a person authorized to act for another under a power of attorney. This person is not necessarily a licensed attorney.