Real Estate Exam: Law of Agency UPDATED Exam Questions and CORRECT Answers
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Course
Law of Agency
Institution
Law Of Agency
Real Estate Exam: Law of Agency
UPDATED Exam Questions and
CORRECT Answers
This person hires an agent - Correct Answer- The Principal
The agent works on behalf of this person - Correct Answer- the client (principal)
This type of agency allows for the greatest range of authority - Correct Answ...
Real Estate Exam: Law of Agency
UPDATED Exam Questions and
CORRECT Answers
This person hires an agent - Correct Answer- The Principal
The agent works on behalf of this person - Correct Answer- the client (principal)
This type of agency allows for the greatest range of authority - Correct Answer- Universal
This is provided to the agent when there is written documentation that the agency relationship
exists. - Correct Answer- Express authority
This is the most limited of all the agency relationships - Correct Answer- Special agency
This type of agency is created when a 3rd party believes that an agent has authority that has
NOT been granted by a principal - Correct Answer- Agency by Estoppel
This type of agency is created when actions lead another person to assume that one is an
agent (Example- you have a key to neighbors home and show the property) - Correct Answer-
Ostensible Agency
If a buyer hasn't signed a buyer's rep agreement, then who is representing the buyer? - Correct
Answer- No one
This establishes a relationship with a broker - Correct Answer- The Buyer/Tenant
Representation agreement
This can be written or oral - Correct Answer- Disclosure of Representation
These are required to place their own selfish interests behind that of their clients. - Correct
Answer- Fiduciaries
, A licensee isn't required to provide the IABS when... - Correct Answer- the licensee meets
with a party that is already represented
A broker is obligated to treat who honestly? - Correct Answer- client, customer, and agents
Broker must have written consent to act as... - Correct Answer- an intermediary
IABS form is the property of... - Correct Answer- TREC
Broker Bob is the broker/owner of ABC Realty. Agent Bill at ABC Realty is a listing agent.
Agent Sue, also at ABC Realty, is working with a buyer who is being represented by the firm.
Agent Sue's buyer wants to purchase Agent Bill's listing
In the above transaction, Broker Bob will: - Correct Answer- Remain neutral and refrain from
providing advice and opinion to either party
The IABS should contain - Correct Answer- How the broker will be compensated
Broker Steve, having no agents, is a solo practitioner. He has a client buyer that wants to
purchase one of his listings. The process that Broker Steve must use is: - Correct Answer-
Intermediary without appointments
A fiduciary relationship is based on - Correct Answer- trust
Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to
purchase Joe's listing. The buyer that Agent Sean is working with has chosen to not enter into
an
agency relationship with City Realty.
In the above transaction, who is representing the buyer? - Correct Answer- No body because
the buyer is a customer.
Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to
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