Champions Law of Agency

Exam Law of Agency - Champions Questions and answers latest update

Texas Real Estate License Act (TRELA) Passed in 1939. The Texas Real Estate Commission was created to enforce and administer the act in 1949. The purpose of the Act is to protect the public against unscrupulous brokers and sales agents. Makes it illegal to practice any act of real estate brokerage without a license. Fiduciary Based on trust. Indemnification Protection against damage or loss. Means that the principal will protect the agent from suffering a loss due to the agent's relia...

Law of Agency - Champions Questions and answers latest update

This person hires an agent - correct answer The Principal The agent works on behalf of this person - correct answer the client (principal) This type of agency allows for the greatest range of authority - correct answer Universal This is provided to the agent when there is written documentation that the agency relationship exists. - correct answer Express authority This is the most limited of all the agency relationships - correct answer Special agency This type of agency...

Which of the following has the authority to suspend or revoke a Texas real estate license? TREC Which of the following is an element of a listing agreement? the agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the following a violation of independent contractor status? salesperson is told to work set hours, guaranteed a monthly minimum wage, has his licensing fees paid by the broker the TAR buyer representation agreement in or te...

Surveys are often obtained to - correct answer Partition a property Establish boundary lines Sell a portion of a larger property Real Estate Center in Texas - correct answer Was created by the Texas Legislature in the 1970s It is located on the Texas A&M university campus Collects and complies data relating to real estate matters in Texas Does not have the authority Blockbusting - correct answer Attempting to induce panic selling in a neighborhood for financial gain In real e...

brokerage - correct answer the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction; a brokerage transaction may or may not involve agency relationships The role of a property manager - correct answer Generally responsible for the day to day operations of the property, maintenance, and tenant relations How are home inspectors licensed? - correct answer Home inspectors are licensed in Texas by TREC. Real Estate Develop...