Champions Real Estate Exam: Law of Agency Study Questions 2024
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Course
Champions Real Estate
Institution
Champions Real Estate
This person hires an agent - The Principal
The agent works on behalf of this person - the client (principal)
This type of agency allows for the greatest range of authority - Universal
This is provided to the agent when there is written documentation that the agency relationship exists. - E...
Champions Real Estate Exam: Law of
Agency Study Questions 2024
POSSIBLEA
REAL ESTATE
8/30/24
,Champions Real Estate Exam: Law of Agency
This person hires an agent - The Principal
The agent works on behalf of this person - the client (principal)
This type of agency allows for the greatest range of authority - Universal
This is provided to the agent when there is written documentation that the agency
relationship exists. - Express authority
This is the most limited of all the agency relationships - 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 - 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) -
Ostensible Agency
If a buyer hasn't signed a buyer's rep agreement, then who is representing the buyer? -
No one
This establishes a relationship with a broker - The Buyer/Tenant Representation
agreement
This can be written or oral - Disclosure of Representation
These are required to place their own selfish interests behind that of their clients. -
Fiduciaries
A licensee isn't required to provide the IABS when... - the licensee meets with a party
that is already represented
,Champions Real Estate Exam: Law of Agency
A broker is obligated to treat who honestly? - client, customer, and agents
Broker must have written consent to act as... - an intermediary
IABS form is the property of... - 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: - Remain neutral and refrain from providing
advice and opinion to either party
The IABS should contain - 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: -
Intermediary without appointments
A fiduciary relationship is based on - 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? - No body because the buyer
is a customer.
, Champions Real Estate Exam: Law of Agency
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? - 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? - cooperative (co-op)
An exemption to using the Information About Brokerage Services form is: - 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: - 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 - 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: - give Jeffrey the IABS form
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