Law of Agency

Law of Agency - Answer A body of laws that govern the relationship between a principal and his/her agent. It defines the rights and duties of the parties in a real estate transaction. These laws are based on common law. Definition - Answer Agency is the relationship between a principal and an agent who acts for the principal within the specified authority granted by the principal. The principal is entitled to rely on the agent, who places the principal's interests above those o...

The practice of several brokers agreeing to all charge the same amount of commission is called a. allocation of clients b. good business c. boycotting d. price-fixing - Answer d. price-fixing Information About Brokerage Services must be given to potential buyers, sellers, tenants, and landlords at the: a. time of first meeting b. after the listing is taken c. at the closing d. first substantive dialogue about a property - Answer Wrong b. after the listing is ta...

Agent Clark is working with seller Jean to sell her property. Agent Clark used to go to college with Buyer agent Sally. Clark and Sally meet up for lunch one day, and Clark tells Sally his seller is willing to accept less than the listed price. What is TRUE of this situation? - Answer Clark has violated his duty of loyalty and confidentiality to his client. All of the following are TRUE about the Information About Broker Services (IABS) form EXCEPT: - Answer It needs to be given f...

The TREC residential contract forms are: - Answer Drafted by the Broker Lawyer Committee Wrongful or criminal deception intended to result in financial or personal gain is called: - Answer fraud Under the Deceptive Trade Practices Act, __________ are defined as tangible chattels. - Answer goods If a seller will continue to occupy the property for one month after the closing, the buyer and seller should: - Answer Enter into a Seller's Temporary Residential Leas...

Wrongful or criminal deception intended to result in financial or personal gain is called: - Answer fraud The Buyer and Seller Temporary Residential Lease forms may be used for a lease period not to exceed: - Answer 90 days __________ extend above the surface without limitation. - Answer air rights An example(s) of an appurtenance would be: - Answer easements There is no upper limit on the value of a Texas homestead. - Answer true A(n) __________ is o...