Champions Law of Agency Study guides, Class notes & Summaries

The principal is also known as - correct answer client fiduciary relationship - correct answer a relationship founded on trust and confidence Agency Relationship - correct answer Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - correct answer is the one who hires and gives authority to the agent Texas Real Estate License Act TRELA - correct answer Was passed 1939. The purpose is to protect the public against unscr...

brokerage - correct answer the aspect of the real estate business that pertains to overseeing the needs of the parties and completing a transaction; a brokerage transaction may or may not involve agency relationships The role of a property manager - correct answer Generally responsible for the day to day operations of the property, maintenance, and tenant relations How are home inspectors licensed? - correct answer Home inspectors are licensed in Texas by TREC. Real Estate Develop...

This person hires an agent - correct answer The Principal The agent works on behalf of this person - correct answer the client (principal) This type of agency allows for the greatest range of authority - correct answer Universal This is provided to the agent when there is written documentation that the agency relationship exists. - correct answer Express authority This is the most limited of all the agency relationships - correct answer Special agency This type of agency...

This generally refers to a governmental entity's legal authority to force a private landowner to sell his or her real property for public use. A) Condemnation B) Taxation C) Police power D) Eminent domain - correct answer D) Eminent domain Precedents are determined by: A) Statutory Law B) Case law C) TRELA D) DTPA - correct answer Wrong A) Statutory Law? This estate may be terminated at will of either party. It has no duration limitation. A) Estate at will B)...

Which of the following has the authority to suspend or revoke a Texas real estate license? - correct answer TREC Which of the following is an element of a listing agreement? - correct answer the agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the following a violation of independent contractor status? - correct answer salesperson is told to work set hours, guaranteed a monthly minimum wage, has his licensing fees paid by the br...

Champions Law of Agency Exam Questions With Correct Answers...

Champions Law of Agency Exam Questions With 100% Correct Answers GRADED A+ Which of the following has the authority to suspend or revoke a Texas real estate license? - CORRECT ANS - TREC Which of the following is an element of a listing agreement? - CORRECT ANS - the agreement to pay a stated commission, usually a percentage of the sales price The IRS considers which of the following a violation of independent contractor status? - CORRECT ANS - salesperson is told to work set hours, g...

Which of the following has the authority to suspend or revoke a Texas real estate license? - TREC Which of the following is an element of a listing agreement? - the agreement to pay a stated commission, usually a percentage of the sales price