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Law of Agency – Champions Exam Questions and Answers (Graded A+)
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Law of Agency – Champions ExamQuestions and Answers (Graded A+)
Which of the following has the authority to suspend or revoke a Texas real
estate license? - -TREC
-Which of the following is an element of a listing agreement? - -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? - -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: - -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: - -The
licensee did not know of the falsity of the misrepresentation
-One who hires an agent to represent him is called a: - -principal
-It is always a good idea to have: - -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. - -false
-Which of the following is a statutory defense for a lawsuit brought about by
DTPA? - -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. - -true
-Actual awareness of a falsity, deception, or unfairness of an act under DTPA
is known as: - -knowingly
-The TREC was established in: - -1949
-an exemption to using the Information About Brokerage Services form is: -
-a lease for not more than 1 year
, -listings can be terminated at any time by mutual agreement - -true
-fiduciaries are: - -Held to the highest degree of good faith, Required to
exclude selfish interest, Require to make disclosures of all relevant facts
-According to TREC advertising rules, the definition of advertisement
includes all of the following, EXCEPT: - -Communication from a licensee to
his or her client
-real estate agents owe certain non-fiduciary duties to customers such as: -
-honesty and fairness
-an unlicensed assistant may: - -host an open house
-the best way to create an agency relationship is to do so: - -in writing
-a licensee must present the information about brokerage services form: - -
at the first substantive discussion of a possible transaction
-when actions lead another person to assume that one is an agent, this is
known as: - -ostensible agency
-listings may be terminated by: - -death, insanity, mutual agreement
-when one person acts for another on their behalf it is known as: - -an
agency relationship
-Whether or not to appoint associates in an intermediary real estate
transaction is: - -At the discretion of the broker
-In Texas, Worker's Compensation must be paid for real estate agents by
brokers: - -false
-unlicensed assistants may: - -be a transaction coordinator
-a broker usually establishes buyer representation through a form known as
a: - -buyer representation agreement
-for a broker to act as an intermediary there must be: - -written consent
-the real estate agent works for or on behalf of a: - -client
-All of the following are included in the Canons of Professional Ethics for real
estate licensees, EXCEPT: - -patience
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