Exam (elaborations)
AYPO LAW OF AGENCY QUESTIONS AND ANSWERS
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AYPO LAW OF AGENCY QUESTIONS AND ANSWERS
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AYPO LAW OF AGENCY QUESTIONS AND ANSWERSA licensee who assists in a transaction without an agreement to represent the buyer is a
ubagent who legally represents which of the following? - answers-the seller
60 days before someone files a lawsuit under the dtpa, the prospective plaintiff must
give the prospective defendant... - answers-a notice stating the prospective plaintiffs
intention to file the lawsuit along with information on other aspects of the prospective
plaintiffs cause of action.
A real estate agent works for a property owner who s outside the country. The owner
has dozens of buildings around the city. - answers-ratifcation
Rick is representing a client who is selling a property. During the transaction process the
client receives an offer that would be acceptable if not for a couple of small provisions.
The client decides to counteroffer but insists that counteroffer can be done orally since
she knows the buyer. What should rick do? - answers-insist that the counteroffer be
made in writing
What is the most common consequence of a licensee failing to fulfill customer service
duties? - answers-people will not do business with them
Kamran is a real estate broker. At an open house for a building he is listing, he meets
dawn, who is interested in purchasing the building. - answers-kamran must disclose that
he represents the owner of the building
Can a licensee have his or her license suspended for failing to make it clear to all
parties involved in real estate transaction who he represents? - answers-yes
The risk of litigation can be reduced by - answers-studying agency and agency law
Which of the following misrepresentations is most likely to cause the transaction to fail?
- answers-saying that the property has more rooms than it actually has
Which of the following types of authority are specifically established by the the language
of the contract setting up an agency relationship? - answers-expressed
Which of the following is not normally something a buyers agent should do with regard
to an offer to purchase a property? - answers-interpret provisions of the offer contract
What real estate-based services are required to ensure access to info for non-english
speaking applicants? - answers-interpret provisions of the offer contract
Facts that if disclosed would likely cause a party to reject a contract are considered to
be... - answers-material facts
, In general, are independent contractors more closely monitored by their employer than
employees? - answers-no
Should an agent disclose info he or she knows about his or her client? - answers-no,
unless the agent is required by law to reveal the info.
In a real estate transaction who is the principal and who is the agent? - answers-the
seller is the principal and the sellers broker is te agent
Can an individual who does not have a real estate license but is the owner of a
business entity that is licensed as a real estate broker be allowed to collect a
commission earned by the business entity? - answers-yes if the owner of the company
does not carry out any actions that require a valid real estate license to perform
Is a dual agency relationship (where the licensee acts as an agent of both parties and
not simply an intermediary) - answers-yes
Which of the following is a manner in which a licensee sponsored by a broker can be
compensated for the brokerage activities that were performed? - answers-all of these
are correct
What does it mean if a relationship is a fiduciary relationship? - answers-one party puts
and absolute trust in another party
Which members of a brokerage should know about the brockerages risk management
plan? - answers-all members of the brokerage
What is the name of the form created by trec to help sellers meet the requirements of
secion 5.008 of the property code? - answers-the sellers disclosure of property
condition
What does the agents duty of no profit mean? - answers-the agent cannot perform
actions which result in profit for the agent without the express advance consent of the
principal
Which of the following is something that a broker should do before establishing a listing
agreement with a seller? - answers-walk through the property that will be listed
A licensee who is operating as the buyers agent is not legally liable for the harm caused
by a misrepresentation made by the seller if the buyers agent - answers-neither of these
are correct
Most frequently which of the following parties ultimately pays for buyers commision out
of their pocket? - answers-the seller
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