AYPO Real Estate Law of Agency Final Exam Review
Real estate agents are considered to have a kind relationship with clients? - ANS A fiduciary relationship
Acting as which of the following is a violation of The Real Estate License Act? - ANS Acting as a broker without possessing a vali...
Real estate agents are considered to have a kind relationship with clients? - ANS A fiduciary
relationship
Acting as which of the following is a violation of The Real Estate License Act? - ANS Acting as
a broker without possessing a valid license issued by the Texas Real Estate Commission
Which of the following is a reason to study the aspects of agency and agency law? - ANS 1.
Agents who are well versed in the aspects of the agency roles can project an aura of confidence
that can calm a nervous client
2. Agents who follow the law are less prone to being held liable for harm suffered by clients or
customers
3. Agents who follow the law have a better reputation with the public
A licensee who is representing a buyer is required to treat which of the following in an honest
and fair manner? - ANS 1. The seller's agent
2. The seller
3. The buyer
Brokers have which of the following with a client? - ANS Privity of contract
True or False: Apparent authority is expressly detailed in the contract that establishes the
agency relationship. - ANS FALSE
A principal becomes disabled and gives authority to an agent to act on behalf of the principal in
nearly all circumstances. This type of agent is... - ANS a universal agent.
Which one of the following is not one of the commonly recognized fiduciary duties? - ANS
Punctuality
According to Section 1101.558 of TRELA, which of the following parties must be provided with a
disclosure when the first instance of contact occurs? - ANS 1. Another licensee who
represents another party to the transaction
2. Another party to the transaction
What is the term for a duty owed by an agent to someone who is not the principal party? - ANS
Non-fiduciary duty
, The duty of a seller's agent to be loyal to the _______ trumps the duty to be forthright with
the_______. - ANS seller / buyer
What is the term for a person or organization that a person interacts with while acting as an
agent for a principal party? - ANS Third party
What is private information? - ANS information about a person which is not public knowledge
but which will most likely not result in identity theft if it is revealed
What is the name of the form created by TREC to help sellers meet the requirements of Section
5.008 of the Property Code? - ANS The Seller's Disclosure of Property Condition
Who has the right to choose whether to disclose non-material stigmas related to a property
being sold? - ANS The seller
Which of the following is a type of listing agreement? - ANS 1. Exclusive Right-to-Sell
2. Open
3. Net
What is the term for a transaction in which licensees from the same brokerage represent both
the buyer and seller? - ANS In-house sale
A seller who has established a listing contract with a broker benefits from the broker's... - ANS
1.experience.
2.knowledge.
3.access to resources possessed by the brokerage.
An agency agreement between a supervising broker and their selling client generally takes a
written form as which of the following? - ANS A listing agreement.
When is a licensee required to provide a seller with a written statement which contains the
disclosure describing services which may be expected from an agent of a seller? - ANS At the
time of first substantive dialogue
True or false: a non-exclusive right to represent buyer-broker agreement requires the buyer to
pay commission to the broker for services rendered. - ANS TRUE
Who does a buyer representation agreement drafted by a sales agent belong to? - ANS The
broker who sponsors that sales agent
All real estate contracts (with the exception of property management contracts) are required to
contain a... - ANS termination date.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Studyclock. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £8.98. You're not tied to anything after your purchase.
