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GRI - Real Estate Brokerage Exam Practice Questions and Answers (100% Pass)
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GRI - Real Estate Brokerage Exam Practice Questions and Answers (100% Pass)
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©PREP4EXAMS@2024/2025 REAL EXAM DUMPS Monday@ August 5@ 2024 6@07 PMGRI - Real Estate Brokerage Exam Practice
Questions and Answers (100% Pass)
IABS Minimum Duties Required by Law - ✔️✔️A client is the person or party that
the broker represents
IABS - ✔️✔️Outlines your obligations and duties.
A License Holder Can Represent a Party in a Transaction - ✔️✔️An agent for owner
(seller/landlord), for buyer/tenant, for both - intermediary, as subagent
IABS Exceptions - ✔️✔️In a residential lease transaction for less than 1 year where
sale is not being considered.
TRELA - ✔️✔️Texas Real Estate License Act primary purpose is to protect the
public from fraudulent or incompetent brokers
Universal Agent - ✔️✔️An Agent who has the power to act in any and all matters.
Universal Agent Requirements - ✔️✔️Power of Attorney. In this case Realtor has
limited authority.
OLD CAR - ✔️✔️Agent's duties in a fiduciary relationship. NO dual agency
, ©PREP4EXAMS@2024/2025 REAL EXAM DUMPS Monday@ August 5@ 2024 6@07 PM
OLD CAR Acronym - ✔️✔️Obedience, Loyalty, Disclosure, Confidentiality,
Accounting, Reasonable care and due diligence
Principal Client's Duties - ✔️✔️Availability, Information, Compensation
Buyer's Representation - ✔️✔️Benefits of a written agreement outlines your
responsibilities
Another name for your client - ✔️✔️Principal, person who employs the broker
Intermediary - If You Don't Do This Correctly - ✔️✔️Violating confidentiality and
loyalty
Seller's Responsibilities - ✔️✔️Commission, lock box permission, CMA
Undivided Loyalty - ✔️✔️Looking for one side of the transaction
Imputed Notice - ✔️✔️Assume information is shared with the other client via the
other Realtor
Form 1506 - ✔️✔️General Information Notice for Buyer/Seller
When can you discuss the Buyer's information with the Seller - ✔️✔️Never, unless
they give you permission
IABS - Overriding Purpose - ✔️✔️Timely and meaningful fashion
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