CHAMPIONS SCHOOL OF REAL ESTATE LAW OF AGENCY – QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A+ LATEST VERSION 2024

Page 1 of 15 SUCCESS! 1 CHAMPIONS SCHOOL OF REAL ESTATE LAW OF AGENCY – QUESTIONS AND CORRECT ANSWERS ALREADY GRADED A + LATEST VERSION 2024 The principal is also known as - ANSWERS -client fiduciary relationship - ANSWERS -a relationship founded on trust and confidence Agency Relationship - ANSWERS -Exists when one person (the agent) acts for, or on behalf of another person (the principa l). the principal - ANSWERS -is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA - ANSWERS -Was passed 1939. The purpose is to protect the public against unscrupulous brokers and sales agents. Texas Real Estate Commission TREC - ANSWERS -Was created to enforce and administer TRELA in 1949. The purpose of this act is to protect the public against unscrupulous brokers and sales agents. Page 2 of 15 SUCCESS! 2 A licensed broker may not pay a commission to or otherwise compensate a person directly or indirectly for performing an act of a broker unless the person is... - ANSWERS -a license holder or a real estate broker licensed in another state TRELA may suspend or revoke a license or take other disciplinary action if the license holder, while engaged in real estate brokerage engages in... - ANSWERS -conduct that is dishonest or in bad faith or that demonstrates untrustworthiness a broker works FOR - ANSWERS -a client a broker works WITH - ANSWERS -a customer how does a buyer become a client - ANSWERS -by entering into a buyer representation agreement with the broker Subagent - ANSWERS -A license holder not associated with the seller's broker, but who is representing the seller through a cooperative agreement, often through membership in a Multiple Listing Service (MLS), with the seller's broker. An agency relationship exists when one person, the _____ acts for, or on behalf of another person, the ______ - ANSWERS -agent, principal