Aceable Agent – Finance Actual Exam And Complete Answers 2024

TEXAS REAL ESTATE LICENSE ACT (TRELA) 1939 - Answer Who was the first legislation created to govern the real estate profession in Texas? TEXAS REAL ESTATE COMMISSION (TREC) 1949 - Answer Which commission was created to enforce TRELA (it's main purpose)? Also regulates educational and licensing programs that maintain standards AND interprets legislation that effects the real estate profession, but these are not it's main function. 1. INSPECTORS 2. EASEMENT/RIGHT OF WAY AGENTS 3. EDUCATION PROVIDERS FOR REAL ESTATE AND INSPECTION 4. DEVELOPERS OF TIMESHARES 5. RESIDENTIAL SERVICE COMPANIES 6. REAL ESTATE AGENTS AND SALES BROKERS - Answer Who does TREC regulate? OSTENSIBLE AGENCY - Answer When a principal allows a license holder to act in such a way as to cause a third party to believe the license holder is the principal's agent? AGENCY BY ESTOPPEL - Answer Agency imposed by law when it is determined that ostensible agency existed; used to create legal accountability for the agent or the principal on whose behalf the agent acted? AGENCY BY RATIFICATION - Answer Created when a license holder acts on behalf of but without prior authorization of a principal and that principal accepts the license holder's action after the fact? AGENCY COUPLED WITH INTEREST - Answer When an agent is involved in a real estate transaction with a personal interest (either for themselves, a family member, or a business interest)?