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Aceable Law of Agency Exam Review, Verified Solution Here are the four major types of agency acts: Listing Buying Leasing Property Management TREC's purpose is to regulate educational and licensing programs that maintain standards AND interpret legislation that affects the real estate profession — primarily the Texas Real Estate License Act (TRELA). Integrity Satisfy to the commission (TREC) that the candidate meets and exceeds their character standards (honesty, trustworthiness, a...

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10 pages

Written in 2023/2024

Grade A+

ACADEMICLIBRARY

Law of Agency Bundled Exams with Complete Solution | Expert Verified 2024 | Guaranteed Success

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12 items

AmazingGrace

Here are the four major types of agency acts: Listing Buying Leasing Property Management TREC's purpose is to regulate educational and licensing programs that maintain standards AND interpret legislation that affects the real estate profession — primarily the Texas Real Estate License Act (TRELA). Integrity Satisfy to the commission (TREC) that the candidate meets and exceeds their character standards (honesty, trustworthiness, and integrity). Competence Demonstrate competence by pas...

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25 pages

Written in 2023/2024

Grade A+

AmazingGrace

Aceable Law of Agency Exam Review, Verified Solution Here are the four major types of agency acts: Listing Buying Leasing Property Management TREC's purpose is to regulate educational and licensing programs that maintain standards AND interpret legislation that affects the real estate profession — primarily the Texas Real Estate License Act (TRELA). Integrity Satisfy to the commission (TREC) that the candidate meets and exceeds their character standards (honesty, trustworthiness, a...

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10 pages

Written in 2023/2024

Grade A+

MASTERINGNURSE3

Aceable Law of Agency Review Questions & Answers 100% Correct! Aceable Law of Agency Review Questions & Answers 100% Correct! Aceable Law of Agency Review Questions & Answers 100% Correct! Aceable Law of Agency Review Questions & Answers 100% Correct! Aceable Law of Agency Review Questions & Answers 100% Correct! Aceable Law of Agency Review Questions & Answers 100% Correct! Aceable Law of Agency Review Questions & Answers 100% Correct! Aceable Law of Agency Re...

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11 pages

Written in 2023/2024

Grade A+

papersmaster01

Here are the four major types of agency acts: - ANSWERSListing Buying Leasing Property Management TREC's purpose is to - ANSWERSregulate educational and licensing programs that maintain standards AND interpret legislation that affects the real estate profession — primarily the Texas Real Estate License Act (TRELA). Integrity - ANSWERSSatisfy to the commission (TREC) that the candidate meets and exceeds their character standards (honesty, trustworthiness, and integrity). Competen...

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11 pages

Written in 2023/2024

Grade A+

papersmaster01

Laws - Answer rules that are enforced by a local, state, or federal government authority to help create order in society by establishing a "social contract" between citizens and the government Ethics - Answer standards of conduct agreed upon and recognized by a particular group or culture We behave ethically, however, because it is the right thing to do, whether by society's standards, or by the standards of our industry, or by the standards of whatever group we belong to. Ethics de...

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6 pages

Written in 2023/2024

Grade A+

TestSolver9

Agency - Answer Relationship between a client and a broker Express Agency - Answer Agency created by a specific agreement Implied Agency - Answer Created when an agent is given permission to act on behalf a client through conduct or communication, but the permission is not established orally or in writing. Does not have to be an action, but can be a statement that leads the principal to believe that the license holder is their agent. Agency by Ratification - Answer Created w...

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2 pages

Written in 2023/2024

Grade A+

TestSolver9

Public Land-Use Controls Private Land-Use Controls Public Ownership of Land - Answer Name the 3 types of Land us Controls Public Land-Use Controls - Answer government-issued land-use controls such as zoning ordinances, subdivision regulations, and building codes. Private Land-Use Controls - Answer Land-use controls that are put into place by non-government entities, such as real estate developers -most commonly, these come in the form of deed restrictions. Public Ownership o...

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9 pages

Written in 2023/2024

Grade A+

TestSolver9

Texas Real Estate License Act (TRELA) - Answer A law that governs the licensing, education, and activities of real estate license holders practicing brokerage in this state Texas Real Estate Commission (TREC) - Answer A group of nine people appointed by the governor and confirmed by the state senate that are to set policy and rules from the real estate license act Broker - Answer Someone who assists in buying and selling to receive a commission Sales Agent - Answer A person who ...

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2 pages

Written in 2023/2024

Grade A+

TestSolver9

Which unities are required by joint tenancy? - Answer possession, interest, time, and title When a person owns a tract of earth, improvements, and the full bundle of rights associated with their property, they can be said to own: - Answer real property Which one of these situations would title insurance protect against? - Answer After purchasing a home and living in it, Terrence is contacted by the heir of a deceased former owner. The starting point for a metes and bounds legal...

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6 pages

Written in 2023/2024

Grade A+

TestSolver9

TEXAS REAL ESTATE LICENSE ACT (TRELA) 1939 - Answer Who was the first legislation created to govern the real estate profession in Texas? TEXAS REAL ESTATE COMMISSION (TREC) 1949 - Answer Which commission was created to enforce TRELA (it's main purpose)? Also regulates educational and licensing programs that maintain standards AND interprets legislation that effects the real estate profession, but these are not it's main function. 1. INSPECTORS 2. EASEMENT/RIGHT OF WAY AGENTS 3. EDU...

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10 pages

Written in 2023/2024

Grade A+

TestSolver9

Estate - Answer Describes what type of ownership an owner has in the property - which of the rights come in their specific bundle. A person has an estate when... - Answer they hold a possessory interest in real property. Three basic types of freehold estates: - Answer 1. Fee simple estate 2. Qualified fee estate (broken into fee simple determinable and fee on condition) 3. Life estate Freehold Estate - Answer The individual with the interest has some degree of ownership for an...

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4 pages

Written in 2023/2024

Grade A+

TestSolver9

If a salesperson has no interest in opening their own brokerage, why might they still want to get a broker's license? - Answer for marketing purposes How often must a real estate license be renewed? - Answer A real estate license must be renewed every two years. What is the name given to the duties owed by agents to their clients? - Answer The duties owed by agents to their clients are known as fiduciary duties. OLD CAR - Answer Obedience (if legal) Loyalty (100%) - Answer ...

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78 pages

Written in 2023/2024

Grade A+

TestSolver9

Severalty - Answer Ownership of real property by one person only, also called sole ownership. One entity - Answer Is a Corporation a group of entities or one entity? Co-ownership - Answer Title ownership held by two or more persons. Tenancy in Common Joint Tenancy Tenancy by the entirety - Answer 3 types of co-ownership Trust - Answer Legal entity where control of some asset or property is transferred by a grantor/trustor to a third party trustee to be held for the ...

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9 pages

Written in 2023/2024

Grade A+

TestSolver9

Contract -Answer A legally binding and enforceable agreement to do or not to do a specific thing Performance Agreement -Answer Part of a contract that requires the contracting parties either to perform certain actions or to uphold certain contractual promises Forbearance Agreement -Answer Part of a contract that requires one or more of the contracting parties to refrain from actions they are otherwise legally entitled to perform Bilateral Contract -Answer An agreement in whi...

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2 pages

Written in 2023/2024

Grade A+

TestSolver9

C. client - Answer A real estate agent works exclusively with buyers. They have chosen a specialization that focuses on the: A. geographical area B. commission split C. client D. property type C. sales prices are more negotiable for buyers - Answer Which of the following describes a buyers market? A. It's likely a seller can easily sell a home for more than the listing price B. Sellers are less likely to have to pay for closing costs C. Sales prices are more negotiable for buyers ...

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140 pages

Written in 2023/2024

Grade A+

TestSolver9

Square footage - Answer Length x Width Price per square foot - Answer Asking price ÷ Total square footage Asking price - Answer Total square footage x Price per square foot Volume - Answer Length x Width x Height Solving for acerage - Answer Total square footage ÷ 43,560 square foot per acre Trianangular lots - Answer 1/2 x Base x Height Total - Answer Part ÷ Percentage Part - Answer Total x Percentage Percentage - Answer Part ÷ Total Annual inter...

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3 pages

Written in 2023/2024

Grade A+

TestSolver9

Severalty - Answer The property has only one owner, whether that is a person, corporation, or other legal entity. ("Severed" from all other owners) Undivided interest - Answer A type of interest that gives each co-owner the right of possession of the whole property, not simply a portion of it Right of Survivorship - Answer The statutory principle of survivorship tenancy, which means that when one co-owner dies, their ownership interest reverts to the surviving co-owner(s) Without ...

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10 pages

Written in 2023/2024

Grade A+

TestSolver9

When Brandon's listing agent pointed out the moisture stains in the corner of his basement, Brandon said that he'd repaint that area. He asked his agent not to mention to potential buyers that the basement can flood during spring rains. Does Brandon have a duty of obedience to his client in this situation? - Answer No, because the duty to obey does not apply if the request is unethical Which of these is the principle that a client or customer is must understand and agree to certain actio...

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6 pages

Written in 2023/2024

Grade A+

TestSolver9