CHAMPIONS LAW OF AGENCY EXAM
PRACTICE REVIEW 2026 TESTED
QUESTIONS
⫸ The agent works on behalf of this person. Answer: the client
(principal)
⫸ This type of agency allows for the greatest range of authority.
Answer: Universal
⫸ This is provided to the agent when there is written documentation
that the agency relationship exists.. Answer: Express authority
⫸ This is the most limited of all the agency relationships. Answer:
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 principal. Answer: Agency
by Estoppel
⫸ This type of agency is created when actions lead another person to
assume that one is an agent (Example- you have a key to neighbors
home and show the property). Answer: Ostensible Agency
,⫸ If a buyer hasn't signed a buyer's rep agreement, then who is
representing the buyer?. Answer: No one
⫸ This establishes a relationship with a broker. Answer: The
Buyer/Tenant Representation agreement
⫸ This can be written or oral. Answer: Disclosure of Representation
⫸ These are required to place their own selfish interests behind that of
their clients.. Answer: Fiduciaries
⫸ A licensee isn't required to provide the IABS when.... Answer: the
licensee meets with a party that is already represented
⫸ A broker is obligated to treat who honestly?. Answer: client,
customer, and agents
⫸ Broker must have written consent to act as.... Answer: an
intermediary
⫸ IABS form is the property of.... Answer: TREC
⫸ Broker Bob is the broker/owner of ABC Realty. Agent Bill at ABC
Realty is a listing agent. Agent Sue, also at ABC Realty, is working with
,a buyer who is being represented by the firm. Agent Sue's buyer wants
to purchase Agent Bill's listing
In the above transaction, Broker Bob will:. Answer: Remain neutral and
refrain from providing advice and opinion to either party
⫸ The IABS should contain. Answer: How the broker will be
compensated
⫸ Broker Steve, having no agents, is a solo practitioner. He has a client
buyer that wants to purchase one of his listings. The process that Broker
Steve must use is:. Answer: Intermediary without appointments
⫸ A fiduciary relationship is based on. Answer: trust
⫸ Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has
a buyer who wishes to
purchase Joe's listing. The buyer that Agent Sean is working with has
chosen to not enter into an
agency relationship with City Realty.
In the above transaction, who is representing the buyer?. Answer: No
body because the buyer is a customer.
, ⫸ Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has
a buyer who wishes to
purchase Joe's listing. The buyer that Agent Sean is working with has
chosen to not enter into an
agency relationship with City Realty.
In the above transaction, who is City Realty representing?. Answer: The
seller, because City Realty is a subagent of ABC Realty in this
transaction
⫸ Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has
a buyer who wishes to
purchase Joe's listing. The buyer that Agent Sean is working with has
chosen to not enter into an
agency relationship with City Realty.
What type of transaction is this?. Answer: cooperative (co-op)
⫸ An exemption to using the Information About Brokerage Services
form is:. Answer: a lease for less than 1 year with no sale anticipated
⫸ A licensee not associated with the client's broker but who is
representing the client through a
cooperative agreement with the client's broker is known as:. Answer:
Subagent
PRACTICE REVIEW 2026 TESTED
QUESTIONS
⫸ The agent works on behalf of this person. Answer: the client
(principal)
⫸ This type of agency allows for the greatest range of authority.
Answer: Universal
⫸ This is provided to the agent when there is written documentation
that the agency relationship exists.. Answer: Express authority
⫸ This is the most limited of all the agency relationships. Answer:
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 principal. Answer: Agency
by Estoppel
⫸ This type of agency is created when actions lead another person to
assume that one is an agent (Example- you have a key to neighbors
home and show the property). Answer: Ostensible Agency
,⫸ If a buyer hasn't signed a buyer's rep agreement, then who is
representing the buyer?. Answer: No one
⫸ This establishes a relationship with a broker. Answer: The
Buyer/Tenant Representation agreement
⫸ This can be written or oral. Answer: Disclosure of Representation
⫸ These are required to place their own selfish interests behind that of
their clients.. Answer: Fiduciaries
⫸ A licensee isn't required to provide the IABS when.... Answer: the
licensee meets with a party that is already represented
⫸ A broker is obligated to treat who honestly?. Answer: client,
customer, and agents
⫸ Broker must have written consent to act as.... Answer: an
intermediary
⫸ IABS form is the property of.... Answer: TREC
⫸ Broker Bob is the broker/owner of ABC Realty. Agent Bill at ABC
Realty is a listing agent. Agent Sue, also at ABC Realty, is working with
,a buyer who is being represented by the firm. Agent Sue's buyer wants
to purchase Agent Bill's listing
In the above transaction, Broker Bob will:. Answer: Remain neutral and
refrain from providing advice and opinion to either party
⫸ The IABS should contain. Answer: How the broker will be
compensated
⫸ Broker Steve, having no agents, is a solo practitioner. He has a client
buyer that wants to purchase one of his listings. The process that Broker
Steve must use is:. Answer: Intermediary without appointments
⫸ A fiduciary relationship is based on. Answer: trust
⫸ Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has
a buyer who wishes to
purchase Joe's listing. The buyer that Agent Sean is working with has
chosen to not enter into an
agency relationship with City Realty.
In the above transaction, who is representing the buyer?. Answer: No
body because the buyer is a customer.
, ⫸ Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has
a buyer who wishes to
purchase Joe's listing. The buyer that Agent Sean is working with has
chosen to not enter into an
agency relationship with City Realty.
In the above transaction, who is City Realty representing?. Answer: The
seller, because City Realty is a subagent of ABC Realty in this
transaction
⫸ Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has
a buyer who wishes to
purchase Joe's listing. The buyer that Agent Sean is working with has
chosen to not enter into an
agency relationship with City Realty.
What type of transaction is this?. Answer: cooperative (co-op)
⫸ An exemption to using the Information About Brokerage Services
form is:. Answer: a lease for less than 1 year with no sale anticipated
⫸ A licensee not associated with the client's broker but who is
representing the client through a
cooperative agreement with the client's broker is known as:. Answer:
Subagent
