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Champions Real Estate Exam Law of Agency UPDATED Exam Questions and CORRECT Answers.
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Champions Real Estate Exam Law of Agency UPDATED Exam Questions and CORRECT Answers.Champions Real Estate Exam Law of Agency UPDATED Exam Questions and CORRECT Answers.Champions Real Estate Exam Law of Agency UPDATED Exam Questions and CORRECT Answers.Champions Real Estate Exam Law of Agency UPDATE...

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  • August 27, 2024
  • 48
  • 2024/2025
  • Exam (elaborations)
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  • champions real estate exam law of agency updated e

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  • Law Of Agency
  • Law Of Agency

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Champions Real Estate Exam Law of
Agency UPDATED Exam Questions and
CORRECT Answers




This ‘person ‘hires ‘an ‘agent ‘- ‘correct ‘Answers ‘✔✔ ‘-The ‘Principal

The ‘agent ‘works ‘on ‘behalf ‘of ‘this ‘person ‘- ‘correct ‘Answers ‘✔✔ ‘-the ‘client ‘(principal)

This ‘type ‘of ‘agency ‘allows ‘for ‘the ‘greatest ‘range ‘of ‘authority ‘- ‘correct ‘Answers ‘✔✔ ‘-Universal

This ‘is ‘provided ‘to ‘the ‘agent ‘when ‘there ‘is ‘written ‘documentation ‘that ‘the ‘agency ‘relationship
‘exists. ‘- ‘correct ‘Answers ‘✔✔ ‘-Express ‘authority


This ‘is ‘the ‘most ‘limited ‘of ‘all ‘the ‘agency ‘relationships ‘- ‘correct ‘Answers ‘✔✔ ‘-Special ‘agency

This ‘type ‘of ‘agency ‘is ‘created ‘when ‘a ‘3rd ‘party ‘believes ‘that ‘an ‘agent ‘has ‘authority ‘that ‘has ‘NOT
‘been ‘granted ‘by ‘a ‘principal ‘- ‘correct ‘Answers ‘✔✔ ‘-Agency ‘by ‘Estoppel


This ‘type ‘of ‘agency ‘is ‘created ‘when ‘actions ‘lead ‘another ‘person ‘to ‘assume ‘that ‘one ‘is ‘an ‘agent
‘(Example- ‘you ‘have ‘a ‘key ‘to ‘neighbors ‘home ‘and ‘show ‘the ‘property) ‘- ‘correct ‘Answers ‘✔✔ ‘-
Ostensible ‘Agency

If ‘a ‘buyer ‘hasn't ‘signed ‘a ‘buyer's ‘rep ‘agreement, ‘then ‘who ‘is ‘representing ‘the ‘buyer? ‘- ‘correct
‘Answers ‘✔✔ ‘-No ‘one


This ‘establishes ‘a ‘relationship ‘with ‘a ‘broker ‘- ‘correct ‘Answers ‘✔✔ ‘-The ‘Buyer/Tenant
‘Representation ‘agreement


This ‘can ‘be ‘written ‘or ‘oral ‘- ‘correct ‘Answers ‘✔✔ ‘-Disclosure ‘of ‘Representation

These ‘are ‘required ‘to ‘place ‘their ‘own ‘selfish ‘interests ‘behind ‘that ‘of ‘their ‘clients. ‘- ‘correct ‘Answers
‘✔✔ ‘-Fiduciaries


A ‘licensee ‘isn't ‘required ‘to ‘provide ‘the ‘IABS ‘when... ‘- ‘correct ‘Answers ‘✔✔ ‘-the ‘licensee ‘meets ‘with
‘a ‘party ‘that ‘is ‘already ‘represented


A ‘broker ‘is ‘obligated ‘to ‘treat ‘who ‘honestly? ‘- ‘correct ‘Answers ‘✔✔ ‘-client, ‘customer, ‘and ‘agents

,Broker ‘must ‘have ‘written ‘consent ‘to ‘act ‘as... ‘- ‘correct ‘Answers ‘✔✔ ‘-an ‘intermediary

IABS ‘form ‘is ‘the ‘property ‘of... ‘- ‘correct ‘Answers ‘✔✔ ‘-TREC

Broker ‘Bob ‘is ‘the ‘broker/owner ‘of ‘ABC ‘Realty. ‘Agent ‘Bill ‘at ‘ABC ‘Realty ‘is ‘a ‘listing ‘agent. ‘Agent ‘Sue,
‘also ‘at ‘ABC ‘Realty, ‘is ‘working ‘with ‘a ‘buyer ‘who ‘is ‘being ‘represented ‘by ‘the ‘firm. ‘Agent ‘Sue's
‘buyer ‘wants ‘to ‘purchase ‘Agent ‘Bill's ‘listing




In ‘the ‘above ‘transaction, ‘Broker ‘Bob ‘will: ‘- ‘correct ‘Answers ‘✔✔ ‘-Remain ‘neutral ‘and ‘refrain ‘from
‘providing ‘advice ‘and ‘opinion ‘to ‘either ‘party


The ‘IABS ‘should ‘contain ‘- ‘correct ‘Answers ‘✔✔ ‘-How ‘the ‘broker ‘will ‘be ‘compensated

Broker ‘Steve, ‘having ‘no ‘agents, ‘is ‘a ‘solo ‘practitioner. ‘He ‘has ‘a ‘client ‘buyer ‘that ‘wants ‘to ‘purchase
‘one ‘of ‘his ‘listings. ‘The ‘process ‘that ‘Broker ‘Steve ‘must ‘use ‘is: ‘- ‘correct ‘Answers ‘✔✔ ‘-Intermediary
‘without ‘appointments


A ‘fiduciary ‘relationship ‘is ‘based ‘on ‘- ‘correct ‘Answers ‘✔✔ ‘-trust

Agent ‘Joe ‘at ‘ABC ‘Realty ‘has ‘a ‘listing. ‘Agent ‘Sean ‘at ‘City ‘Realty ‘has ‘a ‘buyer ‘who ‘wishes ‘to

purchase ‘Joe's ‘listing. ‘The ‘buyer ‘that ‘Agent ‘Sean ‘is ‘working ‘with ‘has ‘chosen ‘to ‘not ‘enter ‘into ‘an

agency ‘relationship ‘with ‘City ‘Realty.

In ‘the ‘above ‘transaction, ‘who ‘is ‘representing ‘the ‘buyer? ‘- ‘correct ‘Answers ‘✔✔ ‘-No ‘body ‘because
‘the ‘buyer ‘is ‘a ‘customer.


Agent ‘Joe ‘at ‘ABC ‘Realty ‘has ‘a ‘listing. ‘Agent ‘Sean ‘at ‘City ‘Realty ‘has ‘a ‘buyer ‘who ‘wishes ‘to

purchase ‘Joe's ‘listing. ‘The ‘buyer ‘that ‘Agent ‘Sean ‘is ‘working ‘with ‘has ‘chosen ‘to ‘not ‘enter ‘into ‘an

agency ‘relationship ‘with ‘City ‘Realty.

In ‘the ‘above ‘transaction, ‘who ‘is ‘City ‘Realty ‘representing? ‘- ‘correct ‘Answers ‘✔✔ ‘-The ‘seller,
‘because ‘City ‘Realty ‘is ‘a ‘subagent ‘of ‘ABC ‘Realty ‘in ‘this ‘transaction


Agent ‘Joe ‘at ‘ABC ‘Realty ‘has ‘a ‘listing. ‘Agent ‘Sean ‘at ‘City ‘Realty ‘has ‘a ‘buyer ‘who ‘wishes ‘to

purchase ‘Joe's ‘listing. ‘The ‘buyer ‘that ‘Agent ‘Sean ‘is ‘working ‘with ‘has ‘chosen ‘to ‘not ‘enter ‘into ‘an

agency ‘relationship ‘with ‘City ‘Realty.

What ‘type ‘of ‘transaction ‘is ‘this? ‘- ‘correct ‘Answers ‘✔✔ ‘-cooperative ‘(co-op)

An ‘exemption ‘to ‘using ‘the ‘Information ‘About ‘Brokerage ‘Services ‘form ‘is: ‘- ‘correct ‘Answers ‘✔✔ ‘-a
‘lease ‘for ‘less ‘than ‘1 ‘year ‘with ‘no ‘sale ‘anticipated

,A ‘licensee ‘not ‘associated ‘with ‘the ‘client's ‘broker ‘but ‘who ‘is ‘representing ‘the ‘client ‘through ‘a

cooperative ‘agreement ‘with ‘the ‘client's ‘broker ‘is ‘known ‘as: ‘- ‘correct ‘Answers ‘✔✔ ‘-Subagent

This ‘must ‘be ‘in ‘at ‘least ‘10 ‘point ‘type, ‘must ‘have ‘the ‘exact ‘language ‘prescribed ‘in ‘the ‘License ‘Act

and ‘must ‘be ‘provided ‘to ‘a ‘buyer ‘or ‘seller ‘at ‘the ‘first ‘substantive ‘discussion ‘of ‘a ‘real ‘estate

transaction ‘- ‘correct ‘Answers ‘✔✔ ‘-IABS ‘(Information ‘About ‘Brokerage ‘Services)

Jeffrey ‘wants ‘to ‘see ‘property ‘that ‘your ‘company ‘has ‘listed; ‘he ‘does ‘not ‘want ‘to ‘be ‘represented.

The ‘agent ‘must: ‘- ‘correct ‘Answers ‘✔✔ ‘-give ‘Jeffrey ‘the ‘IABS ‘form

A ‘licensee ‘must ‘present ‘the ‘Information ‘About ‘Brokerage ‘Services ‘form: ‘- ‘correct ‘Answers ‘✔✔ ‘-at
‘the ‘first ‘substantive ‘discussion ‘of ‘a ‘real ‘estate ‘transaction


A ‘licensee ‘has ‘a ‘listing ‘with ‘a ‘seller ‘and ‘has ‘a ‘buyer's ‘representation ‘agreement ‘signed ‘with ‘a

buyer ‘who ‘desires ‘to ‘purchase ‘this ‘agent's ‘listing. ‘How ‘is ‘the ‘agent ‘operating? ‘- ‘correct ‘Answers
‘✔✔ ‘-as ‘a ‘non-appointed ‘associate ‘in ‘an ‘Intermediary ‘relationship


TREC ‘was ‘established ‘in: ‘- ‘correct ‘Answers ‘✔✔ ‘-1949

Which ‘of ‘the ‘following ‘is ‘the ‘real ‘estate ‘licensing ‘authority ‘in ‘Texas? ‘- ‘correct ‘Answers ‘✔✔ ‘-TREC

A ‘termination ‘date ‘in ‘a ‘listing ‘agreement ‘must ‘be: ‘- ‘correct ‘Answers ‘✔✔ ‘-definite

Which ‘of ‘the ‘following ‘is ‘NOT ‘an ‘agent's ‘duty ‘to ‘a ‘client? ‘- ‘correct ‘Answers ‘✔✔ ‘-Trust

These ‘are ‘the ‘duties: ‘OLDCAR: ‘Obedience, ‘loyalty, ‘disclosure, ‘confidentiality, ‘accounting, ‘reasonable
‘care


The ‘duty ‘of ‘___________ ‘means ‘that ‘an ‘agent ‘must ‘follow ‘all ‘of ‘the ‘lawful ‘instructions ‘of

the ‘client. ‘- ‘correct ‘Answers ‘✔✔ ‘-obedience

Jerome ‘is ‘a ‘licensed ‘agent ‘who ‘desires ‘to ‘sell ‘his ‘mother's ‘home. ‘Jerome ‘has ‘the ‘property

listed ‘with ‘his ‘brokerage ‘firm ‘and ‘finds ‘a ‘buyer ‘himself ‘to ‘buy ‘mom's ‘home. ‘Jerome ‘should: ‘-
‘correct ‘Answers ‘✔✔ ‘-Disclose ‘to ‘the ‘buyer ‘in ‘writing ‘that ‘the ‘seller ‘is ‘his ‘mother.


If ‘an ‘agent ‘sells ‘their ‘own ‘property, ‘acting ‘as ‘a ‘principal, ‘the ‘agent ‘must: ‘- ‘correct ‘Answers ‘✔✔ ‘-
disclose ‘to ‘the ‘party ‘in ‘writing ‘that ‘they ‘are ‘a ‘licensed ‘agent

Confidential ‘information ‘between ‘client ‘and ‘agent ‘should ‘be: ‘- ‘correct ‘Answers ‘✔✔ ‘-kept
‘confidential ‘forever


In ‘most ‘states ‘other ‘than ‘Texas, ‘the ‘most ‘common ‘method ‘of ‘dealing ‘with ‘in-house

, transactions ‘between ‘client ‘buyers ‘and ‘sellers ‘is: ‘- ‘correct ‘Answers ‘✔✔ ‘-dual ‘agency

When ‘handling ‘escrow ‘funds ‘for ‘clients, ‘the ‘License ‘Act ‘requires ‘that ‘funds ‘be ‘deposited ‘in

a ‘"reasonable ‘time". ‘A ‘reasonable ‘time ‘is ‘defined ‘as: ‘- ‘correct ‘Answers ‘✔✔ ‘-2 ‘business ‘days

The ‘listing ‘agreement ‘should ‘contain: ‘- ‘correct ‘Answers ‘✔✔ ‘-the ‘legal ‘description ‘of ‘the ‘property

Which ‘of ‘the ‘following ‘are ‘elements ‘of ‘a ‘listing? ‘- ‘correct ‘Answers ‘✔✔ ‘-the ‘terms ‘of ‘sale, ‘such ‘as
‘the ‘sales ‘price ‘and ‘financing ‘terms ‘acceptable ‘to ‘the ‘seller.


Sam ‘listed ‘his ‘property ‘with ‘three ‘different ‘real ‘estate ‘brokers. ‘In ‘each ‘agreement ‘he ‘reserved

the ‘right ‘to ‘sell ‘the ‘property ‘himself ‘without ‘paying ‘a ‘commission. ‘The ‘type ‘of ‘listing ‘that

Sam ‘signed ‘with ‘each ‘broker ‘was ‘an: ‘- ‘correct ‘Answers ‘✔✔ ‘-open ‘listing

Data ‘used ‘for ‘a ‘CMA ‘should ‘be ‘no ‘older ‘than: ‘- ‘correct ‘Answers ‘✔✔ ‘-6 ‘months

The ‘report ‘used ‘to ‘give ‘a ‘seller ‘or ‘buyer ‘an ‘indication ‘of ‘market ‘value ‘is ‘called: ‘- ‘correct ‘Answers
‘✔✔ ‘-Comparative ‘Market ‘Analysis


Listings ‘may ‘be ‘terminated ‘by: ‘- ‘correct ‘Answers ‘✔✔ ‘-death, ‘either ‘party ‘- ‘broker ‘or ‘client, ‘or
‘mutual ‘agreement


Listings ‘are ‘the ‘property ‘of ‘the: ‘- ‘correct ‘Answers ‘✔✔ ‘-broker

Duties ‘of ‘principal ‘to ‘agent ‘- ‘correct ‘Answers ‘✔✔ ‘-CRIP: ‘Compensation, ‘Reimbursement,
‘Indemnification ‘(protect ‘the ‘agent ‘from ‘suffering ‘a ‘loss ‘due ‘to ‘the


agent's ‘reliance ‘in ‘information ‘received ‘from ‘the ‘principal), ‘Performance

If ‘a ‘broker ‘dies ‘what ‘happens ‘to ‘the ‘listing ‘with ‘the ‘seller? ‘- ‘correct ‘Answers ‘✔✔ ‘-it ‘automatically
‘terminates


If ‘a ‘broker ‘sells ‘a ‘property ‘on ‘behalf ‘of ‘a ‘seller ‘without ‘a ‘signed ‘listing ‘agreement, ‘the ‘courts

will ‘most ‘likely ‘declare ‘that ‘the ‘broker ‘is: ‘- ‘correct ‘Answers ‘✔✔ ‘-a ‘volunteer, ‘an ‘agent ‘in ‘a ‘listing
‘agreement ‘that ‘is ‘unenforceable ‘against ‘the ‘seller, ‘and ‘unable ‘to ‘enforce ‘payment ‘of ‘the
‘commission


Commission ‘rates ‘are ‘set ‘by? ‘- ‘correct ‘Answers ‘✔✔ ‘-client ‘and ‘broker

The ‘TAR® ‘Buyer ‘Representation ‘Agreement ‘in ‘our ‘textbook: ‘- ‘correct ‘Answers ‘✔✔ ‘-authorizes
‘Intermediary, ‘is ‘limited ‘to ‘the ‘market ‘area ‘designated ‘in ‘the ‘agreement ‘and ‘authorizes ‘the ‘agent
‘to ‘show ‘properties ‘to ‘competing ‘buyers


If ‘a ‘broker's ‘agents ‘are ‘independent ‘contractors, ‘there ‘can ‘be ‘a ‘policies ‘and ‘procedures ‘manual

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