Principles 1, Level 4, Chapter 2

Question 1

Brokers and sales agents are also required to communicate in a timely fashion. The Texas Administrative Code says licensees must respond to their principal, a broker or sales agent representing another party to a real estate transaction, or an unrepresented party to a real estate transaction within how many calendar days?

Answer 1

Two

Question 2

What is a subagent?

Answer 2

“Subagent” means a license holder who:
(A) represents a principal through cooperation with and the consent of a broker representing the principal and
(B) is not sponsored or associated with the principal’s broker.

Question 3

What is a material fact?

Answer 3

any fact that is significant or essential to the transaction – that is, any piece of information that could reasonably be expected to influence a prudent individual’s decisions regarding the transaction.