AYPO LAW OF AGENCY QUESTIONS
AND ACCURATE OPTIONS
Megan's Law ANSW✅✅Megan's Law was enacted in 1996 after seven-year-old Megan Kanka was
raped and murdered by a sexual predator. Megan's Law requires the registration of sex offenders
and public notification of private and personal information regarding registered sex offenders.
Under Texas law, the owners of single-family homes and real estate licensees are not required to
disclose to potential buyers or tenants any information about registered sex offenders living in the
area where a property is located.
Listing Agreement ANSW✅✅a contract between a real estate broker (and any agent
representatives, acting in the broker's name) and a seller or sellers of real property. This kind of
contract gives the broker the right to offer the property for sale.
The following are elements that will be found in nearly every kind of listing agreement:
ANSW✅✅-The term of the listing
-The listed price of the property
-The broker's commission and broker fees
-The broker's scope of authority
Express Contract ANSW✅✅all the involved parties to the contract normally state the conditions
and terms of the contract in either a very formal or informal way, and it may be either in writing or
verbal.
Implied Contract ANSW✅✅This type of contract is brought about by the intentions, relationships,
and the actions of all the parties that are involved in the "agreement".
Can I recover Commission? ANSW✅✅A person may not maintain an action in this state to recover
a commission for the sale or purchase of real estate unless the promise or agreement on which the
action is based, or a memorandum, is in writing and signed by the party against whom the action is
brought or by a person authorized by that party to sign the document
Exclusive Listing ANSW✅✅the broker still could be denied commission if the seller produces their
own buyer under some types of exclusive listings.
, Exclusive Right-to-Sell Listing ANSW✅✅Under this listing arrangement, the broker employed is
entitled to a commission no matter who sells the property during the listing period. (Even the Seller)
Where does seller Agency Begin? ANSW✅✅The listing contract is where seller's agency begins.
Exclusive Seller Agency ANSW✅✅a brokerage that only represents sellers.
What is the term for a transaction in which licensees from the same brokerage represent both the
buyer and seller? ANSW✅✅In-house sale
What Is a Subagent for the Seller ANSW✅✅A subagent for the seller is usually a broker from
another brokerage who has agreed to help the seller's broker in a transaction, commonly by
providing limited assistance to the buyer. A subagent for the seller is a broker who is working with,
rather than for, a buyer.
Creation of Subagency ANSW✅✅A subagency relationship can be created by a formal contractual
agreement or it can be implied that a subagency relationship was created, if the actions and
statements of the brokers involved support this.
Seller's Disclosure ANSW✅✅An important piece of paperwork necessary to close the real estate
transaction is the seller's disclosure. The seller's disclosure is the document which states all of the
material facts about the property that may reduce its value.
"Buyer Beware." ANSW✅✅Historically real estate sales were performed under the concept of
caveat emptor or "buyer beware."
Buyer's Window to Respond ANSW✅✅Once the buyer receives the seller's disclosure they have
five business days to revoke the offer.
A seller's disclosure is not required if: ANSW✅✅-This is the sale of a new (never been occupied)
dwelling.
-The sale is done by a financial institution that acquired the property in a deal to avoid foreclosure.
-The seller is a court appointee and not the owner.
-The seller is a governmental agency.
AND ACCURATE OPTIONS
Megan's Law ANSW✅✅Megan's Law was enacted in 1996 after seven-year-old Megan Kanka was
raped and murdered by a sexual predator. Megan's Law requires the registration of sex offenders
and public notification of private and personal information regarding registered sex offenders.
Under Texas law, the owners of single-family homes and real estate licensees are not required to
disclose to potential buyers or tenants any information about registered sex offenders living in the
area where a property is located.
Listing Agreement ANSW✅✅a contract between a real estate broker (and any agent
representatives, acting in the broker's name) and a seller or sellers of real property. This kind of
contract gives the broker the right to offer the property for sale.
The following are elements that will be found in nearly every kind of listing agreement:
ANSW✅✅-The term of the listing
-The listed price of the property
-The broker's commission and broker fees
-The broker's scope of authority
Express Contract ANSW✅✅all the involved parties to the contract normally state the conditions
and terms of the contract in either a very formal or informal way, and it may be either in writing or
verbal.
Implied Contract ANSW✅✅This type of contract is brought about by the intentions, relationships,
and the actions of all the parties that are involved in the "agreement".
Can I recover Commission? ANSW✅✅A person may not maintain an action in this state to recover
a commission for the sale or purchase of real estate unless the promise or agreement on which the
action is based, or a memorandum, is in writing and signed by the party against whom the action is
brought or by a person authorized by that party to sign the document
Exclusive Listing ANSW✅✅the broker still could be denied commission if the seller produces their
own buyer under some types of exclusive listings.
, Exclusive Right-to-Sell Listing ANSW✅✅Under this listing arrangement, the broker employed is
entitled to a commission no matter who sells the property during the listing period. (Even the Seller)
Where does seller Agency Begin? ANSW✅✅The listing contract is where seller's agency begins.
Exclusive Seller Agency ANSW✅✅a brokerage that only represents sellers.
What is the term for a transaction in which licensees from the same brokerage represent both the
buyer and seller? ANSW✅✅In-house sale
What Is a Subagent for the Seller ANSW✅✅A subagent for the seller is usually a broker from
another brokerage who has agreed to help the seller's broker in a transaction, commonly by
providing limited assistance to the buyer. A subagent for the seller is a broker who is working with,
rather than for, a buyer.
Creation of Subagency ANSW✅✅A subagency relationship can be created by a formal contractual
agreement or it can be implied that a subagency relationship was created, if the actions and
statements of the brokers involved support this.
Seller's Disclosure ANSW✅✅An important piece of paperwork necessary to close the real estate
transaction is the seller's disclosure. The seller's disclosure is the document which states all of the
material facts about the property that may reduce its value.
"Buyer Beware." ANSW✅✅Historically real estate sales were performed under the concept of
caveat emptor or "buyer beware."
Buyer's Window to Respond ANSW✅✅Once the buyer receives the seller's disclosure they have
five business days to revoke the offer.
A seller's disclosure is not required if: ANSW✅✅-This is the sale of a new (never been occupied)
dwelling.
-The sale is done by a financial institution that acquired the property in a deal to avoid foreclosure.
-The seller is a court appointee and not the owner.
-The seller is a governmental agency.
