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Texas Real Estate3
Agency
| Question | Answer |
|---|---|
| A broker who has the written permission of both the buyer and the seller to represent both parties in a single transaction | Dual Agent |
| A licensee appointed by a broker in a dual agency situation to work with either the buyer or the seller in the transaction | Designated Agent |
| A broker in Texas who has the written permission of both the buyer and the seller to represent both parties in a single transaction | Intermediary |
| A licensee appointed by a broker in Texas in an intermediary situation to work with either the buyer or the seller in the transaction | Appointed Associate |
| A listing where the seller reserves the right to list with as many broker he chooses. He can also sell it himself.Only a broker who brings a contract will earn commission | Open listing |
| A listing where one broker is the exclusive agent and will earn a commission if the property is sold, unless the seller sells it himself-the seller is competing with his broker | Exclusive Agency Listing |
| A listing where one broker will earn a commission when the property is sold no matter who sells it | Exclusive Right to Sell |
| The effort that results in the sale of property-the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property | Procuring cause of sale |
| Federal law that preserves business competition by prohibiting monopolies, monopolistic practices and restraint of trade-in real estate the biggest impact is on commissions-always negotionable | Sherman Anti-Trust act |
| A negotiated compensation in a brokers employment contract | Commission |
| Any transaction where the agent is also the seller, or the agent is also the buyer-this dual role must always be disclosed | Agency coupled with interest |
| An agent for a person who is already an agent for a principal-the listing salesperson under a listing broker this is not a Texas definition | Subagent |
Created by:
Shirilyn
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