ALL listing agreements must have a termination date that are not subject to prior notice
When the broker enters into an intermediary position; if he/she appoints an associated licensee to work for one party he/she must appoint an associated licensee to work for the other party as not to favor one party over the other. The broker must not help either associated licensee with the negotiations
When someone dies without (intestate) a will the court will appoint an administrator to take care of their affairs after ones death. If someone died having a will (testate) there would have be someone named in the will to take care of their affairs after their death, call an executor which would be approved by the courts.
The commission is funded by the state and any increase of licensing fees must be approved by the state
A real estate broker may not sell real property by lottery.
You must present ALL offers to your client. The seller may reconsider once an offer is presented from the buyer agent.
Substitution of a new contract for an existing agreement with the intent of extinguishing the old contract. Such as a counteroffer made by one party when the receive an offer from another. This voids the first offer and now a new offer is being offered to the other party
It is the agents responsibility to account for all monies entrusted to him/her
This informs persons that the broker and agents are licensed by the Texas Real Estate Commission and give the consumer information as to where they can file a complaint if need be
The broker is not a part of the contract. The contract is between the purchaser and the seller. Therefore the broker can only make changes to the contract if so desired by the parties of the contract (the principles)
The father has the right to use the property as though it is his property. The son will receive the property after his father death. The son is said to be the remainderman.
A bilateral contract is a contract where all parties to the contract must perform. Thus one promise is exchanged for another.
A broker MUST complete 15 hours of Mandatory Continuing Education every two years to renew their license
Appraisers are not regulated by the Texas Real Estate Commission
A judge may order the parties to seek mediation prior to hearing any legal action by either party
Encroachment - When a structure extends beyond the bounds of the property. In this case the fence is extending into the property of another and therefore Dan is encroaching upon the property of another.
When you assign a contract you transfer all benefits and obligations
If a seller does not want to disclose a "latent defect" in the property you have no choice but to withdraw from the transaction or not take the listing
The recovery fund can only pay the aggrieved person who receives a judgement from a licensee in a court of law
A violation of the TRELA is a class A misdemeanor and can result in jail time and or fines. A class A misdemeanor is the highest misdemeanor and is just below a felony
A broker must always move to the intermediary position if they are to represent both the seller and buyer
Texas A & M University is funded by each broker and salesperson each and every time that they renew their license. $20 brokers and $17.50 salesperson
Only the sponsoring broker may pay the salesperson. All compensation must be paid by the sponsoring broker as of the date that the agent earned the compensation
What is commonly used is the TAR form "Buyer/tenant representation agreement" Giving the broker the right to represent the client in both the lease and purchase of a property
Students are not a protected class by the Federal Fair Housing laws. You should always check with local law in your area.
The seller must agree to sub-agency at the time the listing agreement is signed
Although the form is for voluntary use, all sellers of single family homes must provide a seller disclosure. This may be one from a local board or any disclosure approved by the parties of the contract
The seller has hired you to find them a buyer for their property and you have done just that, therefore you do NOT have to extend the listing agreement. You have earned your commission, you just will not received the commission until closing of the sell. Remember listing agreement can not have automatic extension agreements
The Broker Lawyer Committee draws and updates the forms that are approved by the Texas Real Estate Commission for mandatory use
Both husband and wife are the owners of the property under community property laws and therefore both must sign the deed conveying the property to another
