BLANK IS BASED ON TRUST
FIDUCIARY
BLANK IS PROTECTION AGAINST DAMAGE LOSS
INDEMNIFICATION
BLANK IS A RELATIONSHIP BETWEEN TWO PARTIES
AGENCY
BLANK IS A PERSON WHO RECIEVES LIMITED BROKERAGE SERVICES WITHOUT
ESTABLISHING AN AGENCY RELATIONSHIP
CUSTOMER
BLANK IS ALSO KNOWN AS THE PRINCIPAL
CLIENT
BLANK GOAL WAS TO PROTECT AND PORMOTE PRIVATE OWNERSHIP OF REAL
PROPERTY, SET AND MAINTAIN HIGH, PROFESSIONAL STANDARDS OF BEHAVIOR,
AND PROMOTE RESEPECT FOR REAL ESTATE PRACTIONERS AS PROFESSIONALS
NATIONAL ASSOCIATIONS OF REALTORS
BLANK MAKES IT ILLEGAL TO PRACTICE ANY AC T OF REAL ESTATE BROKERAGE
WITHOUT A LICENSE. BECAUSE AGENCY RELATIONSHIPS CONSITUTE THE
FOUNDATION OF THE PRACTICE OF BROKERAGE, IT IS ESSENTIAL THAT A
LICENSE HOLDER HAVE A DEEP UNDERSTANDING OF AGENCY CONCEPTS AND LAW.
TEXAS REAL ESTATE LICENCE ACT
WHAT DOES (TRELA) STAND FOR?
TEXAS REAL ESTATE ACT
BLANK IS WHEN ONE PERSON , THE AGENT , ACTS FOR ON BEHALF OF ANOTHER PERSON
AGENCY RELATIOSNSHIP
WHAT ANOTHER NAME FOR CLIENT?
PRINCIPAL
THE AGENT MUST ALWAYS REMIAN LOYAL TO THE PRINCIPAL
THE AGENT MUST ALWAYS REMAIN LOYAL TO THE PRINCIPAL
BLANK IS THE ONE WHO HIRES AND GIVES AUTHORITY TO THE AGENT?
PRINCIPAL
BLANK IS THE ONE WHO REPRESENTS OR WORK FOR THE PRINCIPAL?
AGENT
WHAT ANOTHER NAME FOR AGENT ?
FIDUCIARY
WHAT YEAR WAS THE TEXAS REAL ESTATE ACT WAS PASSED ?
1939
WHAT AGENCY ENFORCES THE TEXAS REAL ESTATE COMMISION?
THE TEXAS REAL ESTATE COMMISION CREATED IN 1949
BLANK PURPOSEOF THE ACT IS TO PROTECT THE PUBLIC AGAINST UNSCRUPULOUS
BROKERS AND SALES AGENTS
TEXAS REAL ESTATE LICENSES ACT
TRUE OR FALSE IT IS UNLAWFUL FOR AND INDIVIDUAL LICENSED AS SALES
AGENT TO ENAGE INT THE BUSINESS,UNLESS HE OR SHE IS ASSOCIATED WITH A LICENSED
TRUE
WHAT ARE THE TWO TYPES OF LICENSES ISSUED?
BROKER & SALES AGENT LICENSE
CAN ONE HOLD BOTH BROKER AND REAL ESTATE LICENSES AT THE SAME TIME?
NO BUT A BROKER MAY ACT ASA A BROKER AND SALES AGENT
READ EACH STATEMENT CAREFULLY.PLACE A CHECK MARK IN THE BOX
INDICATING WHETHER A PRACTICE IS LAWFUL OR PROHIBITED
...
PLACING A SIGN ON A REAL PROERTY FOR SALE OR LEASE WITHOUT THE
WRITTEN CONSENT OF THE OWNER OF THE REAL PROPERTY OR THE OWNER'S
AUTHORIZED AGENT?
PROHIBITED
ACTING IN A DUAL CAPACITY AS BROKER AND UNDISCLOSED PRINICIPAL IN A
REAL ESTATE TRANSCTION?
PROHIBITED
GUARANTEEING THAT FUTURE PROFITS WILL RESULT FROM A RESALE OF REAL PROPERTY?
PROHIBITED
ACCEPTING NEGOIATED COMPENSATION FROM THE AGENTS SPONSORING BROKER?
LAWFUL
DISCLOSES TO ALL PARTIES TO A REAL ESTATE TRANSACTION THE PARTY FROM
WHOM THE LICENSES HOLDER IS ACTING?
LAWFUL
COMMINGLES MONEY THAT BELONGS TO ANOTHER PERSON WITH THE LICENSE
HOLDERS OWN MONEY?
PROHIBITED
SELLS REAL PROPERTY BY MENAS OF A LOTTERY?
PROHIBITED
RECIEVES COMPENSATON FROM MORE THAN ONE PARTY TO A REAL ESTATE
TRANSACTION WITHOUT THE FULL KNOWLEDGE AND CONSNENT OF ALL PARTIES TO
THE TRANSACTION?
PROHIBITED
USING CONTRACT FORM PREPARED BY AN ATTORNEY
LAWFUL
NOTOFIES THE COMMISION ON THE 15TH DAY AFTER THE AGENT HAS ENTERED A
GUILTY PLEA TO A FELONY OFFENSE INVOLVING FRAUD?
LAWFUL
A BROKER WORKS FOR BLANK
A CLIENT
A BROKER WORKS WITH A BLANK
CUSTOMER
1.THE INDIVIDUAL REMAINS A CUSTIOMER UNTIL HE OR SHE ENTERS INTO AN
AGENCY AGREEMENT.
...
2. A SELLER BECOMES A CLIENT BY ENETERING INTO A LISTING AGREEMENT
WITH THE BROKER.
...
3. A BUYER BECOMES A CLIENT BY ENETERING INTO A BUYER REPRESENTATION
AGREEMENT WITH A BROKER
...
BLANK IS A PRSON LICENSED BY THE TEXAS REAL ESTATE COMMISION (TREC)
TO ACT AS A BROKER OR SALES AGENT IN A REAL ESTATE TRANSACTION?
LICENSE HOLDER
A BROKER WHO REPRESENTS A SELLER LANDLORD BUYER OR TENANT. SALES
AGENT OR BROKER LICENSE HOLDER WHO REPRENT THE BROKER WIITH WHOM THEY
ASRE ASSOCIATED.
AGENT
A LICENSE HOLDER NOT ASSOCAITED WITH THE SELLERS BROKER , BUT WHO IS
REPRESNETING THE SELLER THROUGH A COOPERATIVE AGREEMENT OFTEN THROUH
MEMBERSHIP IN A MULTIPLE LISTING (MLS) WITH THE SELLERS BROKER
SUBAGENT
A BROKER SELLING THE LISTING OF ANOTHER BROKER. A COOPERATIVE BROKER
MAY COMPLETE THE TRANSACTION AS A SUBAGENT OF THE LISTING BROKER,M OR
MAY REPRESENT THE BUYERS UNDER AN AGENCY AGREEMENT: HE ALSO KNOWN
ASTHE OTHER BROKER
COOPERATIVE BROKER
AN INDIVIDUAL HOLDING A BROKER LICENSE ISSUED BY trec. BROKERS MAY
ACT INDEPENDENTLY IN CONDUCTING REAL ESTATE TRANSACTION, OR MAY
ENGAGAE OTHER BROKER OR SALES AGENT LICENSE HOLDERS TO REPRESENT THEM
IN THE CONDUCT OF THEIR REALE ESTATE BUSINESS
BROKER LICENSE HOLDER
AN INDIVIDUAL HOLDING A LICENSE ISSUED BY THE TREC OF THE SPONSORING
BROKER. HE OR SHEMAY CONDUCT BUSIINESS ONLY THROUGH HIS OR HER
SPONSORING BROKER
SALES AGENT LICENSE HOLDER
A BROKER ASSOCIATED WITH AND CONDUCTING ALL OF HIS OR HER BUSINESS AS
AN AGENT OF ANOTHER BROKER
BROKER ASSOCIATE
A SALES AGENT OR BROKER LICENSE HOLDER ASSOCAITED WITH AND CONDUCTING
BUSINESS AS AGENT OF HIS OR HER SPONSORING BROKER
SALES ASSOCIATE
A BROKER REPRESENTING THE SELLER IN A REAL ESTATE TRANSACTION, ALSO
REFFERRED TO AS A SELLER BROKER, LISTING BROKER, OR LISTING AGENT
SELLERS AGENT
A BROKER REPRESENTING THE BUYER IN A REAL ESTATE TRANSACTION, ALSO
REFEREED TO AS A BUYER BROKER, SELLING BROKER OR SELLING AGENT
BUYERS AGENT
A PERSON WHO RECIEVES LIMITED BROKERAGE SERVICES WITHOUT ESTABLISHING
AN AGENCY RELATIONSHIP
CUSTOMER
WHAT ARE LICENSE HOLDER TWO LEVELS OF RESPONSIBILITY
PUBLIC& FIDUCIARY
HONESTY , DISCLOSURE OF MATERIALS, HANDLE ALL FUNDS WITH CARE, BE
RESPONSIBLE FOR WRITTEN OR ORAL STATEMENTS ARE WHAT TYPE OF RESPONSIBLITY?
PUBLIC RESPONSIBILITY
DUTIES TO CUSTOMER IS CALLED
PUBLIC RESPONSIBILITY
DUTIES TO CLIENTS IS CALLED
FIDUCIARY RESPONSIBILITY
COMPENSATION REIMBURSEMENT INDEMNIICATION PERFORMANCE ARE DUTIES OF WHO
PRINCIPAL
THE BLANK MAKES IT ILLEGAL TO PRACTICE ANY ACT OF REAL ESTATE
BROKERAGE WITHOUT A LICENSE
TEXAS REAL ESTATE LICENSE ACT
SECTION 1101.651 OF THE LICENSE ACT LIST BLANK
SPECIFIC VIOLATIONS THAT CAN RRESULT IN THE SUSPENSION OR REVOCATION
OF A REAL ESTATE LICENSE.
30
THE LICENSE ACT PROVIDES FOR TWO TYPES OF LICENSES TO BE
ISSUES___________, A AND __________________
BROKER AND SALES AGENT LICENSE
THE TEXAS REAL ESTATE COMMISION IS NOT CONCERNED WITH AN AGENTS
EARNING AND DOES NOT INVOLVE ITSELF__________________________
FEE DEPUTIES
BUYERS ARE INCREASINGLY DISCOVERING THAT BENEFITS OF BEING
REPRESENTED IN A PURCHASE AND OFTEN CHOSE TO BECOME
BLANK_____________BY ENETERING INTO______________ AN WITH THE BROKER
CLIENTS AGENCY
BLANK REFERS TO THE FACT THAT THE AGENTS SHOULD BE PAID ON THE
COMPLETION OF THE AGENCY
COMPENSATION
BLANK MEANS THE PRINCIPAL IS EXPECTED TO PERFORM AS PROMISED IN THE
AGENCY AGREEMENT
PERFORMANCE
BLANK MEANS THAT THE PRINCIPAL WILL PROTECT THE AGENT FROM SUFFERING
A LOSS DUE TO THE AGENTS RELIANCE ON INFORMATION RECEIEVED FROM THE PRINCIPAL
INDEMNIFICATION