Laws of Agency Champions Texas Real Estate 2025 REAL EXAM
Study online at https://quizlet.com/_hm0kua
Fiduciary A relationship based on trust
Agency A relationship between two parties
A person who receives limited brokerage
Customer services without establishing an agency
relationship/Also known as 3rd party.
Also known as the principal who en-
gages the professional advice or ser-
vices of another, called an agent, and
whose interests are protected by the
Client
speci c duties and loyalties of an agency
relationship. Many of these duties are
outlined in a listing or buyer/tenant rep-
resentation agreement
Act that makes it illegal to practice any
act of real estate brokerage without a Texas Real Estate License Act
license?
When one person, the agent, acts for or
agency relationship on behalf of another person, the princi-
pal, who is also known as the client.
the one who hires and gives authority to
principal
the agent
A broker who represents a seller, land-
lord, buyer or tenant. (2) Sales agent or
Agent
broker license holders who represent the
broker with whom they are associated
Was passed 1939. Created to enforce
and administer the act in 1949. The pur-
Texas Real Estate License Act (TRELA) pose of the Act is to protect the public
against unscrupulous brokers and sales
agents.
Two types of licenses Broker/Sales Agent
If a broker has more than one place of branch office license is required for
business...What is required for each of- each location/not necessary to have a
fice? licensed broker at each location
, Laws of Agency Champions Texas Real Estate 2025 REAL EXAM
Study online at https://quizlet.com/_hm0kua
Federal law dictates that com-
missions are a matter of Negotiations
__________________________
When dealing with a customer, the
disclosure, honesty, fairness and compe-
broker has duties of
tency
____________________________________________.
A seller becomes a client by entering
into a ___________________ with the listing agreement
broker
A buyer becomes a client by entering
into a ___________________________ buyer representation
agreement with the broker.
A person licensed by the Texas Real
Estate Commission (TREC) to act as a
License holder
broker or sales agent in a real estate
transaction.
A license holder not associated with the
seller's broker, but who is representing
the seller through a cooperative agree-
Subagent
ment, often through membership in a
Multiple Listing Service (MLS), with the
seller's broker.
A broker selling the listing of another
broker. A cooperative broker may com-
plete the transaction as a subagent of
Cooperative Broker
the listing broker, or may represent the
buyers under an agency agreement; he
also known as the other broker
An individual holding a broker's license
issued by TREC. Brokers may act in-
dependently in conducting real estate
Broker license holder transactions, or may engage other broker
or sales agent license holders to repre-
sent them in the conduct of their real
estate business
, Laws of Agency Champions Texas Real Estate 2025 REAL EXAM
Study online at https://quizlet.com/_hm0kua
An individual holding a license issued by
TREC an agent of the sponsoring broker.
Sales agent license holder
He or she may conduct business only
through his or her sponsoring broker
A broker associated with and conducting
Broker Associate all of his or her business as an agent of
another broker
A sales agent or broker license holder
associated with and conducting business
Sales Associate
as an agent of his or her sponsoring bro-
ker
A broker representing the seller in a real
estate transaction, also referred to as a
Seller's Agent
Seller's Broker, Listing Broker, or Listing
Agent
A broker representing the buyer in a real
estate transaction, also referred to as a
Buyer's Agent
Buyer's Broker, Selling Broker, or Selling
Agent.
A broker representing a landlord in a real
Landlord's Agent
estate transaction
A broker representing a tenant in a real
Tenant's Agent
estate transaction
License holders have two levels of re-
Public/Fiduciary
sponsibility
a. Honesty
b. Disclosure of material facts
Duties to Customer c. Handle all funds with care
d. Be responsible for written or oral state-
ments
a. Put the interests of the client rst
b. Give full disclosure to the client (advice
and opinions in addition to disclosing all
Duties to Client
pertinent facts - both material and other)
c. Exhibit trust and honesty
d. Exercise good business judgment
Study online at https://quizlet.com/_hm0kua
Fiduciary A relationship based on trust
Agency A relationship between two parties
A person who receives limited brokerage
Customer services without establishing an agency
relationship/Also known as 3rd party.
Also known as the principal who en-
gages the professional advice or ser-
vices of another, called an agent, and
whose interests are protected by the
Client
speci c duties and loyalties of an agency
relationship. Many of these duties are
outlined in a listing or buyer/tenant rep-
resentation agreement
Act that makes it illegal to practice any
act of real estate brokerage without a Texas Real Estate License Act
license?
When one person, the agent, acts for or
agency relationship on behalf of another person, the princi-
pal, who is also known as the client.
the one who hires and gives authority to
principal
the agent
A broker who represents a seller, land-
lord, buyer or tenant. (2) Sales agent or
Agent
broker license holders who represent the
broker with whom they are associated
Was passed 1939. Created to enforce
and administer the act in 1949. The pur-
Texas Real Estate License Act (TRELA) pose of the Act is to protect the public
against unscrupulous brokers and sales
agents.
Two types of licenses Broker/Sales Agent
If a broker has more than one place of branch office license is required for
business...What is required for each of- each location/not necessary to have a
fice? licensed broker at each location
, Laws of Agency Champions Texas Real Estate 2025 REAL EXAM
Study online at https://quizlet.com/_hm0kua
Federal law dictates that com-
missions are a matter of Negotiations
__________________________
When dealing with a customer, the
disclosure, honesty, fairness and compe-
broker has duties of
tency
____________________________________________.
A seller becomes a client by entering
into a ___________________ with the listing agreement
broker
A buyer becomes a client by entering
into a ___________________________ buyer representation
agreement with the broker.
A person licensed by the Texas Real
Estate Commission (TREC) to act as a
License holder
broker or sales agent in a real estate
transaction.
A license holder not associated with the
seller's broker, but who is representing
the seller through a cooperative agree-
Subagent
ment, often through membership in a
Multiple Listing Service (MLS), with the
seller's broker.
A broker selling the listing of another
broker. A cooperative broker may com-
plete the transaction as a subagent of
Cooperative Broker
the listing broker, or may represent the
buyers under an agency agreement; he
also known as the other broker
An individual holding a broker's license
issued by TREC. Brokers may act in-
dependently in conducting real estate
Broker license holder transactions, or may engage other broker
or sales agent license holders to repre-
sent them in the conduct of their real
estate business
, Laws of Agency Champions Texas Real Estate 2025 REAL EXAM
Study online at https://quizlet.com/_hm0kua
An individual holding a license issued by
TREC an agent of the sponsoring broker.
Sales agent license holder
He or she may conduct business only
through his or her sponsoring broker
A broker associated with and conducting
Broker Associate all of his or her business as an agent of
another broker
A sales agent or broker license holder
associated with and conducting business
Sales Associate
as an agent of his or her sponsoring bro-
ker
A broker representing the seller in a real
estate transaction, also referred to as a
Seller's Agent
Seller's Broker, Listing Broker, or Listing
Agent
A broker representing the buyer in a real
estate transaction, also referred to as a
Buyer's Agent
Buyer's Broker, Selling Broker, or Selling
Agent.
A broker representing a landlord in a real
Landlord's Agent
estate transaction
A broker representing a tenant in a real
Tenant's Agent
estate transaction
License holders have two levels of re-
Public/Fiduciary
sponsibility
a. Honesty
b. Disclosure of material facts
Duties to Customer c. Handle all funds with care
d. Be responsible for written or oral state-
ments
a. Put the interests of the client rst
b. Give full disclosure to the client (advice
and opinions in addition to disclosing all
Duties to Client
pertinent facts - both material and other)
c. Exhibit trust and honesty
d. Exercise good business judgment
