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41 Cards in this Set

  • Front
  • Back

Open listing

a listing that gives a broker a nonexclusive right to find a buyer

listings may be terminated by

death or mutual agreement

commission rates are set by

client and broker

an agent is given the right to transact all types of matters on behalf of the principal

universal agent

when does an agent give the information about brokerage services form

at the first substantive discussion of a real estate transaction

general agent

the agent has the power to transact the principal's affairs in a particular business or at a certain location

special agent

an agent relationship was created for the performance of specific acts only

universal agent

an agent is empowered to transact matters of all types for the principal


a person is a position of trust, responsibility, and confidence for another

IABS is the property of


Listings are the property of


Earnest money must be delivered within ____ days.

2 business days

If you are required to attend a mandatory sales meeting it could be a violation of

independent contractor status

List an exemption for the IABS

a lease for less than 1 year

This agency is created when a 3rd party believes an agent has authority that has not been granted by a principal

agency by estoppel


agent shall obey all legal instructions given to him by his principal

What establishes a relationship with a broker?

the buyer/tenant representation agreement

agent's authority is granted by

written agreement and custom in the industrya

an agency may be created by

ratification and estoppel

implied authority

agency authority that arises from custom rather than expressed agreement

termination date must be


Should an agent disclose when he is selling his father's house in the listing?


The report used to give a seller an indication of market value

comparative market analysis

Used to indemnify yourself against legal actions by those with whom you deal

errors and omissions insurance

If a principal asks an agent to participate in an illegal or unethical act in selling a property, the agent should do all of the following except:

a. advise against it

b. have no part of it

c. discourage the principal from doing it

d. report the principal to the real estate department


If an agent sells their own property, acting as principal, the agent must:

disclose to the party in writing that they are a licensed agent

The Texas Real Estate Act provides a license may be revoked it, without the consent of all parties

a. the broker fails to make it clear for which party he is acting

b. the broker receives compensation from more than one party

c. both


Which is the real estate licensing authority in Texas?


CMA's should use data that is 12 months old. True or False

false (6 months)

Commission is how an agent gets paid.

True or False


In a real estate listing, the property owner is the principal.

True or False


TREC was established in


When a broker dies the listing terminates.

True or false


An agent can give legal advice.

True or false


Which is the most limited of agency relationships?


A fiduciary relationship is based on judgment.

True or false



What is provided to an agent when there is written documentation that the agency relationship exists?

express authority

Misleading a prospect sometimes is ok.

True or false


Multiple listings are open to

any licensed broker

If a licensee meets with a party that is already represented, he has to present the IABS.

True or false


Dual agency

representation of two or more principals in a transaciton by the same agent