Law of Agency – Champions Exam Questions with correct Answers Champions Real Estate Exam: Law of Agency Law of Agency - Champions School of Real Estate Exam Law of Agency - Champions Test-solved Real Estate Exam: Law of Agency Exam 2023 Law of Agency – Champions Exam with complete solutions La...
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Which of the following has the authority to suspend or revoke a Texas real estate license? - Answer- TREC Which of the following is an element of a listing agreement? - Answer- the agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the foll...
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Add to cartWhich of the following has the authority to suspend or revoke a Texas real estate license? - Answer- TREC Which of the following is an element of a listing agreement? - Answer- the agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the foll...
This person hires an agent - Answer- The Principal The agent works on behalf of this person - Answer- the client (principal) This type of agency allows for the greatest range of authority - Answer- Universal This is provided to the agent when there is written documentation that the agency r...
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Add to cartThis person hires an agent - Answer- The Principal The agent works on behalf of this person - Answer- the client (principal) This type of agency allows for the greatest range of authority - Answer- Universal This is provided to the agent when there is written documentation that the agency r...
The principal is also known as - Answer- client fiduciary relationship - Answer- a relationship founded on trust and confidence Agency Relationship - Answer- Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - Answer- is the one who ...
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Add to cartThe principal is also known as - Answer- client fiduciary relationship - Answer- a relationship founded on trust and confidence Agency Relationship - Answer- Exists when one person (the agent) acts for, or on behalf of another person (the principal). the principal - Answer- is the one who ...
A FIDUCIARY RELATIONSHIP - Answer- A RELATIONSHIP WHERE THE AGENT ACTS ON BEHALF OF THE CLIENT A COOPERATIVE BROKER - Answer- SELLS THE LISTING OF ANOTHER BROKER UNSCRUPULOUS LICENSE HOLDERS - Answer- THE TEXAS REAL ESTATE COMMISSION'S MAIN PURPOSE IS TO PROTECT THE PUBLIC FROM AGENCY - A...
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Add to cartA FIDUCIARY RELATIONSHIP - Answer- A RELATIONSHIP WHERE THE AGENT ACTS ON BEHALF OF THE CLIENT A COOPERATIVE BROKER - Answer- SELLS THE LISTING OF ANOTHER BROKER UNSCRUPULOUS LICENSE HOLDERS - Answer- THE TEXAS REAL ESTATE COMMISSION'S MAIN PURPOSE IS TO PROTECT THE PUBLIC FROM AGENCY - A...
This person hires an agent - Answer- The Principal The agent works on behalf of this person - Answer- the client (principal) This type of agency allows for the greatest range of authority - Answer- Universal This is provided to the agent when there is written documentation that the agency r...
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Add to cartThis person hires an agent - Answer- The Principal The agent works on behalf of this person - Answer- the client (principal) This type of agency allows for the greatest range of authority - Answer- Universal This is provided to the agent when there is written documentation that the agency r...
Which of the following has the authority to suspend or revoke a Texas real estate license? - Answer- TREC Which of the following is an element of a listing agreement? - Answer- the agreement to pay a stated commission, usually a percentage of the sales price The seller must: - Answer- Fill out...
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Add to cartWhich of the following has the authority to suspend or revoke a Texas real estate license? - Answer- TREC Which of the following is an element of a listing agreement? - Answer- the agreement to pay a stated commission, usually a percentage of the sales price The seller must: - Answer- Fill out...
Fiduciary - Answer- A relationship based on trust Agency - Answer- A relationship between two parties Customer - Answer- A person who receives limited brokerage services without establishing an agency relationship/Also known as 3rd party. Client - Answer- Also known as the principal who eng...
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Add to cartFiduciary - Answer- A relationship based on trust Agency - Answer- A relationship between two parties Customer - Answer- A person who receives limited brokerage services without establishing an agency relationship/Also known as 3rd party. Client - Answer- Also known as the principal who eng...
This person hires an agent - Answer- The Principal The agent works on behalf of this person - Answer- the client (principal) This type of agency allows for the greatest range of authority - Answer- Universal This is provided to the agent when there is written documentation that the agency r...
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Add to cartThis person hires an agent - Answer- The Principal The agent works on behalf of this person - Answer- the client (principal) This type of agency allows for the greatest range of authority - Answer- Universal This is provided to the agent when there is written documentation that the agency r...
An agency relationship exists when one person, the _____________, acts for or on behalf of another person, the ____________. - Answer- Agent, principal Which of the following is grounds for suspension or revocation of a real estate license by TREC? 1). Splitting a commission with a person other ...
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Add to cartAn agency relationship exists when one person, the _____________, acts for or on behalf of another person, the ____________. - Answer- Agent, principal Which of the following is grounds for suspension or revocation of a real estate license by TREC? 1). Splitting a commission with a person other ...
Broker - Answer- A Properly Licensed party who serves a principal in an agency relationship Agency - Answer- A fiduciary relationship between a broker and a principal or a broker and a client Fiduciary - Answer- A Party acting for another in a position of trust-a broker or agent Fiduciary R...
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Add to cartBroker - Answer- A Properly Licensed party who serves a principal in an agency relationship Agency - Answer- A fiduciary relationship between a broker and a principal or a broker and a client Fiduciary - Answer- A Party acting for another in a position of trust-a broker or agent Fiduciary R...
Chapter 1) An agency relationship exists when one person, the __________, acts for or on behalf of another person, the __________. - Answer- Agent, principle Which of the following is grounds for suspension or revocation of a real estate license by TREC? - Answer- Splitting a commission with a pe...
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Add to cartChapter 1) An agency relationship exists when one person, the __________, acts for or on behalf of another person, the __________. - Answer- Agent, principle Which of the following is grounds for suspension or revocation of a real estate license by TREC? - Answer- Splitting a commission with a pe...
agent - Answer- Acts on behalf of another person, is the expert Fiduciary - Answer- a relationship of trust and confidence, such as that which exists between partners in a partnership Principal - Answer- Is also known as the client Indemnification - Answer- Protection against damage or lost...
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Add to cartagent - Answer- Acts on behalf of another person, is the expert Fiduciary - Answer- a relationship of trust and confidence, such as that which exists between partners in a partnership Principal - Answer- Is also known as the client Indemnification - Answer- Protection against damage or lost...
an exemption to using the IABS form - Answer- a lease that is not more than 1 year when on person, the agent, acts for or on behalf of another person, the principal, aka the client, it is known as - Answer- an agency relationship. if the prinicipal, client, is not cooperating with the broker'...
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Add to cartan exemption to using the IABS form - Answer- a lease that is not more than 1 year when on person, the agent, acts for or on behalf of another person, the principal, aka the client, it is known as - Answer- an agency relationship. if the prinicipal, client, is not cooperating with the broker'...
In Texas we must use _____ instead of Dual Agency - Answer- intermediary Broker bob will appoint sue to represent the seller and bill to represent the buyer. This is called: - Answer- Intermediary with appointments To appoint or not is at the discretion as: - Answer- The broker Appointed as...
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Add to cartIn Texas we must use _____ instead of Dual Agency - Answer- intermediary Broker bob will appoint sue to represent the seller and bill to represent the buyer. This is called: - Answer- Intermediary with appointments To appoint or not is at the discretion as: - Answer- The broker Appointed as...
What are the duties of an agent - Answer- Fiduciary Duties (OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care Types of Agents - Answer- - Universal Agency; power to act for the principal in all transactions. - General Agency; represents...
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Add to cartWhat are the duties of an agent - Answer- Fiduciary Duties (OLD CAR) - Obedience - Loyalty - Disclosure - Confidentiality - Accounting - Reasonable care Types of Agents - Answer- - Universal Agency; power to act for the principal in all transactions. - General Agency; represents...
Obedience - Answer- an agent is obligated to follow all of the lawful instructions of a client Loyalty - Answer- putting the interests of a client first Disclosure - Answer- disclosing of all information relating to the property and other parties in a transaction Confidentiality - Answer- A...
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Add to cartObedience - Answer- an agent is obligated to follow all of the lawful instructions of a client Loyalty - Answer- putting the interests of a client first Disclosure - Answer- disclosing of all information relating to the property and other parties in a transaction Confidentiality - Answer- A...
Protection against damage or loss - Answer- Indemnification relationship, meaning that it is a relationship based on trust. - Answer- Fiduciary A relationship between two parties - Answer- Agency A person who receives limited brokerage services without establishing an agency relationship -...
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Add to cartProtection against damage or loss - Answer- Indemnification relationship, meaning that it is a relationship based on trust. - Answer- Fiduciary A relationship between two parties - Answer- Agency A person who receives limited brokerage services without establishing an agency relationship -...
fiduicary - Answer- Act for or on behalf of another person Indemnification - Answer- protection against damage or loss agent - Answer- based on trust Customer - Answer- A person who receives limited brokerage services without establishing an agency relationship Client - Answer- principal...
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Add to cartfiduicary - Answer- Act for or on behalf of another person Indemnification - Answer- protection against damage or loss agent - Answer- based on trust Customer - Answer- A person who receives limited brokerage services without establishing an agency relationship Client - Answer- principal...
An agency relationship exists when one person, the ______________ acts for, or on the behalf of another person, the _____________________. - Answer- Agent, principal Which of the following is ground for suspension or revocation of license by TREC? - Answer- Splitting commission with a person othe...
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Add to cartAn agency relationship exists when one person, the ______________ acts for, or on the behalf of another person, the _____________________. - Answer- Agent, principal Which of the following is ground for suspension or revocation of license by TREC? - Answer- Splitting commission with a person othe...
Authority of Agent - Answer- 1. Agency by Actual Authority 2. Ostensible Agency 3. Agency by Ratification 4. Agency by Estoppel 5. Agency Coupled with an Interest Agency by Actual Authority - Answer- exists when an individual grants express authority to the agent to perform some act Oral o...
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Add to cartAuthority of Agent - Answer- 1. Agency by Actual Authority 2. Ostensible Agency 3. Agency by Ratification 4. Agency by Estoppel 5. Agency Coupled with an Interest Agency by Actual Authority - Answer- exists when an individual grants express authority to the agent to perform some act Oral o...
Advance informed consent to dual agency - Answer- buyers or sellers can consent to dual agency on the nys agency disclosure form in advance of it occurring by indicating consent on the nys agency disclosure form. Advance informed consent to dual agency with designated agents - Answer- buyers or s...
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Add to cartAdvance informed consent to dual agency - Answer- buyers or sellers can consent to dual agency on the nys agency disclosure form in advance of it occurring by indicating consent on the nys agency disclosure form. Advance informed consent to dual agency with designated agents - Answer- buyers or s...
Agency is: - Answer- One person acting on behalf of another An agent works on behalf of: - Answer- the client TRELA - Answer- Is the law that establishes the duties of real estate licensees The TREC - Answer- Holds the broker accountable for the professional actions of sponsored associates ...
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Add to cartAgency is: - Answer- One person acting on behalf of another An agent works on behalf of: - Answer- the client TRELA - Answer- Is the law that establishes the duties of real estate licensees The TREC - Answer- Holds the broker accountable for the professional actions of sponsored associates ...
Duties of agent - Answer- OLDCAR Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Resasonable care Types of Agents Special vs General - Answer- = "limited agency", must follow the instruction of the principal, not allowed to sign or accept any term on behalf of the prinicipal (cli...
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Add to cartDuties of agent - Answer- OLDCAR Obedience, Loyalty, Disclosure, Confidentiality, Accounting, Resasonable care Types of Agents Special vs General - Answer- = "limited agency", must follow the instruction of the principal, not allowed to sign or accept any term on behalf of the prinicipal (cli...
unlawful practice of law - Answer- Texas Real Estate Commission - Answer- created by the legislature in 1949. It is a nine member commission whose primary purpose is to carry out of the provisions of the License Act. Commission members are appointed by the governor and approved by the Senate. ...
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Add to cartunlawful practice of law - Answer- Texas Real Estate Commission - Answer- created by the legislature in 1949. It is a nine member commission whose primary purpose is to carry out of the provisions of the License Act. Commission members are appointed by the governor and approved by the Senate. ...
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