Champions (2023): Law of Agency LATEST EXAM
Study online at https://quizlet.com/_hm0l4g
TRELA Was enacted by legislation in
1939 to protect the public against unscrupulous
_________ brokers and sales agents.
The Texas Real Estate Commission was
1949
created in
Part of the licensing process is to deter-
Moral Character
mine
A broker may pay a fee to another broker
Both Compensation and Indemnification
are duties that a principal has to their agent
__________.
CRIP: Compensation, Reimbursement,
DUTIES OF PRINCIPAL TO AGENT
Indemnification, Performance
Fiduciaries are held to the highest
amount of good faith and are required to exclude
________ all selfish interests.
A property manager is an example of a
general agent
______________.
Compliance with fair housing laws
Compliance with advertising regulations
Use of promulgated forms
The broker is responsible for Compliance with regulations for disclo-
sure
Compliance with all aspects of the Texas
Real Estate License Act
Timely renewal of license
Completion of continuing education re-
quirements
The broker is not responsible for Adequate opportunities for generating in-
come
Company car, health insurance, vaca-
tion, or disability benefits
Obedience
Loyalty
Disclosure
, Champions (2023): Law of Agency LATEST EXAM
Study online at https://quizlet.com/_hm0l4g
As agents, our fiduciary duties to clients Confidentiality
are specific and can be remembered by Accounting
using the acronym OLD CAR: Reasonable Care
Obedience states that an agent will fol-
low all of the __________ instructions of lawful
a client
_______ is spending client funds without
Conversion
authorization
Substantive discussion _________ the
need to provide the Information about
Brokerage Services (IABS)
Seller Agency
In Texas, there are 4 statutory agency Buyer Agency
relationships allowed by TRELA: Subagency
Intermediary
An oral agency agreement is en-
forceable against the ____________,
broker, client
and in unenforceable against the
_____________.
If a broker learns confidential information
during a listing presentation, the broker
by _________ might be bound to keep implication
the information confidential if the broker
is unsuccessful in obtaining the listing.
The written listing agreement creates a
special agency
________________ relationship.
The relationship between the broker and
sponsored agents is a ___________ re- general agency
lationship.
Broker Bob's company, Acme Realty is a
small firm with three agents, Sue, Megan
and Bill. Agent Sue lists Seller Steve's Broker Bob
property. Who owns the listing agree-
ment?
, Champions (2023): Law of Agency LATEST EXAM
Study online at https://quizlet.com/_hm0l4g
Broker Bob's company, Acme Realty is a
small firm with three agents, Sue, Megan
and Bill. Agent Sue lists Seller Steve's
Broker Bob, Sue, Megan and Bill
property. In the firm, who has a fiduciary
duty to represent the interests of Seller
Steve?
When the purpose of the agency is com-
pleted (i.e., the property is sold).
The expiration of the time period stated
in the listing contract.
At any time by mutual agreement.
Death or incapacity of either party.
Condemnation or destruction of the
Agency relationships are terminated by property.
any of the following: Bankruptcy of either party.
Operation of law.
Revocation of the broker's license.
Abandonment by the agent.
Revocation of the agreement at any time
by the principal.
Termination of the agreement at any time
by the broker.
Agent Bill at Acme Realty negotiated
a listing agreement with Seller James.
Bill's death has no effect on the agree-
Three days later Bill unexpectedly died.
ment because he is just an agent
After Bill's death, what is the status of the
listing agreement?
Agent Megan negotiated a listing agree-
ment with Seller Sarah. Megan explained
that the firm's policy is to have listing
Not proving a definite termination date is
agreements that do not have a definite
a violation of the license act.
termination date. Listings with the firm
can be terminated only with notice from
the client. This practice is:
the listing agreements and buyer repre-
If the broker's license is revoked
sentation agreements are terminated.
Study online at https://quizlet.com/_hm0l4g
TRELA Was enacted by legislation in
1939 to protect the public against unscrupulous
_________ brokers and sales agents.
The Texas Real Estate Commission was
1949
created in
Part of the licensing process is to deter-
Moral Character
mine
A broker may pay a fee to another broker
Both Compensation and Indemnification
are duties that a principal has to their agent
__________.
CRIP: Compensation, Reimbursement,
DUTIES OF PRINCIPAL TO AGENT
Indemnification, Performance
Fiduciaries are held to the highest
amount of good faith and are required to exclude
________ all selfish interests.
A property manager is an example of a
general agent
______________.
Compliance with fair housing laws
Compliance with advertising regulations
Use of promulgated forms
The broker is responsible for Compliance with regulations for disclo-
sure
Compliance with all aspects of the Texas
Real Estate License Act
Timely renewal of license
Completion of continuing education re-
quirements
The broker is not responsible for Adequate opportunities for generating in-
come
Company car, health insurance, vaca-
tion, or disability benefits
Obedience
Loyalty
Disclosure
, Champions (2023): Law of Agency LATEST EXAM
Study online at https://quizlet.com/_hm0l4g
As agents, our fiduciary duties to clients Confidentiality
are specific and can be remembered by Accounting
using the acronym OLD CAR: Reasonable Care
Obedience states that an agent will fol-
low all of the __________ instructions of lawful
a client
_______ is spending client funds without
Conversion
authorization
Substantive discussion _________ the
need to provide the Information about
Brokerage Services (IABS)
Seller Agency
In Texas, there are 4 statutory agency Buyer Agency
relationships allowed by TRELA: Subagency
Intermediary
An oral agency agreement is en-
forceable against the ____________,
broker, client
and in unenforceable against the
_____________.
If a broker learns confidential information
during a listing presentation, the broker
by _________ might be bound to keep implication
the information confidential if the broker
is unsuccessful in obtaining the listing.
The written listing agreement creates a
special agency
________________ relationship.
The relationship between the broker and
sponsored agents is a ___________ re- general agency
lationship.
Broker Bob's company, Acme Realty is a
small firm with three agents, Sue, Megan
and Bill. Agent Sue lists Seller Steve's Broker Bob
property. Who owns the listing agree-
ment?
, Champions (2023): Law of Agency LATEST EXAM
Study online at https://quizlet.com/_hm0l4g
Broker Bob's company, Acme Realty is a
small firm with three agents, Sue, Megan
and Bill. Agent Sue lists Seller Steve's
Broker Bob, Sue, Megan and Bill
property. In the firm, who has a fiduciary
duty to represent the interests of Seller
Steve?
When the purpose of the agency is com-
pleted (i.e., the property is sold).
The expiration of the time period stated
in the listing contract.
At any time by mutual agreement.
Death or incapacity of either party.
Condemnation or destruction of the
Agency relationships are terminated by property.
any of the following: Bankruptcy of either party.
Operation of law.
Revocation of the broker's license.
Abandonment by the agent.
Revocation of the agreement at any time
by the principal.
Termination of the agreement at any time
by the broker.
Agent Bill at Acme Realty negotiated
a listing agreement with Seller James.
Bill's death has no effect on the agree-
Three days later Bill unexpectedly died.
ment because he is just an agent
After Bill's death, what is the status of the
listing agreement?
Agent Megan negotiated a listing agree-
ment with Seller Sarah. Megan explained
that the firm's policy is to have listing
Not proving a definite termination date is
agreements that do not have a definite
a violation of the license act.
termination date. Listings with the firm
can be terminated only with notice from
the client. This practice is:
the listing agreements and buyer repre-
If the broker's license is revoked
sentation agreements are terminated.
