Definitions
Acts for or on behalf of someone else
Agent
The paying back of expenses incurred on behalf of someone else
Reimbursement
Enacted in 1939 to protect the public against unscrupulous license holders
Texas Real Estate License Act (TRELA)
Created to enforce and administer TRELA in 1949
Texas Real Estate Commission (TREC)
For whom the agent works
Principal (Client)
Compensation from harm or loss
Indemnification
A broker selling the listing of another broker
Cooperative Broker
The duties of a principal to an agent
C.R.I.P
- Compensation, Reimbursement, Indemnification, Performance
A relationship based on trust
Fiduciary
Doing what is required by the agency agreement
Performance
Duties of principal to agent
The relationship between two parties
Agency
The payment of a fee for completing an agreed activity
Compensation