fiduicary
Act for or on behalf of another person
Indemnification
protection against damage or loss
agent
based on
... [Show More] trust
Customer
A person who receives limited brokerage services without establishing an agency relationship
Client
principal
An agency relationship exist when one person, the __________, acts for or on behalf of another person, the __________.
Agent, Principal
Which of the following is grounds for suspension or revocation of a real estate license by TREC?
a. Splitting the commission with a person person other than a license holder.
b. Splitting commission with a Texas real estate license holder.
c. Disclosing a material defect of property
d. All of these
a. Splitting the commission with a person person other than a license holder.
The Commission can deny licensure to an applicant base on the applicant's __________.
Determination of fitness
Special Agency
Also known as limited agency
General agency
The right to represent the principal in a particular type of transaction or business
Express Authority
Authority that comes from specific instructions, either oral or written
Universal Agent
The power to act for the principal in all transactions.
Agency by Ratification
Established when an agent acts without prior authorization and the principal accepts it
What form must an agent provide to potential client at the first substantive discussion of a real estate transaction?
Information About Brokerage Services (IABS)
An example of a general agent in the world of real estate would be a(n)_________.
Property Manager
Which of the following would NOT be an example of the fiduciary duty of reasonable care?
a. Helping the client meet contract deadlines
b. Assisting the seller to arrive at a reasonable listing price.
c. Discovering relevant facts and disclosing these facts to the client.
d. Taking the buyer or seller out to dinner when the transaction closes.
d. Taking the buyer or seller out to dinner when the transaction closes.
In-house sale
A property sold by the listing firm
Cooperative sale
A property is sold by a firm other than the listing firm
Subagency
Created automatically with no discussion or action needed on the part of the brokerage firm.
Listing side
The seller retains the services of a broker
Selling side
The buyer retains the services of a broker
Seller Kristen meets with agent Angel and likes his plan for marketing her home. She decides to sign listing agreement with hime, thereby creating a _______ relationship.
Special agency or Limited agency
Broker Susan is representing the seller at We Sell it Fast Realty while broker Daniel from Daniels Properties is working with a buyer customer. Susan is representing the seller. Who is Daniel representing?
The seller.
In Texas, there is no _______ agency relationship with any party to transaction.
Implied
The commission charged is negotiated between the _______ and ________.
Seller and broker
Which of the following is NOT one of the 4 statutory agency relationships allowed in Texas.
a. dual
b. seller
c. buyer
d. intermediary
a. dual
Alternate Name
Also known as an alias
Team name
Used by a group of one or more licensed holders sponsored or associated with the same broker.
Assumed Business Name
Also known as DBA
Stigmatized
a property on which a past event or condition affects its sale.
Honesty
A special duty applied to license holders buying or selling property in their name. [Show Less]