CFP® Professional’s Firm(s) Any entity on behalf of which a CFP® professional provides Professional Services to a Client, and that has the authority to exercise control over the CFP® professional’s activities, including the CFP® professional’s employer, broker-dealer, registered investment adviser, insurance company, and insurance agency. Client Any person, including a natural person, business organization, or legal entity, to whom the CFP® professional provides or agrees to provide Professional Services pursuant to an Engagement. Conflict of Interest
Control The power, directly or indirectly, to direct the management or policies of the entity at the relevant time, through ownership, by contract, or otherwise. Control Person A person who has Control. Engagement An oral or written agreement, arrangement, or understanding. Family Grandparent, parent, stepparent, father-in-law/mother-in-law, uncle/aunt, spouse, former spouse, spousal equivalent, domestic partner, brother/sister, stepsibling, brother-in-law/sister-in-law, cousin, son/ daughter, stepchild, son-in-law/daughter-in law, nephew/niece, grandchild, and any other person the CFP® professional, directly or indirectly, supports financially to a material extent. Financial Advice
The determination of whether Financial Advice has been provided is an objective rather than subjective inquiry. The more individually tailored the communication is to the Client, the more likely the communication will be viewed as Financial Advice. The provision of services or the furnishing or making available of marketing materials, general financial education materials, or general financial communications that a reasonable CFP® professional would not view as Financial Advice, does not constitute Financial Advice. Financial Assets Securities, insurance products, real estate, bank instruments, commodities contracts, derivative contracts, collectibles, or other financial products. Financial Planning A collaborative process that helps maximize a Client’s potential for meeting life goals through Financial Advice that integrates relevant elements of the Client’s personal and financial circumstances. Material Information is material when a reasonable Client or prospective Client would consider the information important in making a decision. Professional Services Financial Advice and related activities and services that are offered or provided, including, but not limited to, Financial Planning, legal, accounting, or business planning services. A person or business entity (including a trust) whose receipt of Sales-Related Compensation a reasonable CFP® professional would view as benefiting the CFP® professional or the CFP® Professional’s Firm, including, for example, as a result of the CFP® professional’s ownership stake in the business entity. There is a rebuttable presumption that a Related Party includes:
Scope of Engagement The Professional Services to be provided pursuant to an Engagement. Unit 6 QuizQUESTION# 1Which aspect of the Canons of Professional Ethics and Conduct requires a real estate agent torepresent the interests of the client? Get answer to your question and much more QUESTION# 2Which aspect of the Canons of Professional Ethics and Conduct requires the broker or salesagent to employ prudence and caution in the discharge of duties so as to avoidmisrepresentation? Get answer to your question and much more QUESTION# 3Which rule of conduct in the Canons of Professional Ethics and Conduct requires a real estateagent to be informed on market conditions and on national/state/local issues? Get answer to your question and much more QUESTION# 4Under the discriminatory practices canon of the Canons of Professional Ethics and Conduct,which practice is permitted? Get answer to your question and much more How many canons of professional ethics and conduct are included in the Texas Administrative Code?Texas has five canons located in Title 22 of the Texas Adminis- tration Code, (TAC) Chapter 531. Each is appropriately named and, as of February 23, 1998, gender neutral. According to the canon entitled Fidelity, a licensee owes a client fiduciary responsibility while acting as an agent.
Which of the following is not a violation for which the Texas Real Estate Commission trec may suspend or revoke a license or take other disciplinary action?Which is NOT a violation for which the Texas Real Estate Commission (TREC) may suspend or revoke a license or take other disciplinary action? The answer is requesting a moral character determination from the Commission.
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