Gri real estate brokerage questions and answers

Iabs serves what purpose? A) To fill statutory requirements B) describe license holders C) increase transparency & broker oversight D) awareness of broker accountability Primary purpose of trela Protect the people Fiduciary Duty (p111) Obedience Loyalty Disclosure Confidentiality Accounting Responsible carr & due diligence Obedience Agent is obligated to obey the directions of the seller or buyer on matters that fall within authority of real estate services Undivided Loyalty Agent places clients interests above all interest, including ones own. principal Client Agency Relationship 1) listing agreement where broker is employed by seller 2) buyers rep where broker is employed by buyer Duty of accounting requires agent to account to the principal for all money and property of the principal that comes into the agent's possession impudent notice Agent will communicate with client Duties of Principal to Agent Availability, information, compensation When is agency disclosure required First substitive dialogue In agency relationship for seller, WhT situation disclose representation All of the above Premise of the code of ethics Service to the public code of ethics Reviewed annually Do you only read code of ethics when you're new False Adhering to the code of ethics i Is vital if our industry is to remain relevent Article 1 of the code of ethics Put clients interests first. Who can file a complaint? Anyone or all of the above Disciplinary actions can be taken by texas realtors False only Trec TDTPA Protects consumers against 1) false and misleading practices 2) unconscionable actions 3) breaches of warranty antitrust acts The Sherman act, Clayton act, Robinson patton act, fed trade commission act or all of the above Do agents help perform inspections No! Article 2 of code of ethics Disclose any defects in property Pbenefits of property tours Knowledge of inventory, learn different neighborhoods, learn builders and styles, All of the above training at office: Contracts, financing, fair housing, mls Txt 2301 All agreements are owned solely by broker Don't check do not call list of 1) existing relationship exists 2) consumer made a business inquiry within 3 months Always ask broker Concerns regarding contracts addenda, offers etc Use a checklist to ensure right docs in the records Checklist, cma, hoa docs All licensed business entities are required to have e & o insurance of atleast 1 million if the designated broker for the entity owns..... Less than 10% Who is responsible for providing effective communications The covered entity Refuse the listing If seller refuses to abide by fair housing laws. Procuring Cause The proximate cause: without a break in their continuity. TRELA passed by legislation to protect the public from fraudulent brokers 2) set standards for brokers and agents 3)protect license holders from fraudulent competition 4)maintain high standards Representation disclosure Let others know where you stand.