Agency Concepts Flashcards
1
Q
Acting as which of the following is a violation of The Real Estate License Act?
A
- Acting as a broker w/o possessing a valid license issued by TREC
2
Q
Real estate agents are considered to have which kind of relationship w/ clients?
A
A fiduciary relationship
3
Q
Net listings are allowed to be used in Texas, but the listing agreement must:
A
Limit the broker to a specified maximum commission
4
Q
The term “fiduciary” originates from the Latin term which means:
A
trust
5
Q
In Texas real estate, an intermediary:
A
is a broker who is employed to negotiate a transaction between parties to a transaction in an impartial manner.
6
Q
A licensee who is representing a buyer is required to treat which of the following in a honest and fair manner:
A
- the seller’s agent
- the buyer
- the seller
