In Texas we must use _____ instead of Dual Agency - Answer- intermediary
Broker bob will appoint sue to represent the seller and bill to represent the
... [Show More] buyer. This is called: - Answer- Intermediary with appointments
To appoint or not is at the discretion as: - Answer- The broker
Appointed associates will give advice and opinions (negotiate) to their respective parties this appointment process: - Answer- Intermediary relationship notice
What are some benefits of seller agency - Answer- MLS, negotiations and qualifying buyers
What is agency? - Answer- Agency relationship exists when one person (the agent) acts for or on behalf of another person, the principal
What is the purpose of TRELA - Answer- To protect the public against unscrupulous brokers and sales agents
Customer - Answer- Initial relationship with all potential buyers and sellers is a customer until he or she enters into an agency agreement
Cooperative broker - Answer- A broker selling the listing of another broker. A cooperative broker may complete the transaction as a subagent of the listing broker, or may represent the buyers under an agency agreement; he also known as the other broker
Refers to the fact that the agent should be paid on the completion of the agency - Answer- Compensation
This means that the principal will Protect the agent from suffering a loss due to agents reliance on information received from the principal - Answer- Indemnification
Most desirable method of creating an agency relationship with a buyer, seller, landlord, or tenant is to do so in: - Answer- Writing
Written listing agreement or buyer representation agreement is evidence that the agency relationship exists and provides the agent with: - Answer- Express authority
______ are held to the highest amount of good faith, are required to exclude all selfish interest and make full disclosure of all relevant facts - Answer- Fiduciaries
One common example of a general agent in real estate is: - Answer- Property manager
One of the fiduciary duties is ______ , an agent is obligated to follow all of the lawful instructions of a client - Answer- Obedience
An agent has has a duty of full disclosure of all information relating to the property and other parties in the transaction: - Answer- Disclosure
When a broker spends his or her clients fund without authorization, a very serious offense called: - Answer- Conversion
When one firm sells a property listed by another to a buyer they are not representing, the selling firm represents the seller as a: - Answer- Subagency relationship
How can agency be terminated? - Answer- When purpose of agency is completed, at any time by mutual agreement and bankruptcy of either party
The duty of _____ lasts forever unless the broker is required by law or a court order to disclose the information - Answer- Confidentiality
TREC'S advertising rules state do not use misleading: - Answer- Brokerage
The brokers logo does not generally count as the brokers name unless it contains: - Answer- Either the brokers licensed name or assumed business name in full and the printed name is 1/2 the size of the largest contact information in the ad
In Texas, most sellers prepare a ___ ___ _ ___ ___, and the seller is responsible for its accuracy. - Answer- Sellers disclosure notice
A property is _______ when some adverse event occurs on site, or people believe that the past event or condition affects it - Answer- Stigmatized
Some buyers will decide against buying a property in which anyone has: - Answer- Died on the property
Requirements of a valid listing agreement include: - Answer- -The signatures of all of the owners and the listing agent
-A legal description of the property, including the street address
-A definite starting (commencement) and ending (termination) date
-The agreement to pay a stated commission (compensation) to the broker, usually a percentage of the sales price
The ______ gives the seller the right to list the property with multiple competing brokers and to sell the property personally without liability for payment of a commission - Answer- Open listing
Real estate brokers recommend this listing, which grants an ________ the property during the listing term - Answer- Exclusive right to sell
Under a _______ the seller establishes a minimum net amount for his/her proceeds at closing - Answer- Net listing
The agent should use data from sales that have closed within the last: - Answer- 6 months
Subagency tends to show up more often in: - Answer- Rural communities
All listing agreements must have a definite ______ date. - Answer- termination
The duties known as OLDCAR apply in all states, and understanding these duties establishes - Answer- Agent's credibility and competitive standing in the marketplace
Regardless of representation, all buyers should be provided with a(n) _______ disclosure of representation at first contact. - Answer- oral, written, email
Agents duties to customers include: - Answer- Disclosure of all material facts that he knows or should be expected to know that materially affect the value of property
Any attempt by a group of brokers to set the commission rates in their area or between a group of brokerage firms would be considered: - Answ [Show Less]