RE Law Ch.1 Introduction

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  1. The person acting for another becomes that person's ________. The person for whom the agent is acting is the _________. Their relationship is a _____________ relationship--one of trust and confidence.
    • agent
    • principal
    • fiduciary
  2. Agency exists when...
    one person is given the authority to act for or in place of another person.
  3. The Texas Real Estate Commission (TREC) was created by the ___________________ of 1949; which also introduced the broker and salesperson's license to Texas law.
    Texas Real Estate License Act (TRELA)
  4. What are the main 5 Articles of Ethics for real estate licensees?
    1. Fidelity; acting as an agent for another; represent the interests of his client; faithful and observant; no personal interest above that of his client.

    2. Integrity; avoid misrepresentation; disclosure

    3. Competency; to be knowledgeable; be informed on market conditions; continuing education; be informed of national, state, local events affecting real estate; exercise judgment and skill

    4. Consumer Information; display Consumer Information Form 1-1 in each place of business that a broker or inspector maintains.

    5. Discriminatory Practices; shall not inquire about, respond to, or facilitate inquiries about or make a disclosure which indicates or is intended to indicate any preference, limitation, or discrimination based on protected classes.
  5. What are the protected classes against discrimination?
    • -race, color, religion, sex, national origin, ancestry, and familial status.
    • -handicapped; AIDS, HIV
    • -handicapped owners, previous or current occupants, potential purchasers, lessors, or potential lessees of real property.
  6. Texas has labeled real estate licensees as professionals in the Deceptive Trade Practices Act.
    true
  7. America is becoming a more litigious society.
    true
  8. Consumers understand the agency relationship between themselves and the real estate broker.
    false; consumers don't understand this relationship (over 70%); show them the disclosure of relationship duties
  9. Litigation
    to make the subject of a lawsuit
  10. The law is turning away from the idea of caveat emptor.
    true
  11. caveat emptor
    let the buyer beware
  12. Subagent
    works under agent; ex; listing agent was the agent of the seller, and the selling agent was the subagent of the seller; both working for seller.
  13. Discussion: As the buyer in a real estate transaction, list the services that you would expect from the real estate licensee with whom you are dealing.
    think about it...
  14. Discussion: As the seller in a real estate sale, list the services that you would expect from the real estate agent with whom you are dealing.
    thing about it...
  15. Discussion: Compare and contrast the answers in the preceding two questions. Do you think that the buyer and seller are naturally adversaries? Explain your reasoning.
    think about it...
  16. How often do you have to renew your real estate license? What are the requirements to renew?
    • every two years
    • Requirements: CE (continuing education); must be posted when you pay the renewal fee (must be paid within 90 days of the license expiration date);¬†18 hours, all licensees are required to take the 4-hour Legal Update 1 course and the 4-hour Legal Update 2 course. The other 10 hours may be in elective topics.
    • -finger printed; for first license and every renewal
    • -background check; $30; first license and every renewal
  17. You how to provide your finger prints and a criminal background check to apply for a real estate license and renewal of license.
    true
  18. When you go to renew your license your CE must be posted before or when you pay, if they are not posted or if you don't finish the required CE courses, what can happen?
    • you must pay a $200 CE deferral fee or renew in an INACTIVE status¬†
    • **Paying the $200 CE deferral fee will allow you to continue to be an active in real estate activities and give you an additional 60 days from your expiration date to complete your CE.
  19. Although the majority of crimes which would result in a denial fall into these two main categories, the Department can deny for any conviction, deferred adjudication or other information that indicates a lack of honesty, trustworthiness, or integrity to hold a license.
    true

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Author:
Blue2xa88
ID:
322890
Filename:
RE Law Ch.1 Introduction
Updated:
2016-09-04 02:09:05
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real estate law intro
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real estate law into
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