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CHAMPIONS REAL ESTATE EXAM :LAW OF AGENCY ACTUAL EXAM NEWEST VERSION EXPECTED QUESTION AND CORRECT ANSWER FROM VERIFIED SOURCES RATED A GRADE.$15.99
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CHAMPIONS REAL ESTATE EXAM :LAW OF AGENCY
ACTUAL EXAM NEWEST VERSION 2024-2025 EXPECTED
QUESTION AND CORRECT ANSWER FROM VERIFIED
SOURCES RATED A GRADE.
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
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 City Realty representing?✔✔ CORRECT
ANSWER✔✔The seller, because City Realty is a subagent of ABC Realty
in this transaction
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.
What type of transaction is this?✔✔ CORRECT ANSWER✔✔cooperative
(co-op)
An exemption to using the Information About Brokerage Services form
is:✔✔ CORRECT ANSWER✔✔a lease for less than 1 year with no sale
anticipated
,A licensee not associated with the client's broker but who is
representing the client through a
cooperative agreement with the client's broker is known as:✔✔
CORRECT ANSWER✔✔Subagent
This must be in at least 10 point type, must have the exact language
prescribed in the License Act
and must be provided to a buyer or seller at the first substantive
discussion of a real estate
transaction✔✔ CORRECT ANSWER✔✔IABS (Information About
Brokerage Services)
Jeffrey wants to see property that your company has listed; he does not
want to be represented.
The agent must:✔✔ CORRECT ANSWER✔✔give Jeffrey the IABS form
A licensee must present the Information About Brokerage Services
form:✔✔ CORRECT ANSWER✔✔at the first substantive discussion of a
real estate transaction
A licensee has a listing with a seller and has a buyer's representation
agreement signed with a
buyer who desires to purchase this agent's listing. How is the agent
operating?✔✔ CORRECT ANSWER✔✔as a non-appointed associate in
an Intermediary relationship
, TREC was established in:✔✔ CORRECT ANSWER✔✔1949
Which of the following is the real estate licensing authority in
Texas?✔✔ CORRECT ANSWER✔✔TREC
A termination date in a listing agreement must be:✔✔ CORRECT
ANSWER✔✔definite
Which of the following is NOT an agent's duty to a client?✔✔ CORRECT
ANSWER✔✔Trust
These are the duties: OLDCAR: Obedience, loyalty, disclosure,
confidentiality, accounting, reasonable care
The duty of ___________ means that an agent must follow all of the
lawful instructions of
the client.✔✔ CORRECT ANSWER✔✔obedience
Jerome is a licensed agent who desires to sell his mother's home.
Jerome has the property
listed with his brokerage firm and finds a buyer himself to buy mom's
home. Jerome should:✔✔ CORRECT ANSWER✔✔Disclose to the buyer
in writing that the seller is his mother.
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