Agency/Brokerage
Carl conducts business on behalf of a supervising broker on a commission basis. He does not receive compensation directly from clients. Carl must be what?
A sales agent
James is a licensed real estate sales agent in Texas. According to the general provisions of TRELA, when is he allowed to receive compensation for performing real estate activities?
Because he has his license and is sponsored by a broker, he will receive compensation once the broker has been compensated for the transaction.
If a broker finds themselves in a situation where acting as an intermediary is necessary, the broker must obtain written consent from whom?
Both parties, regardless of the situation
Douglas is the buyer's agent for a Texas transaction in which May (from a different brokerage) was the listing agent for Mr. Harrison's property (the seller). From whom will Douglas receive his compensation?
From his own broker
In Texas, which of the following documents must you present to a potential buyer client prior to entering into a buyer agency agreement with them?
Information About Brokerage Services
Which of the following forms is automatically provided as part of the listing agreement, regardless of the age, location, or type of property?
Information About Brokerage Services
Jonathan is acting as an intermediary in Texas. He has received written consent from the parties involved in the transaction. What additional requirement does Jonathan need to meet?
Information detailing the broker's compensation and the source of that compensation
In Texas, the Information About Brokerage Services brochure ______.
Is required by law
Jesse has just received two offers for a listing. One is a lowball offer, and one is for the listing price. Which of the following is true?
Jesse must submit both offers to his seller client.
Rick is representing a business in a sales transaction. Rick owns 3% of the business. Is Rick required to provide a written license holder disclosure notice to the other party in the transaction?
No, because Rick does not own more than 10% of the business.
Texas license holder Norman is meeting with prospective buyer clients, Andy and Sandy Silk, for the first time. Before Norman and the Silks enter into a buyer agency relationship, what is Norman required by Texas law to do?
Provide the Silks with the Information about Brokerage Services form.
Which of the following duties is Marie, Texas broker Dylan's unlicensed assistant, prohibited from performing?
Providing advice to Dylan's client, Shirley, about how much she should pay for the house she's buying
Which of the following statements about unlicensed assistants in Texas is true?
Unlicensed assistants may not perform licensed activities.
Vanessa just received two offers for a Texas listing. One is $15,000 below the asking price, and one is for the asking price. Vanessa's client, Nevaeh, has asked her in writing to not present offers that are more than $10,000 below the asking price. What should Vanessa do?
Vanessa should submit only the offer that meets Nevaeh's request.
Vanessa just received two offers for a Texas listing. One is $15,000 below the asking price, and one is for the asking price. Vanessa's client, Nevaeh, has asked her in writing to not present offers that are more than $10,000 below the asking price. What should Vanessa do?
Vanessa should submit only the offer that meets Nevaeh's request. (Vanessa doesn't have to submit all offers to the Nevaeh, because she has specifically requested in writing that Vanessa not bring any offers that are more than $10,000 below the asking price.)
Your seller client, William, had multiple offers to consider. He decided to move forward with Ryan's offer, and reject the offer from Kevin. What should your client do with the offer from Kevin?
Write "rejected" on Kevin's offer
The buyer and the seller of a transaction must provide _______________ in order for the same broker to represent both of them.
Written consent
Donald Lee's best friend, Jake, is helping him look for a house. It just so happens that one he listed just yesterday might be the perfect fit for Donald and his girlfriend. Can Jake show a house that he has listed with another client to his new client and friend Donald?
Yes, Jake will need to follow all of the requirements to act as an intermediary.
Which of the following statements about agency by ratification in Texas is true?
Agency by ratification is permitted in Texas. (Agency by ratification is permitted in Texas.)
Jarvis is a broker in Houston. He is currently working on a real estate transaction on behalf of two parties. Both parties are aware of the broker's activity with each other and both parties have provided written consent acknowledging their approval. Jarvis is working as a what?
An intermediary
Alma is an unlicensed assistant in Texas. Which of the following tasks is she permitted to perform for her broker?
Answer the phone and forward messages to the broker.
Stefan is an unlicensed assistant for the Ace Team at Acme Realty in Texas. Which of these activities can he perform?
Calculate commissions for team members.
Carl is a sales agent who works under the supervision of a broker. Which of the following is true?
Carl can be either an employee or an independent contractor.
Simone is a trustee for her children's trust fund. Simone is also a broker. When she buys or sells investment property on behalf of that trust, which of the following is required by Texas law?
Simone must disclose in writing to the other party that she holds a real estate license. (When Simone is a trustee for a trust of which her children are beneficiaries, she must notify the other party in writing that she holds a real estate license.)
A sales agent may only accept a commission for a real estate transaction if the commission is paid by which of the following parties?
The sales agent's broker
