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champions school of real estate law of agency chapter quiz with correct answers
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championsschool
of
real
estate
law
of
agency
chapter
quiz
with
correct
answers
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
other
than
a
license
holder
The
commission
can
deny
licensure
to
an
applicant
based
on
the
applicants?
-
answer-Moral
character
What
form
must
an
agent
provide
to
a
potential
client
at
the
first
substantive
discussion
of
a
real
estate
transaction?
-
answer-IABS
In
real
estate,
an
example
of
a
general
agent
would
be
a?
-
answer-Property
Manager
When
an
agent
and
potential
party
enter
into
a
_____________discussion
of
a
real
estate
transaction,
the
party
must
be
provided
with
a
TREC-
proscribed
agency
information
form.
First
contact/orally
or
written?
-
answer-substantive
TREC
rules
define
_______________as
any
form
of
communication
on
behalf
of
a
license
holder
designed
to
attract
the
public
to
use
real
estate
brokerage
services.
-
answer-Advertisement
If
any
person
violates
the
provisions
of
the
Texas
Business
and
Commerce
Code,
Fraud
in
Real
Estate
and
Stock
Transactions,
he
or
she
is
liable
to
the
person
defrauded
for:
-
answer-Attorney's
fees,
Expert
witness
fees
and
Court
cost
According
to
TREC's
advertising
rules,
which
of
the
following
terms
may
NOT
be
used
in
a
real
estate
team
name?
-
answer-Company
The
_______is
usually
a
fixed
percentage
of
the
sales
price
negotiated
between
the
brokerage
and
the
client,
payable
to
the
broker?
-
answer-Broker's
fee
Exclusive
agency
agreements
-
answer-Grant
the
broker
a
commission
even
if
the
seller
sells
the
property
himself.
The
shared
information
from
the
MLS
can
be
used
by
agents
to
prepare
a?
-
answer-Comparative
Market
Analysis The
agreement
that
buyers
sign,
allowing
a
broker
to
represent
them
is
called
a?
-
answer-Buyer/Tenant
Representation
Agreement
Which
of
the
following
statements
should
a
license
holder
only
say
AFTER
a
Buyer's
Representation
Agreement
has
been
signed?
-
answer-My
professional
option
is
that
the
market
value
of
this
property
is
$350,000.
I
will
write
up
the
offer
of
347,000
for
you
at
my
office.
It
is
my
professional
option
that
this
house
is
overpriced
for
the
neighborhood.
The
individual
who,
a
series
of
uninterrupted
activities
or
actions,
brought
about
the
completion
of
a
contract
is
also
known
as?
-
answer-The
procuring
cause
of
sale
Why
is
timing
critical
when
taking
a
listing?
-
answer-There
are
time
limits
attached
to
oral
representation
Broker
Susan
is
representing
the
seller
and
Broker
Daniel
is
working
with
a
buyer
customer.
Susan
is
representing
the
seller.
Who
is
Daniel
representing?
-
answer-The
Buyer
only
In
Texas,
there
is
no_________agency
relationship
with
any
party
to
a
transaction.
-
answer-Implied
The
_________notifies
the
parties
that
both
the
seller
and
buyer
are
clients
of
the
broker.
-
answer-Dual
Agency
Noitce
Which
of
the
following
is
true
regarding
Intermediary
rules
for
a
transaction?
-
answer-The
transaction
must
be
in-house
sale.
Both
sides
of
the
transaction
must
be
clients
of
the
broker.
The
broker
must
have
written
consent
from
both
parties.
Broker
Steve
having
no
agents,
is
a
solo
practitioner
in
the
state
of
Texas.
He
has
a
buyer-client
who
wants
to
purchase
one
of
his
listings.
The
process
that
Broker
Steve
must
us
is?
-
answer-Intermediary
without
appointments
Which
of
the
following
is
NOT
an
advantage
of
a
brokerage
policy
of
Seller
Agency
Only-
No
Intermediary?
-
answer-The
broker
does
not
have
to
make
appointments.
The
broker
and
agents
are
free
to
negotiate
for
the
seller
without
conflict
of
interest.
The
broker
collects
both
selling
and
buying
commission.
If
one
agent
in
the
firm
is
working
with
both
the
buyer
and
the
seller,___________
says
that
another
agent
in
the
firm
needs
to
be
brought
into
the
transaction.
-
answer-Intermediary
with
appointments
only
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