CHAMPIONS LAW AGENCY

CHAMPIONS LAW AGENCY

If a broker has more than one place of business, a branch
- ANSWERoffice license is required for each location. It is
not necessary to have a licensed broker at each location.
How can a broker terminate a sales agent? - ANSWERit
must be done in writing, and the license must be returned
to the Texas Real Estate Commission immediately
How can a sales agent terminate with a broker? -
ANSWERit must be done in writing
The Texas Real Estate Commissions main focus is to... -
ANSWERprotect the public
Is price fixing and/or standardize commission a violation
of federal anti trust laws? - ANSWERYes, can not be done.
How are disputes between brokers and sales agents
solved? - ANSWERThrough mediation, arbitration or the
courts.
The individual remains a customer until he or she enters
into an - ANSWERagency agreement.
A seller becomes a client by entering into a listing
agreement with the __________ - ANSWERbroker.
A buyer becomes a client by entering into a
___________________________ with the broker. - ANSWERa
buyer representation agreement
A person licensed by the Texas Real Estate Commission
(TREC) to act as a broker or sales agent in a real estate
transaction. - ANSWERLicense holder
(1) A broker who represents a seller, landlord, buyer or
tenant. (2) Sales agent or broker license holders who
represent the broker with whom they are associated. -
ANSWERAgent
A license holder not associated with the seller's broker,
but who is representing the seller through a cooperative
agreement, often through membership in a Multiple
Listing Service (MLS), with the seller's broker. -
ANSWERSubagent
A broker selling the listing of another broker. -
ANSWERCooperative Broker
An individual holding a broker's license issued by TREC -
ANSWERBroker license holder
An individual holding a license issued by TREC - an agent
of
the sponsoring broker. - ANSWERSales agent license
holder
A broker associated with and conducting all of his or her
business as an agent of another broker. -
ANSWERBroker Associate
A sales agent or broker license holder associated with
and conducting business as an agent of his or her
sponsoring broker. - ANSWERSales Associate
A broker representing the SELLER in a real estate
transaction, also referred to as a SELLER'S Broker,
Listing Broker, or Listing Agent. - ANSWERSeller's Agent
A broker representing the BUYER in a real estate
transaction, also referred to as a BUYER'S Broker, Selling
Broker, or Selling Agent. - ANSWERBuyer's Agent
A broker representing a LANDLORD in a real estate
transaction - ANSWERLandlord's Agent
A broker representing a TENANT in a real estate
transaction - ANSWERTenant's Agent
A person who receives limited brokerage services
without establishing an agency relationship. -
ANSWERCustomer
License holders have two levels of responsibility: -
ANSWER1. Public responsibility
2. Fiduciary responsibility
What are the duties to customers as PUBLIC
RESPONSIBILITY? - ANSWERa. Honesty
b. Disclosure of material facts
c. Handle all funds with care
d. Be responsible for written or oral statements
What are the duties to customers as FIDUCIARY
RESPONSIBILITY? - ANSWERa. Put the interests of the
client first
b. Give full disclosure to the client (advice and opinions in
addition to disclosing all pertinent facts - both material
and other)
c. Exhibit trust and honesty
d. Exercise good business judgment
e. Be loyal to the principal
f. Be competent
What is the acronym for the Duties of Principal to Agent?
- ANSWERCRIP
What are the duties or responsibilities a Principal has to
an agent? - ANSWER• Compensation
• Reimbursement
• Indemnification
• Performance
_____________ refers to the fact that the agent should be
paid on completion of the agency. -
ANSWERCompensation
___________________ refers to the fact that the agent should
be reimbursed by the principal for expenses incurred on
behalf of the principal, above and beyond the expenses
related to the sale itself. - ANSWERReimbursement
________________ means that the principal will protect the
agent from suffering a loss due to the agent's reliance on
information received from the principal. -
ANSWERIndemnification
____________________ means the principal is expected to
perform as promised in the agency agreement. -
ANSWERPerformance
What are reasons to study agency? - ANSWER•
Compliance with state law and Commission rules.
• A new license holder is an agent of his or her broker.
• Growing public awareness of the duties of a license
holder.
• License requirements.
• Professionalism.
• A more "open" marketplace of information and ratings.
_______________ is the relationship the agent has with his
or her principal, or his or her broker - ANSWERAgency
The agent who lists a seller's property for sale is called
the __________________ - ANSWER"listing agent"
The agent for the buyer is called ______________ -
ANSWER"the buyer's agent."