an exemption to using the IABS form - Answer- a lease that is not more than 1 year
when on person, the agent, acts for or on behalf of another person,
... [Show More] the principal, aka the client, it is known as - Answer- an agency relationship.
if the prinicipal, client, is not cooperating with the broker's/agent's efforts to market the property, the broker - Answer- has the right to terminate an agency agreement early
an agent has a listing with a seller and has a buyer's representation agreement signed with a buyer who desires to purchase this agents listening. the agent is operating as _____________ - Answer- a non-appointed associate in an intermediary relationship. AKA intermediary with
an example of how the IRS rule on independent contractor status could be violated - Answer- your company sends out a memo that there is a mandatory sales meeting this week for agents
the IABS should be presented - Answer- when the first substantive discussion of a real estate transaction takes place
the timing of ______________ and paperwork is very important - Answer- disclosures
who has the authority to suspend/revoke a TX license - Answer- TREC has the authority
the agreement to pay a stated commission, usually a percentage of the sales price, is an elemant of _____________ - Answer- a listing agreement
IRS considers when a sales agent _________________ as violations of independent contractor status - Answer- A sales agent is told to work set hours, guaranteed a monthly minimum wage, and has his licensing fees paid by the broker. are all considered violations
the ___________________ , authorizes intermediary, authorizes the buyer to give the agent complete loyalty, and establishes an exclusive market area - Answer- the TAR buyer rep agreement
an agent is not liable for misrepresenation or concealment of material fact by a party if ___________________, is an amendment in ____________________ to the ________________? - Answer- if the license holder did not know of the falsity of the misrepresentation he/she is not liable, that was an amended in 1996 to the License Act
subagent - Answer- a license holder not associated with the client's broker, but who is representing the client through a cooperative agreement with the client's broker
a real estate brokerage firm that practices buyer agency only does not practice _________________ - Answer- intermediary
a _____________ agent has less authority than a ___________ agent - Answer- general agent has less authority than a universal agent
listings can be terminated at any time by______________ - Answer- mutual agreement
true or false, real estate brokers must provide workers compensation to sponsored agents? - Answer- false
true or false, real estate brokers are exempt from providing workesr comp to sponsored agents - Answer- true
true or false, the texa workforce commission investigates allegations of discrimination - Answer- true
the real estate agent works for or on behalf of a _________________ - Answer- client, principle
the failure to remove an advertisement within a reasonable amount of time may be considered _________________ or misleading - Answer- deceptive
a _________________, also known as a customer, is a psrty to a transaction who is not being represented by the license holder - Answer- Third Party
only a _________________ may earn commission and only a _________________ may sue to collect a commision - Answer- broker, broker
agency authority that is the result of the "norm" or what is considered customary is _________________ - Answer- implied authority
_________________ , _________________ , _________________ , are examples of actions that terminate agency - Answer- mutual agreement of the p arties, expiration of the specified tim period, and bankruptcy of either party
a real estate agent generally gets paid _________________ - Answer- commission
the listing agreement should contain _________________ - Answer- the legal description of the property
confidential information between client and agent is - Answer- kept confidential forever [Show Less]