1 | P a g e CHAMPIONS SCHOOL OF REAL ESTATE LAW AGENCY REAL EXAM CORRECT NEWEST QUESTIONS AND VERIFIED ANSWERS LATEST 2024 EXAM GRADED A+ An agency relationship exist when one person, the __________, acts for or on be half of another person, the __________. - CORRECT ANSWER >>>Agent, Principal Which of the following is grounds for suspension or revocation of a real estate license by TREC? a. Splitting the commission with a person person other than a license holder. b. Splitting commission with a Texas real estate license holder. c. Disclosing a material defect of property d. All of these - CORRECT ANSWER >>>a. Splitting the commission with a person person other than a license holder. The Commission can deny licensur e to an applicant base on the applicant's __________. - CORRECT ANSWER >>>Determination of fitness Special Agency - CORRECT ANSWER >>>Also known as limited agency General agency - CORRECT ANSWER >>>The right to represent the principal in a particular typ e of transaction or business 2 | P a g e Express Authority - CORRECT ANSWER >>>Authority that comes from specific instructions, either oral or written Universal Agent - CORRECT ANSWER >>>The power to act for the principal in all transactions. Agency by Ratification - CORRECT ANSWER >>>Established when an agent acts without prior authorization and the principal accepts it What form must an agent provide to potential client at the first substantive discussion of a real estate transaction? - CORRECT ANSWER >>>Informat ion About Brokerage Services (IABS) An example of a general agent in the world of real estate would be a(n)_________. - CORRECT ANSWER >>>Property Manager Which of the following would NOT be an example of the fiduciary duty of reasonable care? a. Helping the client meet contract deadlines b. Assisting the seller to arrive at a reasonable listing price. c. Discovering relevant facts and disclosing these facts to the client. d. Taking the buyer or seller out to dinner when the transaction closes . - CORRECT ANSWER >>>d. Taking the buyer or seller out to dinner when the transaction closes. In-house sale - CORRECT ANSWER >>>A property sold by the listing firm Cooperative sale - CORRECT ANSWER >>>A property is sold by a firm other than the listing firm Subagency - CORRECT ANSWER >>>Created automatically with no discussion or action needed on the part of the brokerage firm. 3 | P a g e Listing side - CORRECT ANSWER >>>The seller retains the services of a broker Selling side - CORRECT ANSWER >>>The buyer retai ns the services of a broker Seller Kristen meets with agent Angel and likes his plan for marketing her home. She decides to sign listing agreement with hime, thereby creating a _______ relationship. - CORRECT ANSWER >>>Special agency or Limited agency Broker Susan is representing the seller at We Sell it Fast Realty while broker Daniel from Daniels Properties is working with a buyer customer. Susan is representing the seller. Who is Daniel representing? - CORRECT ANSWER >>>The seller. In Texas, there is no _______ agency relationship with any party to transaction. - CORR ECT ANSWER >>>Implied The commission charged is negotiated between the _______ and ________. - CORRECT ANSWER >>>Seller and broker Which of the following is NOT one of the 4 statutory ag ency relationships allowed in Texas. a. dual b. seller c. buyer d. intermediary - CORRECT ANSWER >>>a. dual Alternate Name - CORRECT ANSWER >>>Also known as an alias Team name - CORRECT ANSWER >>>Used by a group of one or more licensed holders sponsored or associated with the same broker. Assumed Business Name - CORRECT ANSWER >>>Also known as DBA
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