Texas Real Estate 159 Questions And Answers
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Terms in this set
159
What is an agency?
A relationship where a broker reprersents a client and owes fiduciary duties
Who is the client?
A person who receives but doesn't have an agency relationship
What are fiduciary duties?
Old Car
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
- Obedience
- Loyalty
- Disclosure
- Confidentiality
- Accountability
- Reasonable Care
loyalty
Agent must put the clients interests above their own
Ex. Getting the seller the best price
Ex. Getting the seller the best price
Obedience
Agent must follow the clients lawful instructions
Ex. Follow the sellers instructions about marketing.
Ex. Follow the sellers instructions about marketing.
Confidentiality
Keeping the clients info private.
Ex. Buyer can pay $400,000 but offered $350,000 -> keep private
Ex. Buyer can pay $400,000 but offered $350,000 -> keep private
Disclosure
Revealing g important info that could affect the clients decision
Ex. Known foundation problems
Ex. Known foundation problems
Accounting
Properly handling money and documents belonging to others
Ex. Earnest money
Ex. Earnest money
Reasonable care & diligence
Using professional knowledge and investigating info
Ex. " idk but I will find out"
Ex. " idk but I will find out"
What happens to confidentiality after agency ends?
It continues after the relationship ends