SCh4 compensation Agreement And Broker/Sales Agent Relationships Flashcards
What 4 things must a broker be able to prove in regards to earning a commission?
He was a procuring cause of the sale
He has a written compensation agreement
He is licensed by TREC
He provided a written notice to the buyer to obtain an attorney of opinion or title policy on the property
Who must ensure that all sponsored agents are acting in in compliance with federal, state, laws, and TREC rules?
The broker
Who is responsible for any property management activity by the broker sponsored sales agent that requires a real estate license?
The broker
When a sales agent performs real estate brokerage activity for the first time what must a broker require about agent?
That they receive coaching assistance from an experienced license holder competent for that activity
If a broker wishes to terminate sponsorship, what must he do?
Notify the sales agent in writing and return the sales agents license certificate to the commission immediately
What must a broker do with respect to TREC for anyone who leads supervisors or directs in their brokerage?
Designate them as a delegated supervisor
Have them a a 6 hour broker responsibility course
What is the time frame to for a broker to notify TREC regarding the delegated supervisor status?
Within 30 days of any such delegation,
within 30 days after the delegation has ended
