CHAMPIONS LAW AGENCY

CHAMPIONS LAW AGENCY If a broker has more than one place of business, a branch - ANSWERoffice license is required for each location. It is not necessary to have a licensed broker at each location. How can a broker terminate a sales agent? - ANSWERit must be done in writing, and the license must be returned to the Texas Real Estate Commission immediately How can a sales agent terminate with a broker? - ANSWERit must be done in writing The Texas Real Estate Commissions main focus is to... - ANSWERprotect the public Is price fixing and/or standardize commission a violation of federal anti trust laws? - ANSWERYes, can not be done. How are disputes between brokers and sales agents solved? - ANSWERThrough mediation, arbitration or the courts. The individual remains a customer until he or she enters into an - ANSWERagency agreement. A seller becomes a client by entering into a listing agreement with the __________ - ANSWERbroker. A buyer becomes a client by entering into a ___________________________ with the broker. - ANSWERa buyer representation agreement A person licensed by the Texas Real Estate Commission (TREC) to act as a broker or sales agent in a real estate transaction. - ANSWERLicense holder (1) A broker who represents a seller, landlord, buyer or tenant. (2) Sales agent or broker license holders who represent the broker with whom they are associated. - ANSWERAgent A license holder not associated with the seller's broker, but who is representing the seller through a cooperative agreement, often through membership in a Multiple Listing Service (MLS), with the seller's broker. - ANSWERSubagent A broker selling the listing of another broker. - ANSWERCooperative Broker An individual holding a broker's license issued by TREC - ANSWERBroker license holder An individual holding a license issued by TREC - an agent of the sponsoring broker. - ANSWERSales agent license holder A broker associated with and conducting all of his or her business as an agent of another broker. - ANSWERBroker Associate A sales agent or broker license holder associated with and conducting business as an agent of his or her sponsoring broker. - ANSWERSales Associate A broker representing the SELLER in a real estate transaction, also referred to as a SELLER'S Broker, Listing Broker, or Listing Agent. - ANSWERSeller's Agent A broker representing the BUYER in a real estate transaction, also referred to as a BUYER'S Broker, Selling Broker, or Selling Agent. - ANSWERBuyer's Agent A broker representing a LANDLORD in a real estate transaction - ANSWERLandlord's Agent A broker representing a TENANT in a real estate transaction - ANSWERTenant's Agent A person who receives limited brokerage services without establishing an agency relationship. - ANSWERCustomer License holders have two levels of responsibility: - ANSWER1. Public responsibility 2. Fiduciary responsibility What are the duties to customers as PUBLIC RESPONSIBILITY? - ANSWERa. Honesty b. Disclosure of material facts c. Handle all funds with care d. Be responsible for written or oral statements What are the duties to customers as FIDUCIARY RESPONSIBILITY? - ANSWERa. Put the interests of the client first b. Give full disclosure to the client (advice and opinions in addition to disclosing all pertinent facts - both material and other) c. Exhibit trust and honesty d. Exercise good business judgment e. Be loyal to the principal f. Be competent What is the acronym for the Duties of Principal to Agent? - ANSWERCRIP What are the duties or responsibilities a Principal has to an agent? - ANSWER• Compensation • Reimbursement • Indemnification • Performance _____________ refers to the fact that the agent should be paid on completion of the agency. - ANSWERCompensation ___________________ refers to the fact that the agent should be reimbursed by the principal for expenses incurred on behalf of the principal, above and beyond the expenses related to the sale itself. - ANSWERReimbursement ________________ means that the principal will protect the agent from suffering a loss due to the agent's reliance on information received from the principal. - ANSWERIndemnification ____________________ means the principal is expected to perform as promised in the agency agreement. - ANSWERPerformance What are reasons to study agency? - ANSWER• Compliance with state law and Commission rules. • A new license holder is an agent of his or her broker. • Growing public awareness of the duties of a license holder. • License requirements. • Professionalism. • A more "open" marketplace of information and ratings. _______________ is the relationship the agent has with his or her principal, or his or her broker - ANSWERAgency The agent who lists a seller's property for sale is called the __________________ - ANSWER"listing agent" The agent for the buyer is called ______________ - ANSWER"the buyer's agent." When in a cooperative sale, the buyer's agent is also known as - ANSWERthe cooperating agent because the buyer's agent cooperated in the sale with the listing agent. In a real estate office, the agents refer to the buyer's agent as the ___________________ - ANSWER"selling agent" The _______________ makes it illegal to practice any act of real estate brokerage without a license. - ANSWERTexas Real Estate License Act(TRELA) Section 1101.651 of the License Act lists _______________ specific violations that can result in the suspension or revocation of a real estate license. - ANSWER30 The License Act provides for two types of licenses to be issued, a _______________ and a _______________. - ANSWERBrokers License Sales Agent License