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CHAMPIONS SCHOOL OF REAL ESTATE LAW OF AGENCY EXAM LATEST ACTUAL EXAM 3 VERSIONS COMPLETE 280 QUESTIONS AND CORRECT DETAILED SOLUTIONS$18.99
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CHAMPIONS SCHOOL OF REAL ESTATE .
CHAMPIONS SCHOOL OF REAL ESTATE .
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Page 1 of 55
CHAMPIONS SCHOOL OF REAL ESTATE LAW OF AGENCY EXAM
LATEST 2024-2025 ACTUAL EXAM 3 VERSIONS COMPLETE 280
QUESTIONS AND CORRECT DETAILED SOLUTIONS
CHAMPIONS SCHOOL OF REAL ESTATE LAW OF AGENCY EXAM
QUESTION: When an agent and potential party enter into a _____________discussion of a real
estate transaction, the party must be provided with a TREC- proscribed agency information
form. First contact/orally or written? - ANSWER-substantive
QUESTION: TREC rules define _______________as any form of communication on behalf of a
license holder designed to attract the public to use real estate brokerage services. - ANSWER-
Advertisement
QUESTION: If any person violates the provisions of the Texas Business and Commerce Code,
Fraud in Real Estate and Stock Transactions, he or she is liable to the person defrauded for: -
ANSWER-Attorney's fees, Expert witness fees and Court cost
QUESTION: According to TREC's advertising rules, which of the following terms may NOT be
used in a real estate team name? - ANSWER-Company
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QUESTION: The _______is usually a fixed percentage of the sales price negotiated between the
brokerage and the client, payable to the broker? - ANSWER-Broker's fee
QUESTION: Exclusive agency agreements - ANSWER-Grant the broker a commission even if the
seller sells the property himself.
QUESTION: The shared information from the MLS can be used by agents to prepare a? -
ANSWER-Comparative Market Analysis
QUESTION: The agreement that buyers sign, allowing a broker to represent them is called a? -
ANSWER-Buyer/Tenant Representation Agreement
QUESTION: Which of the following statements should a license holder only say AFTER a Buyer's
Representation Agreement has been signed? - ANSWER-My professional option is that the
market value of this property is $350,000.
I will write up the offer of 347,000 for you at my office.
It is my professional option that this house is overpriced for the neighborhood.
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QUESTION: The individual who, a series of uninterrupted activities or actions, brought about
the completion of a contract is also known as? - ANSWER-The procuring cause of sale
QUESTION: Why is timing critical when taking a listing? - ANSWER-There are time limits
attached to oral representation
QUESTION: Broker Susan is representing the seller and Broker Daniel is working with a buyer
customer. Susan is representing the seller. Who is Daniel representing? - ANSWER-The Buyer
only
QUESTION: In Texas, there is no_________agency relationship with any party to a transaction. -
ANSWER-Implied
QUESTION: The _________notifies the parties that both the seller and buyer are clients of the
broker. - ANSWER-Dual Agency Noitce
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QUESTION: Which of the following is true regarding Intermediary rules for a transaction? -
ANSWER-The transaction must be in-house sale.
Both sides of the transaction must be clients of the broker.
The broker must have written consent from both parties.
QUESTION: Broker Steve having no agents, is a solo practitioner in the state of Texas. He has a
buyer-client who wants to purchase one of his listings. The process that Broker Steve must us
is? - ANSWER-Intermediary without appointments
QUESTION: Which of the following is NOT an advantage of a brokerage policy of Seller Agency
Only- No Intermediary? - ANSWER-The broker does not have to make appointments.
The broker and agents are free to negotiate for the seller without conflict of interest.
The broker collects both selling and buying commission.
QUESTION: If one agent in the firm is working with both the buyer and the seller,___________
says that another agent in the firm needs to be brought into the transaction. - ANSWER-
Intermediary with appointments only
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