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AYPO Real Estate Law of Agency Final Exam Review questions with correct answers
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AYPO Real Estate Law of Agency Final Exam Review questions with correct answers
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AYPO Real Estate Law of Agency Final Exam Reviewquestions with correct answers
Real estate agents are considered to have which kind relationship with
clients? Correct Answer-A fiduciary relationship
Acting as which of the following is a violation of The Real Estate
License Act? Correct Answer-Acting as a broker without possessing a
valid license issued by the Texas Real Estate Commission
Which of the following is a reason to study the aspects of agency and
agency law? Correct Answer-1. Agents who are well versed in the
aspects of the agency roles can project an aura of confidence that can
calm a nervous client
2. Agents who follow the law are less prone to being held liable for harm
suffered by clients or customers
3. Agents who follow the law have a better reputation with the public
A licensee who is representing a buyer is required to treat which of the
following in an honest and fair manner? Correct Answer-1. The seller's
agent
2. The seller
3. The buyer
Brokers have which of the following with a client? Correct Answer-
Privity of contract
, True or False: Apparent authority is expressly detailed in the contract
that establishes the agency relationship. Correct Answer-FALSE
A principal becomes disabled and gives authority to an agent to act on
behalf of the principal in nearly all circumstances. This type of agent is...
Correct Answer-a universal agent.
Which one of the following is not one of the commonly recognized
fiduciary duties? Correct Answer-Punctuality
According to Section 1101.558 of TRELA, which of the following
parties must be provided with a disclosure when the first instance of
contact occurs? Correct Answer-1. Another licensee who represents
another party to the transaction
2. Another party to the transaction
What is the term for a duty owed by an agent to someone who is not the
principal party? Correct Answer-Non-fiduciary duty
The duty of a seller's agent to be loyal to the _______ trumps the duty to
be forthright with the_______. Correct Answer-seller / buyer
What is the term for a person or organization that a person interacts with
while acting as an agent for a principal party? Correct Answer-Third
party
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