which of the following statements about the statutory power of attorney form is false?

What do you need to know about statutory power of attorney?

they are explained in the durable power of attorney act, subtitle p, title 2, estates code. if you have any questions about these powers, obtain competent legal advice. this document does not authorize anyone to make medical and other health-care decisions for you. you may revoke this power of attorney if you later wish to do so.

Is there a new form for a power of attorney?

PART III. STATUTORY FORMS [§551E‑51] Statutory form power of attorney. A document substantially in the following form may be used to create a statutory form power of attorney that has the meaning and effect prescribed by this chapter.

How is the execution of a statutory long form power of attorney?

A power of attorney created under this chapter shall be durable unless it expressly provides that it is terminated by the incapacity of the principal. WHAT CONSTITUTES A STATUTORY FINANCIAL POWER OF ATTORNEY The term 'statutory form power of attorney' means using: The form set out in O.C.G.A. §10-6B-70;

What happens when you accept a power of attorney?

New York State Bar Association New York Statutory Short Form Power of Attorney, 8/18/10, Eff. 9/12/10 2010 N.Y. Laws ch. 340 Page 2 of 9 If you designate more than one agent above, they must act together unless you initial the statement below.

Which of the following is not a promulgated form adopted by the Texas Real Estate Commission TREC )?

The TREC seller's disclosure is an optional form, not a promulgated form. The disclosure is required of the seller, but the Property Code does not dictate which form the seller needs to use.

Which of the following would be exempt from having to comply with the ADA?

Places of public accommodation include a wide range of entities, such as restaurants, hotels, theaters, doctors' offices, pharmacies, retail stores, museums, libraries, parks, private schools, and day care centers. Private clubs and religious organizations are exempt from the ADA, as are personal residences.

What is the main difference between the Natural Hazard Disclosure Statement and the real property transfer disclosure statement?

The transfer disclosure statement requires only disclosure of known latent defects, though, while the natural hazards disclosure statement requires disclosure of whether the property is in a zone subject to geologic hazards according to government maps.

Which of the following is an exception from TREC's requirement that license holders must use TREC promulgated contract forms when selling real estate for others?

when the buyer requires another form to be used. According to Section 537.11(a)(3), transactions for which a contract form has been prepared by a principal to the transaction are an exception to the rule that TREC-promulgated forms must be used. A man dies and his property transfers to his heirs through probate.

Which of the following activities is banned under the Fair Housing Act FHA )?

Terms in this set (39) Which activities are banned under the Fair Housing Act (FHA)? All discriminatory real estate practices based on race, color, national origin, religion, sex, familial status, or disability. ... The FHA bans you from using discriminatory language in your marketing or advertising.

What is the American with disabilities Act of 1990 Summary?

The Americans with Disabilities Act (ADA) became law in 1990. The ADA is a civil rights law that prohibits discrimination against individuals with disabilities in all areas of public life, including jobs, schools, transportation, and all public and private places that are open to the general public.

What hazard is not included in the Natural Hazard Disclosure Statement?

The Natural Hazard Disclosure Statement (NHD) handed to a prospective buyer does not disclose: environmental hazards and physical deficiencies in the soil or property improvements.

Which of the following statements about the county fiscal year in California is factual?

Which of the following statements about the county fiscal year in California is factual? The county fiscal year begins on January 1 and ends on December 31. The county fiscal year begins on June 1, and ends on May 31.

What is a seller financing disclosure statement?

The Seller Financing Disclosure Law, also known as the Residential Purchase Money Loan Disclosure Law, mandates a disclosure when anyone other than the buyer or seller negotiates a credit agreement, prepares documents or gets compensation either directly or indirectly for arranging financing, with the exception of ...

Which of the following is not an exception to the rule requiring use of promulgated contract forms in Texas?

The initial offer no longer exists; therefore, it can no longer be accepted. Which of the following is NOT an exception to the rule requiring use of promulgated contract forms in Texas? The answer is custom form prepared by licensed broker with a minimum of five years' experience.

Which of the following does the Section 5.008 of the Texas property Code mandate with regard to property disclosure?

Section 5.008 of the Texas Property Code mandates the following with regard to property disclosure: - A seller of residential real property comprising not more than one dwelling unit located in Texas must give to the property purchaser a written notice about the property's condition, as prescribed by this section.

What is the first thing a license holder should do when meeting with an unrepresented buyer?

Upon the first substantive discussion with an unrepresented buyer, what should the license Holder do? Provide IABS form and disclose who the license holder represents.

What is a Statutory Financial Power of Attorney?

This document contains information about the "Statutory Financial Power of Attorney." It allows you to name one or more persons to help you handle your financial affairs. Depending on your individual circumstances, you can give this person complete or limited power to act on your behalf. This document does not give someone the power to make medical decisions or personal health decisions for you.

What is a power of attorney?

This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal ). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself. The meaning of authority over subjects listed on this form is explained in O.C.G.A. Chapter 6B of Title 10.

How to accept an appointment as an agent under a power of attorney?

person accepts appointment as an agent under a power of attorney by exercising authority or performing duties as an agent or by any other assertion or conduct indicating acceptance; unless otherwise stated in the power of attorney.

Who can nominate a conservator?

A principal may nominate a conservator of the principal's estate for consideration by the court as long as the power of attorney is in place before conservatorship proceedings are begun and except for good cause shown or disqualification, the court shall make its appointment in accordance with the principal's most recent nomination.

What does "agent" mean in law?

'Agent' means a person granted authority to act in the place of an individual, whether denominated by such term , attorney-in-fact, or otherwise. Such term shall include a co-agent, successor agent, and a person to which authority is delegated.

Can a principal designate two or more coagents?

A principal may designate two or more persons to act as coagents.  Unless the power of attorney otherwise provides, coagents shall exercise their authority independently of each other and do not have to be in agreement.

What is a gift for the benefit of a person?

The term a gift 'for the benefit of' a person includes a gift to a trust, an account under the Uniform Transfers to Minors Act, and a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code Section 529, 26 U.S.C. Section 529, in effect on February 1, 2017.

What happens when you accept a power of attorney?

When you accept the authority granted under this Power of Attorney, a special legal relationship is created between you and the principal. This relationship imposes on you legal responsibilities that continue until you resign or the Power of Attorney is terminated or revoked. You must:

Can an agent make gifts to himself?

If you wish to authorize your agent to make gifts to himself or herself, you must grant that authority in this section , indicating to which agent(s) the authorization is granted, and any limitations and guidelines.

What is the meaning of power of attorney?

The meaning and effect of a power of attorney is determined by the law of the jurisdiction indicated in the power of attorney and, in the absence of an indication of jurisdiction, by the law of the jurisdiction in which the power of attorney was executed.

What does "agent" mean in a power of attorney?

Definitions. As used in sections 1-350 to 1-353b, inclusive: (1) “Agent” means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney in fact, or otherwise.