Unit 13 Question and answers correctly solved

Unit 13 Question and answers correctly solved Salesperson (Sales Agent) - explain what is required to hold this level of licensing - correct answer - licensee with less than 4 years of active experience or a licensee with more than 4 years who has chosen to not upgrade to a broker - must work under a sponsoring broker - is eligible to upgrade to a broker's license after 4 years of active experience and additional education Broker - explain what is required to hold this level of licensing - correct answer - minimum of 4 years of active experience - may work independently - may hire or supervise other licensees - is required to undergo additional education (60 semesters or 900 classroom hours which include): a) 18 semesters or 270 classroom hours of core courses b) including 2 semesters or 30 hours of real estate brokerage c) remaining can be college credit or other real estate classes - must have transaction experience equaling 3600 TREC approved points - must pass broker exam with 75% or higher What does the Texas Real Estate License Act (TRELA) hold a broker responsible for? - correct answer - all acts and conduct performed under the actions by the broker or the broker's sponsored salespersons - responsible to consumers, TREC, and their clients *At what level is an agency created? - what kind of contract forms a seller relationship? - what kind of contract forms a buyer relationship? - is compensation required? - correct answer - at the broker level (so not the salesperson) - listing agreement between seller & broker - buyer representation agreement between buyer & broker - it is not required to create agency *Implied Agency - correct an