Law of Agency – Champions Exam Questions and Answers (Graded A)
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Course
Law of Agency – Champions
Institution
Law Of Agency – Champions
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 fol...
Law of Agency – Champions Exam Questions and Answers (Graded A)
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 following a violation of independent contractor status? - Answer- salesperson is told to work set hours, guaranteed a monthly minimum wage, has his licensing fees paid by the broker
the TAR buyer representation agreement in or text book: - Answer- authorizes intermediary, authorizes the buyer to give the agent complete loyalty, establishes an exclusive market area
The amendments in 1996 to the License Act state that an agent is not liable for a misrepresentation or concealment of material fact by a party if: - Answer- The licensee did not know of the falsity of the misrepresentation
One who hires an agent to represent him is called a: - Answer- principal
It is always a good idea to have: - Answer- The seller fill out the Seller's Disclosure Notice
A real estate brokerage firm that practices buyer agency only has a lot of intermediary transactions. - Answer- false
Which of the following is a statutory defense for a lawsuit brought about by DTPA? - Answer- Written information obtained from a government record
A licensee is not liable for a misrepresentation or a concealment of a material fact made
by a party to a real estate transaction if the seller did not disclose it to the agent. - Answer- true
Actual awareness of a falsity, deception, or unfairness of an act under DTPA is known as: - Answer- knowingly
The TREC was established in: - Answer- 1949
an exemption to using the Information About Brokerage Services form is: - Answer- a lease for not more than 1 year
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