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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.
1. Bills going through a divorce
2. Bill loves the place and is willing to pay $20,000 more than the listing price
3.
Bill has to sell the house he is currently living in before he can buy.
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.
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