Agency Law Practice Questions

Recovery Trust Account payments max per transaction:

The Texas Recovery Trust Account pays maximum $50,000 per transaction and $100,000 per licensee.

Mrs. Jackson signs an open listing with three brokers. Regarding commission:

With an open listing, only the broker who procures the buyer earns the commission. Multiple brokers can compete, but only the successful one gets paid.

A property management agreement typically creates what type of agency relationship?

A property manager is a general agent — authorized to handle a range of ongoing tasks (leasing, maintenance, collecting rent) over time. A listing agent is a special agent (one transaction). Common trap: students think all real estate agency is "special"; property management is general agency.