30-Hr. TX Law of Agency Course

How does TRELA define the term broker?

A person who, for a commission or other valuable consideration, performs specific real estate-related acts for another person

Who is responsible for providing the title insurance company with an affidavit of title?

Seller

What type of worker, defined under tax law as an independent contractor and not an employee, includes direct sellers and licensed real estate agents?

Statutory non-employee

Another term for "principal" is

Client

What type of language should be used to write contracts?

Contracts should be written in clear and understandable language. Real estate licensees don't draft contracts but merely fill in blanks on legal contracts.

what is exempt from most provisions of the federal Fair Housing Act?

Housing operated by religious organizations and private clubs that limit occupancy to members are exempt from the provisions of the Fair Housing Act.

Which of the following statements about the fiduciary duty of disclosure is true?

It's owed to the licensee's clients only.

positive misrepresentation

Positive means intentional A principal was harmed by the misstatement.

A Party to the transaction

any prospective buyer, seller, landlord, or tenant, or the authorized representative of any of those parties, in a real estate agreement. This does not include a license holder representing that individual, however.

inadvertent misrepresentation

inadvertent means it wasn't intentional.

Non-Agent

the name for a real estate professional who works for neither the buyer nor the seller

The Texas Workforce Commission consists of how many members?

The commission consists of three members appointed by the governor and is responsible for governing the TWCCRD.

Statutory dual agency, first established in 1993, permitted what type of dual agency

Disclosed Dual Agency

Which section of the TREC One to Four Family Residential Contract (Resale) identifies the party who will pay for title insurance and the extent of the policy coverage?

Title Policy and Survey section

What's the purpose of the TAR Intermediary Relationship Notice?

To reaffirm the intermediary relationship consented to in prior agreements, and to list any appointments made