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TX Exam Prep - Ch 4
Ch 4 - Agency/ Brokerage
| Question | Answer |
|---|---|
| Senate Bill 489 requires a license holder to give Information About Brokerage Services (disclosure of agency) to a prospect | at the first substantive dialogue. - This includes a FACE-TO-FACE meeting, , a phone conversation, or any mailing (paper or email) with a substantial amount of information about a particular property. |
| Exceptions to IABS disclosure | - During an open house - when meeting with a party represented by another licensee - or during transaction involving a lease for less than a year |
| The IABS is presented | Before you have been hired, therefore, before you have a client. |
| Disclosure of representation happens | after you have been hired by a buyer, seller, landlord or tenant. |
| The TREC Information About Brokerage Services (IABS) form is | presented by the TREC IABS form (in writing) |
| Disclosure of Representation | can be written or oral at first contact. |
| Senate Bill 489 allows a broker to act as an intermediary | Dual agency is not allowed in Texas |
| Only a broker can be an Intermediary. Statutory Intermediary takes precedence over | common law dual agency. |
| The license act requires a broker to provide a minimum level of service to a client. | • put interests of the client above all others, including the broker • disclose material info/transaction received by the broker; • answer questions & present any offer to or counteroffer from the client; • treat all parties honestly & fairly. |
| A broker may refer clients to a Residential Service Company with whom he has a professional connection | As long as the broker discloses the connection using the required form. (Form ID: RSC-3- Disclosure of Relationship with Residential Service Company.) Any fee must be commensurate with the service provided. |
| The time frame that a broker or delegated supervisor has to respond to clients, agents, or other brokers is | Two (2) days |
| The time frame that a broker or delegated supervisor has to deliver TREC correspondence to their agents is | Three (3) days. |
| Only a broker can earn a commission and only a broker can sue for a commission. He must be able to prove: | a. that he was the procuring cause of sale b. that he has a written compensation agreement c. that he is licensed by TREC d. that he provided written notice to the buyer to obtain an attorney’s opinion of title or a title policy on the property |
| The broker must ensure that all sponsored agents are | Acting in compliance with federal, and state laws and TREC rules |
| When a sales agent performs a real estate brokerage activity for the first time, | The broker must require that the sales agent receive coaching and assistance from an experienced license holder competent for that activity. |
| If the broker wishes to terminate sponsorship, he must | - notify the sales agent in writing and - return the sales agent’s license certificate to the Commission immediately. |
| A sales agent who wishes to terminate with sponsoring broker | Must do so in writing. |
| Brokers must designate anyone who leads, supervises, or directs a team in their brokerage as a delegated supervisor, with TREC | If he or she has or will be supervising for more than three months. |
| A broker who sponsors sales agents or is a designated broker for a business entity shall maintain, on a current basis, | Written policies and procedures |
| An unlicensed assistant may: | • Accompany a license holder on showings and to open houses • Set appointments for a license holder to show property • Place for sale signs on property, accompany an inspector, place advertisements as directed by the license holder |
| An unlicensed assistant may: (cont) | • Assist in arranging financing at the direction of a license holder in an administrative way – assist a buyer in obtaining forms or information to apply and qualify for a loan • Train and motivate license holders • Manage an office |
| An unlicensed assistant may: (cont) | • Perform all clerical activities for the broker, such as typing contracts, preparing reports and CMAs, filing, copying and organizing information • Act as an onsite apartment manager |
| An unlicensed assistant cannot: | • Host an open house or show property • Unlock a door to a property for a prospect • Telemarket for listings (prospect for leads) • Engage in any activity requiring a license |
Created by:
deidresj
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