The CE Shop Law of Agency Exam Questions with Latest Update
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Course
The CE shop real estate
Institution
The CE Shop Real Estate
What is Agency? - Answer-The relationship between a buyer or seller and a real estate licensee
Agent - Answer-Someone who acts on someone else's behalf
Fiduciary - Answer-What does a real estate agent become after agreeing to work with a client?
Principal - Answer--A Client represented by ...
The CE Shop Law of Agency Exam
Questions with Latest Update
What is Agency? - Answer-The relationship between a buyer or seller and a real estate
licensee
Agent - Answer-Someone who acts on someone else's behalf
Fiduciary - Answer-What does a real estate agent become after agreeing to work with a
client?
Principal - Answer--A Client represented by a real estatw agent
-A party to a transaction
Customer - Answer-Someone involved in the transaction, but whom you don't represent
Consumer - Answer-A person who might use a product or service (like an open house)
without actually being involved in the transaction in any way.
A Non-Agent/ Facilitator/ Transaction Broker - Answer-A licensee who has a unique
relationship with a consumer, generally acting as a "middle man" in a transaction.
Express Agency - Answer-You and and your client have expressed, agreed to, and
understand the terms of the relationship. This can be accomplished written of orally.
Implied Agency - Answer-When the actions of the principal and agent indicate that they
have an agency agreement.
Agency Coupled With Interest - Answer-Occurs when an agent is a co-owner in a
property, and while you could sell the property in your own right, selling it as an agent
requires a license per TREC Rule 525.5c
OLDCAR - Answer-Level of Service owed to Clients
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable Care
Clerical/Ministerial Tasks - Answer-Factual-based tasks that don't require you to use
your judgment as a licensee
DRHP - Answer-Level of Service owed to Customers
, Disclosure of material facts
Reasonable skill and care
Honesty and fair dealing
Prompt presentation of all written offers and counter-offers
What Client's Duties are owed to the Agent? - Answer-C-compensation
I- information
I- indemnification
A- Availability
General Agent - Answer-responsibile for all of the dealings of a specific piece of your
client's property
Special Agent/Limited Agent - Answer-You don't make any decisions or enter into any
contracts on your client's behalf, but you simply act as an intermediary, liaison, and
negotiator, conveying and representing your client's wishes
Universal Agent - Answer-someone who's empowered to do anything the principal could
do personally. This type of agent has the most authority. Authority is Virtually unlimited
Designated/Assigned/Appointed Agent - Answer-A licensee who's appointed by a
brokerage's broker to represent one party in an in-house transaction. This form of
agency is allowed in some states where two clients of the same agency are involved in
a single transaction.
Substantive dialogue - Answer-written or verbal communication in which a discussion
about a specific real property is discussed. This includes conversations held in face-to-
face meetings, or via email, phone, and/or text.
The Information About Brokerage Services Brochure - Answer-an informational
brochure or form that explains the different types of agency representation available to
consumers. This form does not create or establish an agency relationship, and it is not
an agency disclosure. Texas real estate licensees are required by law to provide this
form.
Exclusive Right-to-Sell - Answer-A listing agreement that allows the listing agent to list
the property and receive a commission, no matter who brings the buyer to the seller.
Even when the owner finds a buyer, a commission is owed to the listing agent, provided
the sale occurs during the term of the listing agreement.
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