Exam (elaborations)
Law Of Agency -CHAMPIONS SCHOOL OF REAL ESTATE
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Law Of Agency -CHAMPIONS SCHOOL OF REAL ESTATE
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Champions (2024): Law Of AgencyQuestions And Answers With Verified
Solutions 100% Correct!!!
TRELA Was enacted by legislation in 1939 to protect the public against
_________ brokers and sales agents. - ANSWER✔✔ unscrupulous
The Texas Real Estate Commission was created in - ANSWER✔✔ 1949
Part of the licensing process is to determine - ANSWER✔✔ Moral Character
A broker may pay a fee to - ANSWER✔✔ another broker
Both Compensation and Indemnification are duties that a principal has to their
__________. - ANSWER✔✔ agent
DUTIES OF PRINCIPAL TO AGENT - ANSWER✔✔ CRIP: Compensation,
Reimbursement, Indemnification, Performance
Fiduciaries are held to the highest amount of good faith and are required to
________ all selfish interests. - ANSWER✔✔ exclude
A property manager is an example of a ______________. - ANSWER✔✔ general
agent
The broker is responsible for - ANSWER✔✔ Compliance with fair housing laws
Compliance with advertising regulations
,Use of promulgated forms
Compliance with regulations for disclosure
Compliance with all aspects of the Texas Real Estate License Act
The broker is not responsible for - ANSWER✔✔ Timely renewal of license
Completion of continuing education requirements
Adequate opportunities for generating income
Company car, health insurance, vacation, or disability benefits
As agents, our fiduciary duties to clients are specific and can be remembered by
using the acronym OLD CAR: - ANSWER✔✔ Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable Care
Obedience states that an agent will follow all of the __________ instructions of a
client - ANSWER✔✔ lawful
_______ is spending client funds without authorization - ANSWER✔✔
Conversion
Substantive discussion _________ the need to provide the Information about
Brokerage Services (IABS) - ANSWER✔✔
,In Texas, there are 4 statutory agency relationships allowed by TRELA: -
ANSWER✔✔ Seller Agency
Buyer Agency
Subagency
Intermediary
An oral agency agreement is enforceable against the ____________, and in
unenforceable against the _____________. - ANSWER✔✔ broker, client
If a broker learns confidential information during a listing presentation, the broker
by _________ might be bound to keep the information confidential if the broker is
unsuccessful in obtaining the listing. - ANSWER✔✔ implication
The written listing agreement creates a ________________ relationship. -
ANSWER✔✔ special agency
The relationship between the broker and sponsored agents is a ___________
relationship. - ANSWER✔✔ general agency
Broker Bob's company, Acme Realty is a small firm with three agents, Sue, Megan
and Bill. Agent Sue lists Seller Steve's property. Who owns the listing agreement?
- ANSWER✔✔ Broker Bob
Broker Bob's company, Acme Realty is a small firm with three agents, Sue, Megan
and Bill. Agent Sue lists Seller Steve's property. In the firm, who has a fiduciary
duty to represent the interests of Seller Steve? - ANSWER✔✔ Broker Bob, Sue,
Megan and Bill
, Agency relationships are terminated by any of the following: - ANSWER✔✔
When the purpose of the agency is completed (i.e., the property is sold).
The expiration of the time period stated in the listing contract.
At any time by mutual agreement.
Death or incapacity of either party.
Condemnation or destruction of the property.
Bankruptcy of either party.
Operation of law.
Revocation of the broker's license.
Abandonment by the agent.
Revocation of the agreement at any time by the principal.
Termination of the agreement at any time by the broker.
Agent Bill at Acme Realty negotiated a listing agreement with Seller James. Three
days later Bill unexpectedly died. After Bill's death, what is the status of the listing
agreement? - ANSWER✔✔ Bill's death has no effect on the agreement because he
is just an agent
Agent Megan negotiated a listing agreement with Seller Sarah. Megan explained
that the firm's policy is to have listing agreements that do not have a definite
termination date. Listings with the firm can be terminated only with notice from
the client. This practice is: - ANSWER✔✔ Not proving a definite termination date
is a violation of the license act.
If the broker's license is revoked - ANSWER✔✔ the listing agreements and buyer
representation agreements are terminated.
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