Chap 1
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Agency | show 🗑
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| show | - less authority than universial -right to represent in particular types of transactions or business - less authority than universial -right to represent in particular types of transactions or business -ex. (property Manager) -ex. (property Manager)
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| show | Perseving value of an incestment while generating income -liable and accountable for all actions of the agent
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| Duties of General Agent | show 🗑
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| Universal agency | show 🗑
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| 3 types of agency and what are the factors that determine them | show 🗑
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| show | -principle will count on the agent for specific professional advice. agent is expert -relationships involves money or property agent must work in clients best interest at all times. -fiduciary duty one based on trust
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| show | another name for principle party represented by agent
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| Agents (licesnsees) duties | show 🗑
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| Broker responisibilites on part of his associates | show 🗑
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| show | 1.timely renewal of license
2.completion of continuing education requirements
3/adequate oppurtunies for generating income
4. company car, health insurance, vacation,or disability benefits
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| Speical Agency | show 🗑
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| show | IN WRITING express authority principle to agent
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| show | customary to the business -agent can show house during and after normal business hours
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| show | actions misleading your an agent
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| show | occurs when an acgents acts without prior authority, and the pricipal upon learning accepts it
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| show | principal inadequately supervises and agent,agent takes on powers beyond his authority
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| agency coupled with an interest | show 🗑
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| show | 1. A listing side where the seller retains the services of a broker 2. A selling side where the buyer retains the services of a broker. The agent working with the buyer is referred to as the selling agent.
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| show | 1. The property is sold by a firm other than the listing firm, which is referred to as a cooperative sale. 2. The property is sold by the listing firm, which is referred to as an in-house sale.
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| show | The commission charged is negotiated between the seller and the broker, and is not set or recommended by TREC or any other organization.
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| subagency relationship | show 🗑
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| show | 1. The sale must be a cooperative sale, and 2. The buyer must be an unrepresented customer.
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| Licensee | show 🗑
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| Agent - | show 🗑
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| Subagent | show 🗑
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| show | A broker selling the listing of another broker. A cooperative broker may complete the transaction as a subagent of the listing broker, or may represent the buyer’s under an agency agreement. Also known as the other broker.
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| Broker licensee | show 🗑
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| Salesperson licensee | show 🗑
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| show | broker associated with and conducting all of his or her business as an agent of another broker
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| show | A salesperson or broker licensee associated with and conducting business as an agent of his or her sponsoring broker.
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| show | A broker representing the seller in a real estate transaction. Also referred to as a Seller’s Broker, Listing Broker, or Listing Agent.
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| 10. Buyer’s Agent | show 🗑
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| show | A broker representing a landlord in a real estate transaction.
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| show | A broker representing a tenant in a real estate transaction.
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| show | sometimes called a principal, who engages the professional advice or services of another, called an agent, and whose interests are protected by the specific duties and loyalties of an agency relationship.
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| Customer | show 🗑
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
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If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
aberry181