Who can serve as a prinicpal
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Terms in this set (63)
Property manager is anGeneral agentReal estate agent is anGeneral agentAbby is a real estate broker who represents a seller in a transaction. Abby is aSpecial agentWhat fiduciary duty does a sellers broker owe to a customerFull disclosureA customer is also known as aNon0clientWhich is considered a third party o a listing contractorA customerSince an agent owes the duty of confidentiality to his principal, which of the following duties owed to a customer may be compromisedHonestyContract in which property owner employs a real estate broker to market the property described in the contractListing contractA contract that has been put into words either spoken or written isExpress contractWhich type of agency relationship is created through a listing contractExpress agencyListing contract which provides the agent may retain as compensation for agents services all sums received over and above a net price to the ownerNet listingIf a broker brings a buyer to a seller, but did not sign a buyers rep agreement with the buyer, which is not owed to the buyerConfidentialityA buyer rep agreement is signed by a buyer andReal estate brokerA broker signed a buyer representation agreement with a buyer. What type of agency was created...?Special agencyA buyer's agent is allowed to provide which of the following services to the principal...?Negotiating servicesAn exclusive right to purchase agreement most favors which of the following partiesBuyers brokerWhat is the standard broker commission rate for real estate sales transactionsNoneStatutory dual agency was revoked in what year...?1996What was created in place of statutory dual agency...?Intermediary brokerageWhen an agent represents both sides to a transaction, which of the following parties is responsible for the agency relationship...?BrokerA real estate salesperson operates as a .... to their sponsoring brokerGeneral agentDaniel is a real estate salesperson in a transaction. Daniel serves as a fiduciary to which of the followingBoth principal and Daniels sponsoring brokerErrors and omissions insurance typically doesn't cover an agent for whichNegligent actsAccording to TRELA, a broker may act as an intermediary if he/she obtains written consent which statesSource of any expected compensationTRELA considers which as fair and impartial act by brokerAppointing separate associate licensees to represent seller and buyerWhich of following produces intermediary relationship noticeTARA real estate salesperson serves as a ... in a transactionSub agentA brokers company policy shouldBe in writingWhich of the following TREC rules require a broker to maintain a written policy and proceduresSection 535.2According to the independent contractor agreement, real estate salesperson is referred to as theAssociateWho owns an listing contracts secured by a real estate salespersonSponsoring brokerWhich of the following may a broker use to help distinguish between an employee and an independent contractor...Employers supplemental tax guideIf a broker requires his/her agents to attend weekly training sessions, the IRS may classify the agents as...?EmployeesWho is responsible for paying taxes on any commission earned by a real estate salespersonReal estate salespersonWhich of following pay be eligible to received referral fee for referring client to brokerReal estate salespersonAn unlicensed ind may Rec which for referring a client to a brokerGift cardWhich of the following actions is prohibited under the Sherman Anti-Trust Act...?Price FixingRegulation Z is known asTILAA federal prohibition on discrimination in sale, rental, financing, or appraisal of housing on the basis of race, color, religion, gender, national origin, handicap, or familial status, is known as the...?Fair Housing Act of 1968Which of the following describes the rules and regulations regarding the practice of real estate in Texas...?TRELAHow many commissioners is TREC9How many real estate brokers6How many public embers3The five cannons of professional ethics and conduct for real estate professionals is described in which of the following...?Texas admin codeUnder DPTA, consumer may recover ... than their actual losesMore thanConsumer must give a ... notice of intent to bring a lawsuit under dpta60 daysContribution factor in which an ordinary sequence would produce injury or damage is known asProducing causeA consumer who incurred loses as a result of the unconscionable acts of a broker may receive compensation for which of the following in addition to their economic loses...?Mental anguishA customer who is looking to recover damages under the DTPA for mental anguish may receive up to three times theEconomic damagesA listing agreement is used between a broker and asellerWhich forms must broker provide a potential clientInfo ab brokerage servicesWhich should be explained to prospective seller prior to entering into a listing contractfederal fair housing lawsSeller responsible for providing which of following