Real Estate Law of Agency UPDATED Exam Questions and CORRECT Answers
2 views 0 purchase
Course
Real Estate Law of Agency
Institution
Real Estate Law Of Agency
Real Estate Law of Agency UPDATED
Exam Questions and CORRECT Answers
An agency relationship exists when one person, the ____ acts for, or on the behalf of another
person, the ____ - Correct Answer- Agent, principal
What grounds for suspension or revocation of license by TREC? - Correct Answer...
Real Estate Law of Agency UPDATED
Exam Questions and CORRECT Answers
An agency relationship exists when one person, the ____ acts for, or on the behalf of another
person, the ____ - Correct Answer- Agent, principal
What grounds for suspension or revocation of license by TREC? - Correct Answer- Splitting
a commission with a person other than a license holder
the commission can deny licensure to an applicant based on the applicant's.. - Correct
Answer- Moral Character
True or False: A complaint which names a licensed real estate agent as the subject of the
complaint, but does not name the sponsoring broker is not a complaint against the sponsoring
broker. - Correct Answer- False
Makes it illegal to practice any act of real estate brokerage without a license. - Correct
Answer- Texas Real Estate License Act
In Section 1101.651 of the License Act lists how many specific violations that can result in
the suspension of revocation of a real estate license? - Correct Answer- 30
Two types of licenses according to The License Act - Correct Answer- Brokers license and
sales agent license
The Texas Real Estate Commission is not concerned with an agent's earnings and does not
involve itself in ____? - Correct Answer- Fee disputes
Buyers are increasingly discovering the benefits of being represented in a purchase, and often
choose to become ____ by entering into an ____ with the broker. - Correct Answer- Clients,
agency agreement
Relationship built on trust - Correct Answer- Fiduciary
, Refers to the fact that the agent should be paid on completion of the agency. - Correct
Answer- compensation
Means the principal is expected to perform as promised in the agency agreement. - Correct
Answer- Performance
Means that the principal will protect the agent from suffering a loss due to the agent's reliance
on information received from the principal - Correct Answer- Indemnification
A broker may act as an intermediary according to the TREC IABS form when... - Correct
Answer- when they sponsor more than 5 agents
What is NOT prohibited by The Texas Real Estate License Act? - Correct Answer-
Confidentiality
What action triggers the need to deposit funds into an escrow account? - Correct Answer-
Signing of sales contract
What form must be signed to a potential client at the first substantive discussion of a real
estate transaction? - Correct Answer- IABS
An example of general agent would be? - Correct Answer- Property Manager
True or False: if the seller is unsure about the condition or status of an item on the checklist ,
then he or she should just leave it blank. - Correct Answer- false
According to Paragraph 7.A. in the contract, what are the seller's responsibilities regarding
utilities? - Correct Answer- The seller must keep utilities on during the time the contract is in
effect
Any stigma that relates to a material defect in a property must be ________. - Correct
Answer- disclosed
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller MGRADES. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $7.99. You're not tied to anything after your purchase.
