Law of Agency Flashcards

Law of Agency Flashcards Section 4.3 Texas Realtors Exclusive Right to Sell Listing Agreement In this topic, we will explore the Texas REALTORS® Exclusive Right to Sell Listing Agreement.Section 5.1 Representing the BuyerThis topic explores how to represent the buyer, how buyer agency is created and the benefits of buyer-agency relationships.

5.2 Compensation & Broker DisclosuresThis topic explains how compensation agreements are formed and how buyer representation agreements are used in a real estate transaction.The Addendum for Seller's Disclosure of Information on Lead-Based Paint is requiredOn all new homesOn all homesOn all homes built prior to 1978On all homes built prior to 1970 On all homes built prior to 1978 when was the Texas Real Estate License Act (TRLA) enacted?1939 Section 1.3 Roles People playLearn about the roles and relationships involving brokers and agents.The buyer must not be under ______.duress Which Relationships Must Be Disclosed?Choose Yes or No to show which relationship an agent must disclose to another party in a transaction.An investor, who wholly owns an LLC that will purchase a commercial retail center.No Section 1.6 Buyer Customer or Buyer Client Explore the different services that a license holder will perform when working on either the customer level or client level.Section 4.1 Listing AgreementLearn what constitutes a listing agreement and compare and contrast the 4 major types of listing agreements.- Open Listing- Yvonne wants to list her commercial property with multiple, competing brokers but feels like she has just as much chance at selling the property as any listing agent. Yvonne understands that there are a variety of benefits to listing with a broker, and knows that it will produce more prospects than selling it on her own. Yvonne also wants to be able to sell her property without paying a broker's commission to anyone.What type of listing agreement does Yvonne want to enter into?Open Listing A property is sold by a firm other than the listing firmCooperative sale T/F An agent does not have to disclose whether or not there has been a suicide on the property.True A buyer may consider a property to be stigmatized in several instances. Death on a property, an alleged

haunting, criminal activity nearby, and infectious disease of previous occupant may make the property undesirable.Stigmatized Properties

Module 4 Seller AgencyIdentify the elements of a listing agreementDefine Subagency and explain the role of the subagent Section 3.5 Stigmatized PropertiesDefine stigmatized properties and distinguish which facts should be disclosed about a property.Section 1.5 Why Study Agencyexplains the reasons why a license holder must have a deep understanding of agency relationships.exists when a principal inadequately supervises an agentAgency by estoppel 4.1 April is an owner who is trying to sell her property on her own. She has taken some pictures of the property herself and has posted them on her Facebook and Instagram pages for all of her friends to see. Her home is lovely, but it has been sitting on the market for several months.What is the main benefit of seller agency that April is missing out on?Pre-qualification of buyersEntry into MLSSafety MatterNegotiation Strategies Entry into MLS When was the Texas Real Estate Commission (TREC) created?1949 A broker cannot successfully sue for commission without a signed written___ employment agreement Telling the seller that the buyer can offer more money for his property.- Customer only- Client only- Both Customer only 5.3 Broker Employment, Procurring Cause of Sale & Commissions The topic discusses how commissions are commonly established and the requirements for a commissions suit.A sales agent sponsored by a broker- Universal- General- Special General Agency In the listing agreement a key box is placed on a propertyAlways if required by the local MLSAutomaticallyIf required by TRECIf the seller agrees If the seller agrees

• major types of listing agreements1. Open listing2. Exclusive Agency3. Exclusive right to

sell4. Net Listing The term of the buyer/tenant representation agreement is180 daysNegotiableSet by Texas Realtors®90 days Negotiable An agent with the authority to sign a listing agreement on behalf of a broker- Universal- General- Special General Agency Accessories in the listing agreement would includeartificial fireplace logsmailboxceiling fansgarage door opener Artificial fireplace logs Leading a buyer to believe that you are working in the buyer's best interest.Client only Mark and Ann are buyers working with Agent Joe at Acme Realty. Joe explained to Mark and Ann the benefits of being represented in the purchase of a home. Being reluctant to sign contracts, Mark and Ann decide to have Joe help them find a home without entering into an agency relationship. Joe agrees to this arrangement. Later, Joe is showing them a home listed by City Realty. Liking the

home very much, they decide to make an offer.In this Scenario who is Joe representing?the seller If a dispute cannot be resolved through negotiations, the parties agree to first submit the dispute toAny of the aboveMediationArbitratonThe courts Mediation Which Relationships Must Be Disclosed?Choose Yes or No to show which relationship an agent must disclose to another party in a transaction.A real estate agent is selling