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Principles Of Real Estate 1 - Texas > Chapter 6: Law Of Agency And Real Estate Brokerage > Flashcards

Chapter 6: Law Of Agency And Real Estate Brokerage Flashcards

1
Q

Any relationship in which one party acts for or represents another is called

A

Agency

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2
Q

A person who is authorized to act for another

A

Agent

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3
Q

Another name for principal

A

Client

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4
Q

A person who has the legal authority to act as a broker or sales agent in a real estate transaction

A

License holder

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5
Q

A Texas consumer protection law

A

DTPA

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6
Q

The principal is also known as

A

The client

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7
Q

What is a fiduciary relationship?

A

Relationship based on trust

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8
Q

What are the 3 types of agency?

A

Universal, General and Special

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9
Q

What type of agent has full authority to conduct business on behalf of the client?

A

Universal agent

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10
Q

What right does a general agent have?

A

Right to represent a principal in a particular type of transaction or business

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11
Q

What is a common example of a general agent?

A

Property managers

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12
Q

A broker is responsible for what activities on the part of his associates?

A

-compliance with fair housing laws
- compliance with advertising regulations
- compliance with regulations for disclosure
-use of promulgated forms
-compliance with all aspects of the TRELA

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13
Q

What agency allows an agent to only perform limited duties for the principal?

A

Special agency

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14
Q

Special agency is also referred as

A

Limited agency

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15
Q

What acronym describes an AGENTS duty to their principal?

A

OLD CAR
OBEDIENCE
LOYALTY
DISCLOSURE
CONFIDENTIALITY
ACCOUNTING
REASONABLE CARE

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16
Q

What acronym describes a PRINCIPALS duty to an agent:

A

CRIP
COMPENSATION
REIMBURSEMENT
INDEMNIFICATION
PERFORMANCE

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17
Q

Any potential party to a transaction is an unrepresentative customer until they become

A

A client

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18
Q

When a potential buyer contacts an agent for information regarding a property

A

Customer

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19
Q

It’s a license holder, behaves in a manner that makes a party reasonably believe that he, or she is being represented then what will be created?

A

Implied agency

20
Q

A _______ will not act as a dual agent when their client is interested in purchasing one of the broker’s in house listings

A

Single-agency broker

21
Q

What type of broker is considered the middleman?

A

Transactional broker

22
Q

A __________ facilitates a buyer and seller to return agreement in a little estate transaction, even though he, or she does not have any agency relationship with each other 

A

Transactional broker

23
Q

All transactions are said to have 2 sides:

A

Listing and selling side

24
Q

A _______ side occurs when the seller retains the services of the broker

A

Listing

25
Q

A _________ side occurs when the buyer retains the services of a broker

A

Selling

26
Q

When an agent is working with the buyer they are referred as the

A

Selling agent

27
Q

If a property is sold by the listing firm it is referred to as

A

An in-house sale

28
Q

If a property is listed by one firm and later sold by another this is

A

A cooperative sale

29
Q

True or false: the commission in a transaction is to be paid by the listing broker to a cooperating broker is negotiated between the seller and listing broker in the listing agreement

A

True

30
Q

The set of rules that make it possible to bring client buyers and sellers together while at the same time representing their best interests

A

Intermediary

31
Q

In order to practice intermediary, the broker must have _____________ from both parties, stating the source of any anticipated compensation

A

Written Consent

32
Q

What are the two forms of intermediary

A

With and without appointments

33
Q

If one agent is involved in his selling his or her own listening to his or her homebuyer it will be

A

Intermediary without appointments

34
Q

If two agents from the same brokerage are involved, one working with the seller and the other with the buyer, it will be

A

Intermediary with appointments

35
Q

What provide consumers with necessary information regarding agency relationships with license holders?

A

Information about brokerage services IABS

36
Q

If a broken wishes to terminate a license, sales agent, sponsorship, he or she must notify the agent

A

In writing

37
Q

What Texas law was passed in 1973 and allows an agreement consumer to see a seller for goods for damages

A

Deceptive Trade Practices Act DTPA

38
Q

The sellers disclosure notice is a good tool to use as a defense in a ______ lawsuit

A

DTPA

39
Q

According to their DTPA ________ means actual awareness, or flagrant disregard of prudent and unfair business practices

A

Intentionally

40
Q

When a potential buyer contacts an agent for information regarding a property he or she is a

A

Customer

41
Q

______ means actual awareness of a falsity, deception, or unfairness of an act

A

Knowingly

42
Q

What is defined as tangible chattels?

A

GoodS

43
Q

When an agent ask without prior authorization, and the principal finds out about it, and accept it

A

Agency by ratification

44
Q

In real estate, a buyer or seller is considered an agent customer until he or she becomes an

A

Client

45
Q

The agreement between a broker and the client is most often a

A

Special agency relationship

46
Q

The broker and his or her associates are most often in a

A

General agency relationship

Principles Of Real Estate 1 - Texas (7 decks)

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