Law of Agency - Champions School of Real Estate Latest Update 2024 -2025 100 Questions and 100% Verified Correc t Answers Guaranteed A+ A broker may act as an intermediary between parties to a real estate transaction if - CORRECT ANSWER: the broker obtains written consent from each party for the broker to act as an intermediary in the transaction a broker works FOR - CORRECT ANSWER: a client a broker works WITH - CORRECT ANSWER: a customer A license holder is not required to provide a representation disclosure if - CORRECT ANSWER: the proposed transaction is for a residential lease for not more than one year and a sale is not being considered A licensed broker may not pay a commission to or otherwise compensate a person directly or indirectly for performing an act of a broker unless the person is... - CORRECT ANSWER: a license holder or a real estate broker licensed in another state A listing package should include - CORRECT ANSWER: a legal description of the property, including street address and the agreement to pay a stated commission, usually a percentage of the sales price A sales agent or broker must also provide the IABS form at the first substantive communication with a prospective client by one of the following four methods - CORRECT ANSWER: personal delivery first class mail In an email an attachment to an email or link within the body of an email A special duty of honesty is applied in the act when - CORRECT ANSWER: the license holder is buying or selling property in his or her name A team name must end with the word - CORRECT ANSWER: team or group according to trec advertising rules, which of the following terms MUST be used in real estate team name - CORRECT ANSWER: Group or team Advantages of beer agency only and seller agency only (no intermediary) - CORRECT ANSWER: brokers do not have to act as intermediary or make appointments agents are only responsible for giving advice and opinion to the buyer or seller, avoiding conflicts of interest that may occur when representing both sides of a transaction advertisement - CORRECT ANSWER: is any form of communication by or on behalf of a license holder designed to attract the public to use real estate brokerage services and includes, but is not limited to, all publications, brochures, radio or television broadcasts, all electronic media Age Discrimination in Employment Act of 1967 (ADEA) - CORRECT ANSWER: enacted by congress to prohibit age discrimination in employment Agency Authority - CORRECT ANSWER: or rights, may also be a result of "the norm", or what is considered customary in the business Agency by Ratification - CORRECT ANSWER: Occurs when an agent acts without prior authorization, and the principal, upon learning of this action, accepts it. agency coupled with an interest - CORRECT ANSWER: When a broker is the owner of a property that is being sold, or when a broker is interested in buying a property, we have agency coupled with an interest
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