RELE 2201 Final Review UPDATED Exam Questions and CORRECT Answers
9 views 0 purchase
Course
RELE 2201
Institution
RELE 2201
RELE 2201 Final Review UPDATED Exam
Questions and CORRECT Answers
A seller listed her home with XYZ Brokerage. A buyer went to ABC Realty and the broker
agreed to help her find a home. The buyer's broker found the XYZ listing in MLS and
showed it to the buyer who wrote an offer. MLS offered ...
RELE 2201 Final Review UPDATED Exam
Questions and CORRECT Answers
A seller listed her home with XYZ Brokerage. A buyer went to ABC Realty and the broker
agreed to help her find a home. The buyer's broker found the XYZ listing in MLS and
showed it to the buyer who wrote an offer. MLS offered compensation to both buyer's agents
and subagents. Which is a TRUE statement - Correct Answer- The ABC broker must be the
agent of the buyer
Barry, acting as a real estate agent, has the primary duty to - Correct Answer- represent the
interest of his client
In Texas, express authority to act for a principal - Correct Answer- all of the above
There has been an increased emphasis in professionalism in the real estate industry.
Professionalism is a term that generally indicates - Correct Answer- high levels of education
Betty Broker has a listing on Sylvia Seller's home. Without Sylvia's permission, Betty tells a
prospective buyer at an open house that Sylvia is desperate to well within the next 30 days.
By saying that Betty Broker is a/an - Correct Answer- implied agent of the buyer
Salesperson Sally has agreed to show her next door neighbor's house while the neighbor is in
Europe, but would not consider charging her neighbor a fee. This would be an example of -
Correct Answer- gratuitous agency
Jerry owns a large warehouse which he lists for sale with Cameron, a sales associate with
Crystal City Realty. After several months, Cameron is unable to secure a buyer for the
warehouse but does obtain a long-term lease offer that the owner accepts. The authority of the
broker to obtain a tenant would be termed - Correct Answer- agency by ratification
Charlotte is showing the Fowlers a house listed by Freida and her total fiduciary obligations
are to Freida's seller. Charlotte would be acting as a - Correct Answer- sub agent to Freida's
seller
,The real estate broker who allows his sales associates to list their own homes through the
brokerage without charging the usual listing fee has created - Correct Answer- gratuitous
agency
Which of the following would create the most liability for the real estate agent - Correct
Answer- Dual agent
A third party is entitled to - Correct Answer- accurate information
In order for the law of agency to work, how many parties would be required - Correct
Answer- Three, the principal, the agent and the third party
To become enforceable, a contract must be fully signed and delivered to - Correct Answer- all
principals or their agents
Bobbie broker helps her best friend sell her house but of course charges no fees. What would
be true regarding this "gratuitous" agency - Correct Answer- Bobbie would still owe fiduciary
duties to her friend
Notice to an agent that is considered notice to the principal is called - Correct Answer-
constructive notice
Bertram asks Sammy Salesman to help him buy a house but does not want to sign any
documents. Which of the following statements would be true in this situation - Correct
Answer- Since Sammy is a licensed real estate agent he would have the fiduciary duties to
Bertram implied in an agency relationship
Duties that continue after the termination of agency include the duty - Correct Answer- not to
disclose confidential information gained during the agency relationship
When the conduct on the part of the principal would lead a reasonably prudent person to
believe that the agent had the authority he or she purports to exercise, the agency created
would be called - Correct Answer- any or all of the above
When should a licensee disclose to the buyer the agency status of the listing broker - Correct
Answer- at the first contact with the buyer
, In order to establish an agency by estoppel, what element must be present - Correct Answer-
The principle must have held the agent out in other instances as possessing authority to be an
agent
Bonnie, broker associate with Lowland Realty, signs a buyer representation agreement with
Buyer Terri. Armando is the designated broker for Lowland Realty. Who is the agent of the
buyer - Correct Answer- Armando
Beatriz has completed all of her required real estate courses for licensure but has not taken
the license exam. Beatriz may legitimately do which of the following - Correct Answer- Sell
her one third interest in a property to one of the other interest holders
When a broker engages other broker as associates of the company - Correct Answer- the
broker associate generally works under the guidance of the sponsoring broker
Justin has agreed to sell the Blakely's house. Justin's role, resulting from the agreement, can
best be described as - Correct Answer- a special agency
An associate's compensation is set by - Correct Answer- mutual agreement between the
broker and the associate
Jose' is authorized to conduct a series of transactions involving a continuity of service for his
principal, Martha. Jose' would be considered to be Martha's - Correct Answer- general agent
Which of the following is enforceable only by conscience - Correct Answer- morals
In the concept of real estate brokerage, one may think of the sponsoring broker-salesperson
relationship as being - Correct Answer- a general agency
Failing, within reasonable time, to respond to inquiries from a seller regarding marketing
activities or efforts on the part of the listing broker would violate - Correct Answer- ethical
obligations
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 $9.99. You're not tied to anything after your purchase.
