Ostensible agency Study guides, Class notes & Summaries
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Champions Real Estate Exam: Law of Agency Latest Version Graded A+
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This person hires an agent The Principal 
The agent works on behalf of this person the client (principal) 
This type of agency allows for the greatest range of authority Universal 
This is provided to the agent when there is written documentation that the agency relationship 
exists. Express authority 
This is the most limited of all the agency relationships Special agency 
This type of agency is created when a 3rd party believes that an agent has authority that has NOT 
been granted by a princi...
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Colibri Real Estate Express Chapter 4 New 2023-2024 /46 Questions And Answers Download To Pass!!!!!
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Quiz :A licensee is required to disclose any personal interest he or she has in a 
property when dealing with a client because of which fiduciary duty? 
A. Loyalty 
B. Confidentiality 
C. Accountability 
D. Care - Answer :A. Loyalty 
Quiz :If an agent fails to verify a fact before passing it to the buyer, the agent has 
committed 
A. Intentional misrepresentation. 
B. Negligent misrepresentation. 
C. Passive fraud. 
D. Active fraud. - Answer :B. Negligent misrepresentation. 
Quiz :In some transa...
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Aceable law of Agency Review Questions With 100 % Correct Answers | latest
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(TRELA) The Real Estate License Act - provides the statutory guidelines stipulating the duties of 
disclosure of license holder agency relationships. 
A breach of duty - includes acts of commission or omission on the part of the license holder which 
constitute a violation of the agency agreement 
A buyer/tenant representation agreement is the best way to create a written agency agreement with - 
a buyer 
A defect - item that was installed or is attached to the home and has an imperfection. 
A f...
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Champions School of Real Estate - Exam Prep With Correct Solutions Graded A+
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Champions School of Real Estate - Exam Prep With Correct Solutions Graded A+ 
Buyer Representation Agreement 
An employment contract obligating a broker to act as a fiduciary to a buyer 
 
 
Implied Agency 
Agency as a result of customary, usual or typical conditions 
 
 
Broker 
A properly licensed party who serves a principal in an agency relationship- also called an agent 
 
 
Client 
A party represented by a broker in an agency relationship - also called a principal 
 
 
Duties of an Agent 
...
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Champions School of Real Estate - Exam Prep
- Exam (elaborations) • 14 pages • 2024
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Champions School of Real Estate - Exam Prep 
Buyer Representation Agreement 
An employment contract obligating a broker to act as a fiduciary to a buyer 
 
 
Implied Agency 
Agency as a result of customary, usual or typical conditions 
 
 
Broker 
A properly licensed party who serves a principal in an agency relationship- also called an agent 
 
 
Client 
A party represented by a broker in an agency relationship - also called a principal 
 
 
Duties of an Agent 
An agent owes his client obedienc...
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Law of Agency – Champions Exam Questions with correct Answers
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Which of the following has the authority to suspend or revoke a Texas real estate license? - Answer- TREC 
 
Which of the following is an element of a listing agreement? - Answer- the agreement to pay a stated commission, usually a percentage of the sales price 
 
the IRS considers which of the following a violation of independent contractor status? - Answer- salesperson is told to work set hours, guaranteed a monthly minimum wage, has his licensing fees paid by the broker 
 
the TAR buyer repre...
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Affiliate Broker MC questions and answers
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The type of contract where a seller employs one real estate firm to find a buyer for the seller's property; yet the seller retains the right to find a buyer himself/herself and not pay a commission to the listing firm is a(an)? 
A. Exclusive right to sell agreement 
B. Exclusive agency agreement 
C. Opportunity listing agreement 
D. Opening listing agreement 
B. Exclusive agency agreement 
 
 
 
A listing broker is hired to perform a specific purpose. What is the correct term to describe thus t...
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law of agency Exam 2024 Questions & Answers 100% Verified!
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Principal - ANSWERSA principal has two meanings: 
A major party who is a part of a real estate transaction (buyer, seller, landlord, tenant). 
An individual who authorizes an agent to represent their interests as a client in a real estate transaction. 
 
Client - ANSWERSA client is an individual who has signed an agency agreement with you or your broker to represent them in a real estate transaction. 
Explanation: Clients are the people you will work for as a sales agent — they're the peopl...
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Champions Real Estate Exam: Law of Agency Latest Version Graded A+
- Exam (elaborations) • 88 pages • 2024
- Available in package deal
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- $11.99
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Champions Real Estate Exam: Law of Agency Latest Version Graded A+ This person hires an agent The Principal 
The agent works on behalf of this person the client (principal) 
This type of agency allows for the greatest range of authority Universal 
This is provided to the agent when there is written documentation that the agency relationship exists. Express authority 
This is the most limited of all the agency relationships Special agency 
This type of agency is created when a 3rd party believes ...
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Champions Real Estate Exam: Law of Agency | 300 Questions with 100% Correct Answers | Latest Update 2024 | Verified | 54 Pages
- Exam (elaborations) • 54 pages • 2023
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This person hires an agent - The Principal 
The agent works on behalf of this person - the client (principal) 
This type of agency allows for the greatest range of authority - Universal 
This is provided to the agent when there is written documentation that the agency relationship exists. - 
Express authority 
This is the most limited of all the agency relationships - Special agency 
This type of agency is created when a 3rd party believes that an agent has authority that has NOT been 
granted b...
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