Aceable Law of Agency Review Exam Questions with 100% Correct Answers

Aceable Law of Agency Review Exam Questions with 100% Correct Answers Here are the four major types of agency acts: - answerListing Buying Leasing Property Management TREC's purpose is to - answerregulate 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 - answerSatisfy to the commission (TREC) that the candidate meets and exceeds their character standards (honesty, trustworthiness, and integrity). Competence - answerDemonstrate competence by passing the licensing exam. Broker: - answerAn individual licensed by TREC to perform brokerage duties; sponsors sales agents to represent clients on their behalf Sales agent: - answerAn individual holding a sales agent license from TREC who is sponsored by a broker License holder - answerA broker or a sales agent licensed by TREC REALTOR - answerA licensed sales agent who is a member of the National Association of REALTORS®. Brokers are - answerliable for all sponsored actions committed by their sales agents. Sales agents represent - answertheir broker in all transactions in real estate dealings and transactions. Listing Agent: - answerA broker representing a seller in a real estate transaction, a.k.a. seller's agent, seller's broker, or listing broker Buyer's Agent: - answerA broker representing a buyer in a real estate transaction, a.k.a. selling agent, buyer's broker, or selling broker Tenant's Agent - answerA broker representing a tenant in a real estate transaction Landlord's Agent: - answerA broker representing a landlord in a real estate transaction Principal - answerThe major parties of the transaction (the buyer and seller or landlord and tenant) or a party who has authorized an agent to represent them Client (principal) - answerAnyone who has an agency relationship with you or your broker is your client Customer - answerA party to the transaction who has an agency relationship with another license holder Third Party - answerAll non-client parties to a transaction, including real estate professionals Types of Principles: - answerSeller: Party seeking to sell their property in a real estate transaction Buyer: Party seeking to buy property in a real estate transaction Tenant: Party who occupies land or property rented from a landlord Landlord: Party who rents land or property to a tenant Client Vs Customer: - answerA broker/agent works for a client. A broker/agent works with a customer. Agency relationships require the consent of both parties (client and agent), which can be demonstrated by one of three methods: - answerWritten agreement Oral agreement Action Agency relationships are - answerfiduciary relationships; The client's interest must always come first. the principal authorizes: - answerthe agent to represent their interests. The fiduciary duties (OLD CAR) - answerobedience, loyalty, disclosure, confidentiality, accounting, and reasonable care Real estate brokerage - answeris a type of agency Express Authority - answerwhen a client has given an agent explicit permission for an actio