Aceable Law of Agency Review Questions & Answers 100% Correct!

Here are the four major types of agency acts: - ANSWERSListing Buying Leasing Property Management TREC's purpose is to - ANSWERSregulate 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 - ANSWERSSatisfy to the commission (TREC) that the candidate meets and exceeds their character standards (honesty, trustworthiness, and integrity). Competence - ANSWERSDemonstrate competence by passing the licensing exam. Broker: - ANSWERSAn individual licensed by TREC to perform brokerage duties; sponsors sales agents to represent clients on their behalf Sales agent: - ANSWERSAn individual holding a sales agent license from TREC who is sponsored by a broker License holder - ANSWERSA broker or a sales agent licensed by TREC REALTOR - ANSWERSA licensed sales agent who is a member of the National Association of REALTORS®. Brokers are - ANSWERSliable for all sponsored actions committed by their sales agents. Sales agents represent - ANSWERStheir broker in all transactions in real estate dealings and transactions. Listing Agent: - ANSWERSA broker representing a seller in a real estate transaction, a.k.a. seller's agent, seller's broker, or listing broker Buyer's Agent: - ANSWERSA broker representing a buyer in a real estate transaction, a.k.a. selling agent, buyer's broker, or selling broker Tenant's Agent - ANSWERSA broker representing a tenant in a real estate transaction