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Texas Real Estate2
Agency
Question | Answer |
---|---|
The responsibilites a broker has to customers or third party including honest, fairness and disclosure of material facts | Public responsiblities |
The responsibilities a broker has to clients in an agency realtionship includes placing the interest of clients first, disclosure of facts, giving advice and opinions | Fidicuary responsibilities |
An agency relationship created by an oral or spoken agreement | Oral Agency |
Agency as a result of customary usual or typical conditions;Nothing formal has been said or written down, the agent and principal act as if they have a relationship | Implied Agency |
Agency as a result of the actions of an agent and the response of others to those actions;When a relationship appears to exists when it does not | Ostensible Agency |
Agency established when an agent acts without permission of the principal and the principal accepts or ratifies those actions | Agency by Ratification |
A principal fails to maintain due diligence over his agent and as a result the court prevents the principal from denying the agency relationship | Agency by Estoppel |
A principal gives an agent power to transact matters of all types for him | Universal Agency |
A principal gives an agent the power to bind him in a particular trade or business | General Agency |
A principal gives an agent the power to perform specific acts, but not to bind the principal-also called limited agency | Special Agency |
A principal gives an agent the power to perform specific acts, but not to bind the principal-also called special agency | Limited Agency |
An agnet owes his client obedience, loyalty, disclosure, confidentiality, accounting and resonable care (old car) | Duties of an agent |
A principal owes his agent compensation, reimbursement, idemnification and performance | Duties of a principal |
An advertisement that does not clearly indicate the licensed status of the party placing the ad-real estate licensees are prohibited from placing blind ads | Blind Ad |