Aceable Law of Agency Review Questions With Correct Answers

Aceable Law of Agency Review Questions
With Correct Answers

Here are the four major types of agency acts: - CORRECT ANSWER✔✔-Listing
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Buying
Leasing
Property Management |




TREC's purpose is to - CORRECT ANSWER✔✔-regulate educational and licensing
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programs that maintain standards AND interpret legislation that affects the real
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estate profession — primarily the Texas Real Estate License Act (TRELA).
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Integrity - CORRECT ANSWER✔✔-Satisfy to the commission (TREC) that the
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candidate meets and exceeds their character standards (honesty, trustworthiness,
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|and integrity).
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Competence - CORRECT ANSWER✔✔-Demonstrate competence by passing the
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licensing exam. |




Broker: - CORRECT ANSWER✔✔-An individual licensed by TREC to perform
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brokerage duties; sponsors sales agents to represent clients on their behalf
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Sales agent: - CORRECT ANSWER✔✔-An individual holding a sales agent license
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from TREC who is sponsored by a broker
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,License holder - CORRECT ANSWER✔✔-A broker or a sales agent licensed by
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TREC


REALTOR - CORRECT ANSWER✔✔-A licensed sales agent who is a member of the
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National Association of REALTORS®.
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Brokers are - CORRECT ANSWER✔✔-liable for all sponsored actions committed by
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their sales agents.
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Sales agents represent - CORRECT ANSWER✔✔-their broker in all transactions in
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real estate dealings and transactions.
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Listing Agent: - CORRECT ANSWER✔✔-A broker representing a seller in a real
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estate transaction, a.k.a. seller's agent, seller's broker, or listing broker
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Buyer's Agent: - CORRECT ANSWER✔✔-A broker representing a buyer in a real
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estate transaction, a.k.a. selling agent, buyer's broker, or selling broker
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Tenant's Agent - CORRECT ANSWER✔✔-A broker representing a tenant in a real
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estate transaction
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Landlord's Agent: - CORRECT ANSWER✔✔-A broker representing a landlord in a
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real estate transaction
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, Principal - CORRECT ANSWER✔✔-The major parties of the transaction (the buyer
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and seller or landlord and tenant) or a party who has authorized an agent to
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represent them |




Client (principal) - CORRECT ANSWER✔✔-Anyone who has an agency relationship
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with you or your broker is your client
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Customer - CORRECT ANSWER✔✔-A party to the transaction who has an agency
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relationship with another license holder | | | |




Third Party - CORRECT ANSWER✔✔-All non-client parties to a transaction,
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including real estate professionals
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Types of Principles: - CORRECT ANSWER✔✔-Seller: Party seeking to sell their
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property in a real estate transaction
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Buyer: Party seeking to buy property in a real estate transaction
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Tenant: Party who occupies land or property rented from a landlord
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Landlord: Party who rents land or property to a tenant
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Client Vs Customer: - CORRECT ANSWER✔✔-A broker/agent works for a client.
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A broker/agent works with a customer.
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