ACEABLE LAW OF AGENCY REVIEW EXAM 2024
UPDATE QUESTIONS AND VERIFIED ANSWERS
GRADED A+ ALREADY
Aceable Law of Agency Review
A subagent
a license holder, not affiliated with the seller's broker, brings an UNREPRESENTED buyer to the
transaction via a cooperative agreement with the seller's broker.
the most desirable way to terminate agency is when
the purpose for that agency has been fulfilled.
Mutual Rescission
when both parties mutually agree to end an agency agreement.
Revocation
when the client initiates the termination
they may be liable for damages.
Renunciation
when the license holder initiates the termination of the agency agreement
the agent could be liable for damages if the contract is breached.
,Destruction or Condemnation
termination of an agency agreement due to the extinction of the property
Abandonment
when an agent ceases to perform their agency duties without notifying the principal.
A breach of duty
includes acts of commission or omission on the part of the license holder which constitute a violation of
the agency agreement
Operation of law
termination due to a change in law that affects the salability of the property
Death, Incapacity, or Bankruptcy
are all causes for termination of an agency agreement.
(IF AGENT DIES, IT IS NOT TERMINATED. JUST TRANSFERRED TO ANOTHER AGENT)
A fiduciary duty that never terminates is
the duty of confidentiality and the duty of accounting
The Four D's of Disclosure
Decide whom they represent
Disclose to all parties whom they represent
, Document that sufficient disclosure was made in a timely manner
Do your duties based on the representation and disclosures you have made
TREC
the body that oversees and enforces the statutes and rules that dictate industry disclosure policy and
the mandate for brokers to have written company policies for their brokerages.
(TRELA) The Real Estate License Act
provides the statutory guidelines stipulating the duties of disclosure of license holder agency
relationships.
consensual relationship
between a broker and a client.
The subagent must take care to disclose to the buyer that
there is no agency agreement between them
that the subagent is working in the best interests of the
seller
independent contractors
The vast majority of real estate sales agents operate as
UPDATE QUESTIONS AND VERIFIED ANSWERS
GRADED A+ ALREADY
Aceable Law of Agency Review
A subagent
a license holder, not affiliated with the seller's broker, brings an UNREPRESENTED buyer to the
transaction via a cooperative agreement with the seller's broker.
the most desirable way to terminate agency is when
the purpose for that agency has been fulfilled.
Mutual Rescission
when both parties mutually agree to end an agency agreement.
Revocation
when the client initiates the termination
they may be liable for damages.
Renunciation
when the license holder initiates the termination of the agency agreement
the agent could be liable for damages if the contract is breached.
,Destruction or Condemnation
termination of an agency agreement due to the extinction of the property
Abandonment
when an agent ceases to perform their agency duties without notifying the principal.
A breach of duty
includes acts of commission or omission on the part of the license holder which constitute a violation of
the agency agreement
Operation of law
termination due to a change in law that affects the salability of the property
Death, Incapacity, or Bankruptcy
are all causes for termination of an agency agreement.
(IF AGENT DIES, IT IS NOT TERMINATED. JUST TRANSFERRED TO ANOTHER AGENT)
A fiduciary duty that never terminates is
the duty of confidentiality and the duty of accounting
The Four D's of Disclosure
Decide whom they represent
Disclose to all parties whom they represent
, Document that sufficient disclosure was made in a timely manner
Do your duties based on the representation and disclosures you have made
TREC
the body that oversees and enforces the statutes and rules that dictate industry disclosure policy and
the mandate for brokers to have written company policies for their brokerages.
(TRELA) The Real Estate License Act
provides the statutory guidelines stipulating the duties of disclosure of license holder agency
relationships.
consensual relationship
between a broker and a client.
The subagent must take care to disclose to the buyer that
there is no agency agreement between them
that the subagent is working in the best interests of the
seller
independent contractors
The vast majority of real estate sales agents operate as
