CHAMPIONS LAW OF AGENCY EXAM
STUDY GUIDE 2026 COMPLETE QUESTIONS
AND ANSWERS
⫸ 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 seller must: Answer: Fill out the Seller's Disclosure Notice
⫸ A real estate brokerage firm that practices buyer agency only has a lot
of intermediary transactions. Answer: false
⫸ A licensee is not liable for a misrepresentation or a concealment of a
material fact made by a party to a real estate transaction if the seller did
not disclose it to the agent. Answer: true
⫸ an exemption to using the Information About Brokerage Services
form is: Answer: a lease for not more than 1 year
⫸ listings can be terminated at any time by mutual agreement Answer:
true
,⫸ fiduciaries are: Answer: Held to the highest degree of good faith,
Required to exclude selfish interest, Require to make disclosures of all
relevant facts
⫸ According to TREC advertising rules, the definition of advertisement
includes all of the following, EXCEPT: Answer: Communication from a
licensee to his or her client
⫸ real estate agents owe certain non-fiduciary duties to customers such
as: Answer: honesty and fairness
⫸ an unlicensed assistant may: Answer: host an open house
⫸ the best way to create an agency relationship is to do so: Answer: in
writing
⫸ a licensee must present the information about brokerage services
form: Answer: at the first substantive discussion of a possible
transaction
⫸ when actions lead another person to assume that one is an agent, this
is known as: Answer: ostensible agency
⫸ listings may be terminated by: Answer: death, insanity, mutual
agreement
, ⫸ when one person acts for another on their behalf it is known as:
Answer: an agency relationship
⫸ Whether or not to appoint associates in an intermediary real estate
transaction is: Answer: At the discretion of the broker
⫸ In Texas, Worker's Compensation must be paid for real estate agents
by brokers: Answer: false
⫸ unlicensed assistants may: Answer: be a transaction coordinator
⫸ a broker usually establishes buyer representation through a form
known as a: Answer: buyer representation agreement
⫸ for a broker to act as an intermediary there must be: Answer: written
consent
⫸ the real estate agent works for or on behalf of a: Answer: client or
principal
⫸ data used for a CMA should be no older than: Answer: 6 months
STUDY GUIDE 2026 COMPLETE QUESTIONS
AND ANSWERS
⫸ 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 seller must: Answer: Fill out the Seller's Disclosure Notice
⫸ A real estate brokerage firm that practices buyer agency only has a lot
of intermediary transactions. Answer: false
⫸ A licensee is not liable for a misrepresentation or a concealment of a
material fact made by a party to a real estate transaction if the seller did
not disclose it to the agent. Answer: true
⫸ an exemption to using the Information About Brokerage Services
form is: Answer: a lease for not more than 1 year
⫸ listings can be terminated at any time by mutual agreement Answer:
true
,⫸ fiduciaries are: Answer: Held to the highest degree of good faith,
Required to exclude selfish interest, Require to make disclosures of all
relevant facts
⫸ According to TREC advertising rules, the definition of advertisement
includes all of the following, EXCEPT: Answer: Communication from a
licensee to his or her client
⫸ real estate agents owe certain non-fiduciary duties to customers such
as: Answer: honesty and fairness
⫸ an unlicensed assistant may: Answer: host an open house
⫸ the best way to create an agency relationship is to do so: Answer: in
writing
⫸ a licensee must present the information about brokerage services
form: Answer: at the first substantive discussion of a possible
transaction
⫸ when actions lead another person to assume that one is an agent, this
is known as: Answer: ostensible agency
⫸ listings may be terminated by: Answer: death, insanity, mutual
agreement
, ⫸ when one person acts for another on their behalf it is known as:
Answer: an agency relationship
⫸ Whether or not to appoint associates in an intermediary real estate
transaction is: Answer: At the discretion of the broker
⫸ In Texas, Worker's Compensation must be paid for real estate agents
by brokers: Answer: false
⫸ unlicensed assistants may: Answer: be a transaction coordinator
⫸ a broker usually establishes buyer representation through a form
known as a: Answer: buyer representation agreement
⫸ for a broker to act as an intermediary there must be: Answer: written
consent
⫸ the real estate agent works for or on behalf of a: Answer: client or
principal
⫸ data used for a CMA should be no older than: Answer: 6 months
