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Terms in this set (34)Can the buyer in a real estate transaction ever be considered a client? Yes, if the buyer has a buyers agent. What is the license holder's role during and after negotiating the terms of a listing agreement with a seller? The license holder is an advocate for his firm during negotiations but is a fiduciary of the seller after signing the agreement. Which entity may act independently in conducting a real estate transaction? A broker. What may result from the license holder providing advice or opinions to a party in a real estate transaction? The license holder may unintentionally become the party's agent. Which of the following parties to a real estate transaction is sometimes called the principal. Client. The person who engages the services of an agent is called a principal. Which of the following is an example of treating a customer honestly and fairly? Providing accurate information to the customer. A broker who assumes responsibility for the real estate brokerage activities of a sales agent is called a Sponsoring broker. What is typically the relationship between an FSBO (for sale by owner) and a broker who represents a buyer to purchase the property? The FSBO is the brokers customer. Who is responsible for representing a buyer-customers interest in the purchase of a home? The customer. Customers represent themselves in transactions. What happens if a license holder does not explain, in writing, to a customer that the license holder represents the other party? The license holders actions may accidentally create implied agency. Agents must Act in the best interest of the parties they represent. Which of the following is the source of the funds that support the Texas real estate commission (TREC) Licensing fees Must a license broker be a business entity? No, but a business entity other than a sole proprietor that engages in brokerage in Texas must be licensed as a broker. Broker Bob represents both buyer Bill and seller Sally as an intermediary. If Sally has authorized Bob to relate confidential information to Bill, how must the authorization be done? Sally must instruct Bob in writing. Which of the following statement is false regarding dual agency or representing both parties in a real estate transaction in Texas? Dual agency is authorized in Texas with the consent of both parties. Dual agency is prohibited in Texas. Which of the following entities has the authority to amend the real estate license act? The Texas legislature
What happens after a listing agreement is signed? The license holder becomes an advocate for the client best interests. How do TREC commissioners get their positions? Appointment by the governor. Bradley is a broker who sponsors sales agents Sam, Seth, and Sally. Sally is working with client Clara to sell her home. Which of these individuals is(are) the agent(s) for Clara in this transaction? Bradley Broker Bob represents both buyer Bill and seller Sally as an intermediary. What information is Bob prohibited from disclosing to Sally about Bill? All of these. Caveat Emptor ("let the buyer beware") is Becoming less important as courts put more responsibility in the license holder for disclosure. Broker Joe is an intermediary in the sale of Christines home to Della. What can Joe tell Della about Christine and/or the property absent Christine's consent? The house has foundation problems. Which of the following is a primary source of law regulating real estate regulating real estate license holders? TRELA The Information About Brokerage Services Notice is best described by which of the following statements? It is information that must be provided in writing. Broker Ben is working for his client, Cathy, in the sale of Cathys condominium. A customer visited Ben and asked for the minimum offer that Cathy would likely accept for the property. Can Ben advise the customer to offer $3000 below asking price, which Cathy will be happy to accept? No, Ben cannot provide advice to the customer. The license holder owes loyalty to the client. Which of the following is a True statement regarding agency disclosures in Texas? A license holder must disclose who they represent in a transaction orally or in writing and disclosure must be made at "first contact" Which of the following reasons is Not one that causes the study of agency to receive so much attention in the real estate profession? Case law interpreting agency is so different among Texas courts. FALSE Where in the Texas Administrative Code are the rules pertaining to real estate professionals? Title 22 Which of the following is evidence that a license holder has disclosed her agency relationship to a party she represents? A written and signed buyer representation agreement. & a written and signed listing agreement. Which is not noted as a reason for studying agency law Increase commission fees Why is it possible for buyers and sellers to fail to understand who represents each of them? Because a license holder can act as a buyers agent, sellers agent, and intermediary agent. Which of the following is not a growing trend in real estate transactions? Lower consumer expectations Dealing honestly and fairly with a customer means That a license holder has a duty to convey accurate information In which of the following situations might an unintended agency be formed? A broker representing a seller provides a customer advice in making an offer. Students also viewedUnit 1 - Agency Concepts45 terms carsonsteward95 Chapter 234 terms kenziemurray12 Law of Agency20 terms elizabeth_acosta4 Chapter 144 terms kenziemurray12 Sets found in the same folderBuyer Agency60 terms chrisaraujo658 Law of Agency Unit 6-12 Exam195 terms carlie_rider Real Estate Principles 1.51,928 terms cocoananas0 Unit 1 - Agency Concepts45 terms carsonsteward95 Other sets by this creatorchapter 323 terms chrisaraujo658 Intermediary Brokerage17 terms chrisaraujo658 Seller Agency54 terms chrisaraujo658 Duties and Disclosures to Third Parties56 terms chrisaraujo658 Verified questions
algebra Solve the application problem using the United States Rule. Solar Technologies borrowed $92,000 on May 7, signing a note due in 90 days at 11.25% interest. On June 24, the company made a partial payment of$24,350. Find (a) the amount due on the maturity date of the note and (b) the interest paid on the note. Verified answer
economics One of the most serious health problems in India is malaria. Consequently, Indian hospital administrators must have the resources to treat the high volume of malaria patients that are admitted. Research published in the National Journal of Community Medicine (Vol. 1, 2010) investigated whether the malaria admission rate is higher in some months than in others. In a sample of 192 hospital patients admitted in January, 32 were treated for malaria. In an independent sample of 403 patients admitted in May (five months later), 34 were treated for malaria. Give a point estimate of the difference in the malaria admission rates in January and May. Verified answer
algebra Beth Houghton uses her car to drive to and from work. Her insurance coverage includes 50/100 bodily injury and $25,000 property damage. Her driver-rating factor is 1.15. She has$50-deductible comprehensive and $50-deductible collision insurance coverage on her car. Her car is in age group B and rating group 12. What is her annual base premium? What is her annual premium? $$ \begin{array}{c c} \textbf{Property} & ~~~~~\textbf{Bodily Injury Limits}~~~~~\\ \textbf{Damage} & \\ \textbf{Limits}\\ \end{array} $$ $$ \begin{array}{ r r r r} & \textbf{25/50} & \textbf{25/100} & \textbf{50/100} \\[5pt] \$25,000 & \$206.40 & \$218.80 & \$213.20\\ 50,000 & 212.40 & 224.80 & 237.20\\ 100,000 & 220.80 & 233.20 & 245.60 \\[15pt] \end{array} $$ $$ \begin{array}{c c} \textbf{Age} & \textbf{Insurance-Rating Group}\\ \textbf{Group} \end{array} $$ $$ \begin{array}{c c c c} & \textbf{\hspace{10pt}12\hspace{10pt}} &\textbf{\hspace{10pt} 13\hspace{10pt}} & \textbf{\hspace{10pt}14\hspace{10pt}}\\ \hline \end{array} $$ $$ \begin{array}{c c} & \textbf{Comprehensive}\\ & \textbf{50-Deductible} \end{array} $$ $$ \begin{array}{c r r r} \text{A} & \$95.20 & \$108.00 & \$122.00\\ \text{B} & 90.40 & 102.40 & 115.60 \\ \hline \end{array} $$ $$ \begin{array}{c c} & \textbf{Collision}\\ & \textbf{50-Deductible} \end{array} $$ $$ \begin{array}{c r r r} \text{A} & \$266.80 & \$287.20 & \$307.60\\ \text{B} & 253.20 & 272.40 & 291.60\\ \hline \end{array} $$ Verified answer world geography Why does tourism hold great economic potential for the region? Verified answer Recommended textbook solutions
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What are included steps in agency disclosure quizlet?Agents need to fill out the form. Three steps to agency disclosure are disclose, elect, confirm.
What is the purpose of the agency disclosure form quizlet?to assist the listing agent or buyer's agent in locating a property to sell or buy, respectively, for the listing agent's seller or the buyer agent's buyer.
Which of the following is true regarding an office that practices designated agency as the company policy?Which of the following is TRUE regarding an office that practices designated agency as the company policy? IT CREATES A DUAL AGENCY FOR THE BROKER, BUT EACH LICENSEE ONLY REPRESENTS THAT LICENSEE'S CLIENT.
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Which of the following is a true statement regarding agency disclosure in Texas quizlet?
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