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© 2015 OnCourse Learning Texas Real Estate Brokerage and Law of Agency, 6 th Edition
Introduction The law is constantly growing and changing, it ebbs and flows in response to societal and individual needs This text looks at a particular part of the law, called the law of agency, and how that law affects the real estate business © 2015 OnCourse Learning Chapter 1
History of Agency The concept of agency began when people agreed to act on behalf of one another – The person acting for another becomes that person’s agent – The person for whom the agent is acting is the principal Their relationship is a fiduciary relationship— one of trust and confidence © 2015 OnCourse Learning
History of Agency Agency exists when one person is given the authority to act for or in place of another person The term broker/brokerage came to us from the French word for wine broker A broker has a special knowledge of the supply, demand, marketing, and types of goods available in a particular endeavor © 2015 OnCourse Learning
THE HISTORY OF AGENCY Texas passed its first real estate act, the Texas Real Estate Dealers Act, in 1939 Until the late 1940's, Texas offered a "Dealer's" license The Texas Real Estate Commission (TREC) was created by the Texas Real Estate License Act (TRELA) of 1949 It was the TRELA that introduced the broker's and salesman's license to Texas law. © 2015 OnCourse Learning
CANONS OF PROFESSIONAL ETHICS AND CONDUCT FOR BROKERS AND SALESMEN ARTICLE 1: Fidelity ARTICLE 2: Integrity ARTICLE 3: Competency ARTICLE 4: Consumer Information ARTICLE 5: Discriminatory Practices © 2015 OnCourse Learning
Fidelity A real estate broker or salesperson, while acting as an agent for another, is a fiduciary Special obligations are imposed when such fiduciary relationships are created The primary duty of the agent is to represent the interests of the client, and place no personal interest above that of the client © 2015 OnCourse Learning
Integrity A real estate broker or salesperson has a special obligation to exercise integrity in the discharge of his responsibilities, – including employment of prudence and caution so as to avoid misrepresentation, in any wise, by acts of commission or omission. © 2015 OnCourse Learning
Competency It is the obligation of a real estate agent to be knowledgeable Should be informed on market conditions and be pledged to continuing education Be informed on national, state, and local issues Exercise judgment and skill in performance of work © 2015 OnCourse Learning
Consumer Information Each active real estate broker or real estate inspector licensed by the TREC must display Consumer Information Form 1-1 prominently in each place of business that the broker or inspector maintains © 2015 OnCourse Learning
Discriminatory Practices No real estate licensee shall inquire about, respond to, or facilitate inquiries about or make a disclosure which indicates any preference, limitation, or discrimination based on protected classes Protected classes include race, color, religion, sex, national origin, ancestry, and familial status and handicapped status © 2015 OnCourse Learning
THE NEW EMPHASIS ON THE LAW OF AGENCY Emphasis in professionalism Complexity of transactions Increase in litigation Problems of perception Focus on consumer protection © 2015 OnCourse Learning
New interest in buyer rep –has required the industry to take a new look at agency. Agency seems to have permeated every aspect of the real estate business
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