A FIDUCIARY RELATIONSHIP
A RELATIONSHIP
WHERE THE AGENT ACTS ON BEHALF OF THE CLIENT
A COOPERATIVE BROKER
SELLS THE LISTING OF ANOTHER
... [Show More] BROKER
UNSCRUPULOUS LICENSE HOLDERS
THE TEXAS REAL ESTATE COMMISSION'S MAIN PURPOSE IS TO PROTECT THE PUBLIC FROM
AGENCY
AN AGENCY RELATIONSHIP EXISTS WHEN ONE PERSON ACTS FOR OR ON BEHALF OF ANOTHER PERSON.
The licensee did not know of the falsity of the misrepresentation
The amendments in 1996 to the License Act state that an agent is not liable for a misrepresentation or concealment of material fact by a party if:
PRINCIPALS HAVE DUTIES TO THEIR AGENTS
COMPENSATION
REIMBURSEMENT
INDEMNIFICATION
PERFORMANCE
THE COMMISSION MAY SUSPEND OR REVOKE A LICENSE
ACTS NEGLIGENTLY OR INCOMPETENTLY AND FAILS WITHIN A REASONABLE TIME TO PROPERLY ACCOUNT FOR OR REMIT OF MONEY THAT IS RECEIVED BY THE LICENSE HOLDER.
Public Responsibility
Honesty
Integrity
Fairness
Disclosure of material facts
Accounting of funds held
Fiduciary Responsibility
Put the interest of the of the client first
Give full disclosure
Exhibit trust and honesty
Exercise good business judgement
Be loyal
Be competent
Indemnification
MEANS THAT THE PRINCIPAL WILL PROTECT THE AGENT FROM SUFFERING A MONETARY LOSS DUE TO THE AGENT'S RELIANCE ON INFORMATION RECEIVED FROM THE PRINCIPAL.
WRITING
THE MOST DESIRABLE METHOD OF CREATING AN AGENCY RELATIONSHIP WITH A BUYER, SELLER, LANDLORD, OR TENANT.
Agency of Estoppel
A PRINCIPAL INADEQUATELY SUPERVISES AN AGENT. THE AGENT TAKES ON POWERS THAT GO BEYOND THE SCOPE OF AUTHORITY GIVEN BY THE PRINCIPAL (EXCEEDS AUTHORITY)
EXPRESS AUTHORITY
A WRITTEN LISTING AGREEMENT OR BUYER REPRESENTATION AGREEMENT IS EVIDENCE THAT THE AGENCY RELATIONSHIP EXISTS, AND PROVIDES THE AGENT WITH
Agency Authority
The Agent's authority to act on behalf of someone else, usually an insurer. This authority is derived from the agent's contract with the insurer.
IMPLIED AUTHORITY
IS THE NORM OR WHAT IS CONSIDERED CUSTOMARY IN THE BUSINESS.
FIDUCIARIES
ARE HELD TO THE HIGHEST AMOUNT OF GOOD FAITH, ARE REQUIRED TO EXCLUDE SELFISH INTEREST, MAKE FULL DISCLOSURE OF ALL RELEVANT FACTS.
A COMMON EXAMPLE OF A GENERAL AGENT
IS A PROPERTY MANAGER
SPECIAL AGENCY
RELATIONSHIP IS THE MOST LIMITED OF ALL THE AGENCY RELATIONSHIPS. MAY PREFORM ONLY LIMITED DUTIES.
Special Agency Relationship With their principals
Seller's agent
Buyers agent
Landlord's agent
Tenant's agent
OBEDIENCE
MEANS TO FOLLOW ALL OF THE LAWFUL INSTRUCTIONS OF A CLIENT.
LOYALTY
PUTTING THE INTERESTS OF A CLIENT 1ST
INTERMEDIARY
IS NOT DUAL AGENY. MANY STATES USE DUAL AGENCY. WE USE INTERMEDIARY TO ADDRESS THE SAME ISSUES.
CONVERSION
OCCURS WHEN A BROKER SPENDS HIS OR HER CLIENT'S FUNDS WITHOUT AUTHORIZATION.
A BUYER
CAN ENTER INTO MULTIPLE BUYER REP AGREEMENTS SO LONG AS THE MARKET AREA DOES NOT OVERLAP.
A SUBAGENT
LOOK AT A LISTING IN MLS YOU WILL SEE IF SUBAGENCY IS ALLOWED ON THAT LISTING. IF SO, YOU WILL BE PAID. MLS WILL DISPLAY THE COMMISSION TO BE PAID TO A BUYERS AGENT AND WHAT WILL BE PAID
TO SECURE THE BUYERS AS CLIENTS
THE GOAL OF PROSPECTING FOR BUYERS IS
AGENCY MAY TERMINATE BY
COMING TO THE END OF THE PERIOD STATED IN THE LISTING AGREEMENT. THIS IS CALLED EXPIRATION.
MUTUAL AGREEMENT
BANKRUPTCY OF EITHER PARTY
CONFIDENTIALITY
IS A DUTY THAT SURVIVES TERMINATION OF AGENCY.
TEAMS MAY NOT USE
THE WORDS COMPANY, BROKERAGE, OR ASSOCIATES IN THEIR TEAM NAMES. THESE ARE CONSIDERED MISLEADING FOR A TEAM TO USE.
AN ADVERTISEMENT
MUST CONTAIN THE LICENSE HOLDER'S OR TEAMS NAME AND THE BROKER'S NAME IN AT LEAST ½ THE SIZE OF THE LARGEST CONTACT INFORMATION.
THE SELLER
IS RESPONSIBLE FOR THE ACCURACY OF THE SELLER'S DISCLOSURE NOTICE.
A STIGMATIZED PROPERTY
IS ONE THAT HAD SOME ADVERSE EVENT OCCUR ON-SITE.
DEATH ON A PROPERTY DUE TO MURDER OR DUE TO SUICIDE
MAY MAKE A PROPERTY STIGMATIZED.
HAUNTING
IS NOT ADDRESSED IN THE SELLER'S DISCLOSURE [Show Less]