Which Texas law governs the licensing and regulation of real estate brokers and sales agents, including agency relationships?
Correct Answer
B) Texas Occupations Code Chapter 1101 (TRELA)
The Texas Real Estate License Act (TRELA), codified as Texas Occupations Code Chapter 1101, is the primary law governing licensing, regulation, and agency relationships for real estate brokers and sales agents in Texas.
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Related Topics & Key Terms
Key Terms:
Related Concepts
The legal principle that holds a broker responsible for the actions of their agents and employees performed within the scope of the agency relationship.
An agency relationship created when a principal's actions or words lead a third party to reasonably believe that an agent has authority, and the principal fails to correct this belief.
An agency relationship created when a principal approves or accepts an agent's previously unauthorized actions, effectively granting authority after the fact.
More Texas Agency Law Questions
A Texas license holder represents a landlord and is leasing commercial office space. The license holder shows the space to a prospective tenant from a large corporation. The corporate tenant has its own tenant representation broker. Must the landlord's license holder provide the IABS to the tenant?
A Texas license holder provides the IABS form to a buyer at their first meeting. Two weeks later, the buyer contacts the license holder about a different property. Must the license holder provide the IABS again?
A married couple visits an open house together. Sales agent Foster provides the IABS to the wife but not the husband. If both spouses are interested in purchasing the property, has Foster satisfied the IABS requirement?
Agent Parker provides the IABS to Buyer Harris at the first showing. Later, Harris signs a buyer representation agreement with a completely different brokerage firm. When Harris contacts Parker about another property, Parker's firm still has a listing on, must Parker provide the IABS again?
In Texas, a sales agent who is assigned by the intermediary broker to communicate with and carry out instructions of one party in a transaction is known as a(n):
- → A Texas license holder receives earnest money from a buyer. Under Texas law, the license holder must:
- → Under Texas law, which of the following BEST describes the relationship between a sales agent and their sponsoring broker?
- → The IABS form describes all of the following types of agency relationships available in Texas EXCEPT:
- → A Texas license holder is working at a property management company and negotiates a lease for a tenant. Must the license holder provide the IABS form to the prospective tenant?
- → Under TREC rules, the IABS form must be provided by whom?
- → Broker Martinez instructs all of her sales agents to include the IABS form as a standard attachment in every email communication. This practice is:
- → A Texas license holder posts a property listing on social media. A consumer comments on the post asking about the property's price. The license holder responds with the price and additional details. Was the IABS required?
- → In Texas, commingling occurs when a license holder:
- → Sales agent Kim provides the IABS form to Buyer Patel at their first meeting. During the meeting, Kim explains that she represents the seller. Patel asks Kim to also represent him as a buyer. Kim agrees but does not have Patel sign a buyer representation agreement. Later, a dispute arises and Patel claims Kim was his buyer's agent. What is the most likely outcome?
- → Under TREC rules, which of the following situations does NOT require delivery of the IABS form?
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Previous Question
Broker Henderson acts as an intermediary with appointments in a $500,000 residential sale. Appointed license holder Knox (seller's side) accidentally overhears appointed license holder Webb (buyer's side) discussing the buyer's maximum budget of $520,000 on a phone call in the office. What should Knox do?
Next Question
Buyer agent Park represents Buyer Lee under a buyer representation agreement. Lee asks Park to write a letter to the seller explaining why the buyer loves the property and would be a great homeowner. Under Texas agency law, what should Park do?