A salesperson owes all of the following fiduciary duties EXCEPT

Prepare a power of attorney for the buyer

Brokers can buy a property listed w/them under which conditions?

ONLY if full disc. Is made to seller of brokers involvement

Listing agent tells a buyer the seller is under pressure to sell due to another home purchase

Unacceptable due to fiduciary duties owed to owner

Which statement is TRUE of listing agents?

Must communicate every offer oral or written to owner

Special agency occurs when

Principles give agent Lmtd. Auth. To act on their behalf

John failed to inform George that a zoning change would allow biz use in area increasing value

Johns rqrd. To disclose cuz it was material n pertinent fact

A material fact is one that?

A Reasonable person might feel is important

According to TRELA 1101.558, the written statement must be given at what time

1st substantive dialogue with party relating to property

studbud

Law of agency Ch. 2

10 termsStudBud Administration22 plays

Chapter 2

Flashcards10 cardsFPractice quizPHost liveL

Questions 10

Answers

1
A salesperson owes all of the following fiduciary duties EXCEPT
Obey the lawful instructions of the broker
Inform broker and seller of material facts
Prepare a power of attorney for the buyer
Be loyal to the best interest of client
2
Brokers can buy a property listed w/them under which conditions?
Under no circumstances
ONLY if full disc. Is made to seller of brokers involvement
ONLY if prop. Is listed under an open listing
Family member purchases prop. For more then asking price
3
Listing agent tells a buyer the seller is under pressure to sell due to another home purchase
Disclosure is: acceptable if results in a sale
Unacceptable because the listing broker is agent of buyer
Acceptable if no details of the move are disclosed
Unacceptable due to fiduciary duties owed to owner
4
Which statement is TRUE of listing agents?
Must communicate every offer oral or written to owner
May refuse to present an offer if too low
tell buyer terms of a counter offer seller made yesterday
Must tell buyer the sellers lowest acceptable price
5
Example of general agency relationship exist between
Selling broker and listing broker
Seller and broker
Sales associate and broker
Buyer and broker
6
Special agency occurs when
Prncpl. gives agent auth. To act 4 them in the oper. Of biz.
Person operates a real estate brokerage business
Person operates a special real estate brokerage business
Principles give agent Lmtd. Auth. To act on their behalf
7
John failed to inform George that a zoning change would allow biz use in area increasing value
Jons rqrd to disclose due to zoning laws notice to all peepl
Johns not rqrd. To disclose if George receives full ask pric
Johns not required to disclose the change if Georg nvr asked
Johns rqrd. To disclose cuz it was material n pertinent fact
8
A material fact is one that?
The listing broker considers important
The client considers important
The customer considers important
A Reasonable person might feel is important
9
Which is NOT a fiduciary obligation owed to a client?
Accounting
Obedience
Confidentiality
Inspection
10
According to TRELA 1101.558, the written statement must be given at what time
1st meeting with custmr where a substantive dialogue occurs
after a contract is signed
a meeting at an open house
1st substantive dialogue with party relating to property

Law of agency Ch. 2 Flashcards | StudBud