Ch.4 Law Of Agency And Real Estate Brokerage Flashcards
In the real estate brokerage business, most license holders are not employees of the broker.
They are_____________ engaged in a principal-agent relationship.
Independent contractors
The purpose of the Seller’s Disclosure Notice is to have the owner of the property disclose all facts and defects concerning the property. This is a good tool to use as a defense in a ___________ lawsuit.
DTPA
__________ means actual awareness, or flagrant disregard of prudent and fair business practices.
Intentionally
When a potential buyer contacts an agent for information regarding a property, he or she is a ________________
Customer
In a real estate office, the agents refer to the buyers agent as the _____________ because the buyer’s agent actually sold the property by procuring the buyer.
“Selling agent”
___________ means actual awareness of a falsity, deception, or unfairness of an act.
Knowingly
___________ are defined as tangible Charles (real property is tangible when purchased or leased). Under DTPA the sale of a house is considered a good.
Goods
_____________ occurs when an agent acts without prior authorization, and the principal, upon learning of this action, accepts it.
Agency by ratification
____________ occurs when a license hold is the owner of a property that is being sold, or is interested in buying a property.
Agency coupled with an interest
When a brokerage sells its own listing, it is known as an ____________.
______________ and the __________ side of the transaction.
I’m-house sale, listing, selling
According to the Texas Real Estate License Act, when one firm sells a property listed by another firm to a buyer they are not representing, the selling firm represents seller in this type of relationship.
Subagency
The most limited of all the agency relationships and is also referred as “limited agency”
Special Agency
Exists when one person (the agent) acts for, it on behalf I f another person (the principle).
Agency relationship
A person, sometimes called a principal, who engages the professional advice or services of another, called an agent, and whose interests are protected by the specific duties and loyalties of an agency relationship.
Client
Texas law that was passed in 1973 that allows an aggrieved consumer to sue a seller of goods for damages.
DTPA
