Champion School of Real Estate- Law of Agency Correct Questions & Answers!! COMPLETE EXAM BUNDLE

The principal is also known as - ANSWERSclient fiduciary relationship - ANSWERSa relationship founded on trust and confidence Agency Relationship - ANSWERSExists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - ANSWERSis the one who hire...

This person hires an agent - ANSWERSThe Principal The agent works on behalf of this person - ANSWERSthe client (principal) This type of agency allows for the greatest range of authority - ANSWERSUniversal This is provided to the agent when there is written documentation that the agency rela...

A FIDUCIARY RELATIONSHIP - ANSWERSA RELATIONSHIP WHERE THE AGENT ACTS ON BEHALF OF THE CLIENT A COOPERATIVE BROKER - ANSWERSSELLS THE LISTING OF ANOTHER BROKER UNSCRUPULOUS LICENSE HOLDERS - ANSWERSTHE TEXAS REAL ESTATE COMMISSION'S MAIN PURPOSE IS TO PROTECT THE PUBLIC FROM AGENCY - ANSW...

This person hires an agent - ANSWERSThe Principal The agent works on behalf of this person - ANSWERSthe client (principal) This type of agency allows for the greatest range of authority - ANSWERSUniversal This is provided to the agent when there is written documentation that the agency rela...

Broker - ANSWERSA Properly Licensed party who serves a principal in an agency relationship Agency - ANSWERSA fiduciary relationship between a broker and a principal or a broker and a client Fiduciary - ANSWERSA Party acting for another in a position of trust-a broker or agent Fiduciary Rela...

Fiduciary - ANSWERSA relationship based on trust Agency - ANSWERSA relationship between two parties Customer - ANSWERSA person who receives limited brokerage services without establishing an agency relationship/Also known as 3rd party. Client - ANSWERSAlso known as the principal who engages...

Which of the following has the authority to suspend or revoke a Texas real estate license? - ANSWERSTREC Which of the following is an element of a listing agreement? - ANSWERSthe agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the follow...

An agency relationship exists when one person, the ______________ acts for, or on the behalf of another person, the _____________________. - ANSWERSAgent, principal Which of the following is ground for suspension or revocation of license by TREC? - ANSWERSSplitting commission with a person other ...