Texas law of Agency
Material Fact
Any fact that would influence the decision of a reasonably prudent person.
Agent
One who acts for and with authority from another called the principal.
Marketable Title
This refers to title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept...?
False
True or False : By signing a listing agreement with a principal, an agent can serve as a universal agent to the principal...?
TREC
Which of the following is responsible for enforcing TRELA...?
Disclosure of material facts
if a broker enters into a listing contract with a seller, what duties does the broker owe to prospective buyers...?
Real estate Broker
listing contract is signed between a principal and a...?
Accountability
this is a fiduciary relationship that obligates the agent to act in good faith at all times, obeying the client's instructions in accordance with the contract?
Puffing
·An expression or exaggeration made by a salesperson that concerns the quality of real property offered for sale or lease is known as...?
Misrepresentation
A false statement regarding a material fact is known as...?
12 months
A home warranty is typically valid for up to how many months after a buyer purchases a property....?
Common Law
A law that is made by a judge's decision in a court case is known as...?
Statutory Law
A law that is written by a legislating body is known as...?
Associate Broker
A licensed real estate broker who chooses to work under the name and supervision of another licensed broker is known as a/an...?
Fiduciary
A person in a position of trust and confidence, as between a principal and broker is known as a...?
A Fiduciary
A person in a position of trust and confidence, as between principal and broker; broker as a fiduciary owes certain loyalty which cannot be breached under the rules of agency.
Real Estate Broker
A person or an organization acting as the agent for others in negotiating the purchase and sale of real property or other commodities for a fee.
Real Estate Salesperson
A person performing any of the acts included in the definition of real estate broker but while associated with and supervised by a broker.
sub agent
A person upon whom the powers of an agent have been conferred, not by the principal, but by an agent as authorized by the agent's principal, is known as a/an...?
Real Estate Salesperson, Associate Broker , Licensee
A real estate broker may sponsor which of the following...?
Abstract of Title
A summary or digest of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title.
Special Agent
Abby is a real estate broker who represents a seller in a transaction. Abby is serving as what type of agent...?
Lawful Instructions
According to the fiduciary duty of obedience, the agent must obey which of the following instructions from the principal...?
Confidentiality
According to this fiduciary duty, an agent cannot disclose their principal's motives for selling their property...?
General, Special, Universal agency
Agency can be classified in which of the following ways...?
Full Disclosure
If an agent learns of something that is beneficial to their principal, the agent must reveal the information to the principal as per this fiduciary duty...?
Paragraph 4
In an Exclusive Right to Sell Agreement, the contract term is described in which of the following paragraphs...?
Paragraph 3
In an Exclusive Right to Sell Agreement, the listing price is listed in which of the following paragraphs...?
Paragraph 6
In an Exclusive Right to Sell Agreement, the listing services are listed in which of the following paragraphs...?
Paragraph 2
In an Exclusive Right to Sell Agreement, the property is listed in which of the following paragraphs...?
Agent
One who acts for and with authority from another, called the principal, is known as a/an...?
Client
Prior to signing a listing agreement, a party in a real estate transaction who will employ an agent.
Texas Real Estate License Act
The acronym TRELA stands for which of the following...?
Principal
The authority of an agent is provided by which of the following...?
Reasonable Skill & care
The degree of care and skill ordinarily used by others competently engaged in the same business.
principal
The party that the listing contract is with is referred to as the...?
Customer
The party the agent brings to the principal as a seller or buyer of the property is known as a/an...?
Abstract of Title
This refers to a summary of all transfers, conveyances, legal proceedings, and any other facts relied on as evidence of title, showing continuity of ownership, together with any other elements of record which may impair title...?
Agency
This refers to the relationship between a principal and the principal's agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party..?
Agency
This refers to the relationship between a principal and the principal's agent, which arises out of a contract, wherein the agent is employed by the principal to do certain acts dealing with a third party...?
Marketable Title
Title which a reasonable purchaser, informed as to the facts and their legal importance and acting with reasonable care, would be willing and ought to accept.
Full Disclosure
What fiduciary duty does a seller's broker owe to a customer...?
Seller, Buyer, Lessor
Which of the following can serve as a principal...?
Listing agreement, Buyer representation agreement, Property management agreement
Which of the following contracts can establish an agency relationship...?
Open Listing
Which of the following is a listing contract given to one or more brokers in which the broker procuring a sale is entitled to the commission, but imposes no commission obligation on the owner when the owner sells the property...?
Independent Contractor Agreement
Which of the following is signed between an agent and their sponsoring broker...?
Lender
Which of the following orders the appraisal for a transaction...?
The Seller
Who is responsible for completing the Seller's Disclosure of Property Condition form...?
Confidentiality
agent's duty to be honest with all parties may be compromised by which fiduciary duty owed to the principal...?
Special Agency
buyer representation agreement between a buyer and broker creates what type of agency...?
customer
which of the following is considered a third party to a listing contract...?
A Principal
which of the following receives advice, or an opinion, from a real estate broker...?
acquire, closing, property
which of the following terms are defined in paragraph 3 of the Residential Buyer/Tenant Representation Agreement...?
Listing Agreement
1Which of the following contracts establishes an agency relationship between the seller and broker...?
intermediary
A broker who represents both the buyer and seller in the same transaction operates as a/an...?
Associate Broker
A licensed real estate broker who chooses to work under the name and supervision of another licensed broker.
Associate Licensee
A licensee who is licensed under a broker, or who has entered into a written contract with the broker to act as the broker's agent in a real estate transaction.
Real Estate Broker
A person acting as the agent for others in negotiating the purchase and sale of real property for a fee is known as a/an...?
Fiduciary
A person in a position of trust and confidence is known as a/an...?
Obedience
According to this fiduciary duty, an agent must keep confidential any information that may weaken the principal's bargaining position...?
Universal Agent
An agent that can serve the principal in any capacity.
General Agent
An agent with full authority over one property of the principal, such as a property manager.
Special Agent
An agent with limited authority to act on behalf of the principal, such as created by a listing contract.
Loyalty
An agent's duty to place the client's interest above those of all others, including the agent's own self-interest.
Opinion of Title
An attorney provides which of the following, which is based on a property's abstract of title...?
Fiduciary Duties
Ely is a real estate broker who represents that seller in a transaction. Ely owes which of the following to the seller...?
Intermediary
If a broker represents both the seller and buyer, the broker is acting as a/an...?
Paragraph 5
In an Exclusive Right to Sell Agreement, the broker's fee is listed in which of the following paragraphs...?
Title Insurance
Insurance to protect a real property owner or lender up to a specified amount against certain types of loss (ex: defective or unmarketable title).
Common Law
Law that is derived from court decision. The body of law that grew from custom and practices developed and used in England "Since the memory of man runneth not to the contract".
Statutory Law
Law that is set down by a body of legislation or by a singular legislator.
Term of the Contract
Paragraph 4 of the Residential Buyer/Tenant Representation Agreement describes which of the following...?
Client
Prior to signing a listing agreement, a party in a real estate transaction who will employ an agent is known as a/an...?
Independent Contractor
Real estate agents operate as a/an ................to their sponsoring broker?
Legislation
Statutory law is derived from which of the following...?
Fiduciary Duty
That duty owed by an agent to act in the highest good faith toward the principal and not to obtain any advantage over the latter by the slightest misrepresentation, concealment, duress or pressure.
5.008
The Seller's Disclosure of Property Condition is discussed in what section of the Texas Property Code...?
1949
The Texas Real Estate Commission was created in what year...?
Principal
The employer of an agent; one of the main parties in a real estate transaction, such as a buyer, borrower, seller, or lessor.
Obedience
The fiduciary relationship that obligates the agent to act in good faith at all times, obeying the client's instructions in accordance with the contract.
Paragraph 1
The parties to an Exclusive Right to Sell Agreement are listed in which of the following paragraphs...?
The Oferee
The party that receives the offer is called the...?
Customer
The party the agent brings to the principal as seller or buyer of the property.
Texas Real Estate License Act
The rules and regulations regarding real estate licenses in Texas are described in which of the following...?
Listing Contract
This is a contract in which a property owner employs a real estate broker to market the property described in the contract...?
Survey
This is a document which precisely shows the property lines, and size and location of improvements on a particular property...?
Net Listing
This is a listing contract which provides that the agent may retain as compensation for agent's services, all sums received over and above a net price to the owner...?
Policy Holder
Title insurance consists of a contract between an insurance company and a/an...?
False
True or False : The real estate broker is responsible for ordering the appraisal for a transaction...?
true
True or False a real estate broker owes fiduciary duties to his/her principal...?
False
True or False: According to the fiduciary duty of obedience, the agent must obey a principal's unlawful instructions...?
Punitive Damages
Under the DTPA, an agent who is found guilty of misrepresentation may be required to pay which of the following...?
General Warranty deed
Which of the following deeds is most commonly used to transfer residential property in Texas...?
material facts
agent must disclose which of the following to a prospective buyer...?
Universal Agency
agent that can serve the principal in any capacity is known as a...?
non-client
customer is also known as a...?
Both Principal and Agent
order to establish an agency relationship, which of the following must agree to the terms of the agency...?
General Agent
property manager is an example of a...?
Special Agent
real estate agent is an example of a...?
principal
real estate broker works for which of the following in a transaction...?
