Champions School Of Real Estate - Exam Prep Questions And Answers 100% Guaranteed Success.

Champions School Of Real Estate - Exam Prep Questions And Answers 100% Guaranteed Success. Buyer Representation Agreement - correct answer. An employment contract obligating a broker to act as a fiduciary to a buyer Implied Agency - correct answer. Agency as a result of customary, usual or typical conditions Broker - correct answer. A properly licensed party who serves a principal in an agency relationship- also called an agent Client - correct answer. A party represented by a broker in an agency relationship - also called a principal Duties of an Agent - correct answer. An agent owes his client obedience, loyalty, disclosure, confidentiality, accounting and reasonable care (old car) customer - correct answer. A third party - one a broker is working with, but who is not represented by that broker Exclusive Agency Listing - correct answer. A listing where one broker is the exclusive agent and will earn a commission if the property is sold, unless the seller sells it himself- the seller is competing with his broker Ostensible Agency - correct answer. Agency as a result of the actions of an agent and the response of other to those actions Agency by Ratification - correct answer. Agency is established when an agent acts without permission of the principal and the principal accepts or ratifies those actions. Blind Ad - correct answer. An advertisement that does not clearly indicate the licensed status of the party placing the ad - real estate licensees are prohibited from placing blind ads. Duties of Principal - correct answer. A principal owes his agent compensation, reimbursement, indemnification and performance Procuring Cause of Sale - correct answer. The effort that results in the sale of property - the act of bringing a ready, willing and able buyer to a seller resulting the sale of the seller's property Exclusive right to sell - correct answer. A listing where one broker will earn a commission when the property is sold, no matter who sells it Listing Agreement - correct answer. An employment contract obligating a broker to act as a fiduciary to a seller Agency by Estoppel - correct answer. A principal fails to maintain due diligence over his agent and as a result the court prevents the principal from denying the agency relationship Dual Agent - correct answer. A broker who has the written permission of both the buyer and the seller to represent both parties in a single transaction Management Agreement - correct answer. An employment contract obligating a broker to act as a fiduciary to a property owner Sherman Anti-Trust Act - correct answer. Federal law that preserves business competition by prohibiting monopolies, monopolistic practices and restraint of trade- in real estate the biggest impact is on commissions- always negotiable Agency - correct answer. The fiduciary relationship between a broker and a principal or a broker and a client Universal Agency - correct answer. A principal gives an agent the power to transact matters of all types for him Designated Agent - correct answer. A license appointed by a broker in a dual agency situation to work with either the buyer or the seller in the transaction. Commission - correct answer. A negotiated compensation in a broker's employment contract. Fiduciary - correct answer. A party acting for another in a position of trust - a broker, an agent Public Responsibilities - correct answer. The responsibilities a broker has to customers or third parties including honesty, fairness and disclosure of material facts General Agency - correct answer. A principal gives an agent the power to bind him in a particular trade or business intermediary - correct answer. A broker in Texas who has the written permission of both the buyer and the seller to represent both parties in a single transaction Fiduciary Responsibilities - correct answer. The responsibilities a broker has to clients in an agency relationship includes placing the interest of the client first, full disclosure of all facts, material and other, and giving advice and opinions Agency coupled with an interest - correct answer. Any transaction where the agent is also the seller, or the agent is also the buyer, this dual role must always be disclosed Appointed Associate - correct answer. A licensee appointed by a broker in Texas in an intermediary situation to work with either the buyer or the seller in the transaction Special Agency - correct answer. A principal gives an agent the power to perform specific acts, but not to bind the principal - also called limited agency. fiduciary relationship - correct answer. The relationship based on trust - the relationship governed by the law of agency between a broker and a principal Subagent - correct answer. An agent for a person who is already an agent for a principal - the listing salesperson under a listing broker - this is not a Texas definition Principal - correct answer. A party represented by a broker in an agency relationship - also called a client Oral Agency - correct answer. An agency relationship created by an oral or spoken agreement Limited Agency - correct answer. A principal gives an agent the power to perform specific acts, but not to bind the principal- also called special agency Open Listing - correct answer. A listing where a seller reserves the right to list with as many brokers as he chooses - he also reserves the right to sell the property himself - only a broker who brings a contract to the seller will earn a commission Module - correct answer. A unit of prefabricated housing - offsite construction