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41 Cards in this Set
- Front
- Back
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Open listing |
a listing that gives a broker a nonexclusive right to find a buyer |
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listings may be terminated by |
death or mutual agreement |
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commission rates are set by |
client and broker |
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an agent is given the right to transact all types of matters on behalf of the principal |
universal agent |
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when does an agent give the information about brokerage services form |
at the first substantive discussion of a real estate transaction |
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general agent |
the agent has the power to transact the principal's affairs in a particular business or at a certain location |
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special agent |
an agent relationship was created for the performance of specific acts only |
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universal agent |
an agent is empowered to transact matters of all types for the principal |
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fiduciary |
a person is a position of trust, responsibility, and confidence for another |
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IABS is the property of |
TREC |
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Listings are the property of |
broker |
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Earnest money must be delivered within ____ days. |
2 business days |
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If you are required to attend a mandatory sales meeting it could be a violation of |
independent contractor status |
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List an exemption for the IABS |
a lease for less than 1 year |
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This agency is created when a 3rd party believes an agent has authority that has not been granted by a principal |
agency by estoppel |
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Obedience |
agent shall obey all legal instructions given to him by his principal |
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What establishes a relationship with a broker? |
the buyer/tenant representation agreement |
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agent's authority is granted by |
written agreement and custom in the industrya |
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an agency may be created by |
ratification and estoppel |
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implied authority |
agency authority that arises from custom rather than expressed agreement |
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termination date must be |
definite |
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Should an agent disclose when he is selling his father's house in the listing? |
yes |
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The report used to give a seller an indication of market value |
comparative market analysis |
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Used to indemnify yourself against legal actions by those with whom you deal |
errors and omissions insurance |
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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 |
d |
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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 |
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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 |
c |
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Which is the real estate licensing authority in Texas? |
TREC |
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CMA's should use data that is 12 months old. True or False |
false (6 months) |
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Commission is how an agent gets paid. True or False |
true |
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In a real estate listing, the property owner is the principal. True or False |
true |
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TREC was established in |
1949 |
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When a broker dies the listing terminates. True or false |
true |
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An agent can give legal advice. True or false |
false |
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Which is the most limited of agency relationships? |
special |
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A fiduciary relationship is based on judgment. True or false |
false (trust)
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What is provided to an agent when there is written documentation that the agency relationship exists? |
express authority |
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Misleading a prospect sometimes is ok. True or false |
false |
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Multiple listings are open to |
any licensed broker |
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If a licensee meets with a party that is already represented, he has to present the IABS. True or false |
False |
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Dual agency |
representation of two or more principals in a transaciton by the same agent |
