ACEABLE AGENT TEXAS PROMULGATED
CONTRACTS CERTIFICATION
EVALUATION EXAMS SET WITH
COMPLETE ANSWERS
◉ Kristy is trying to purchase a home. Logan, a broker, is
representing her. They have signed a:
Answer: - buyer/tenant representation agreement
◉ All of the below are examples of limited dual representation
EXCEPT:
Broker Alicia gives full fiduciary duties to both buyer and seller.
Broker Sam does not favor buyer over seller, or vice versa.
Broker Fred, because he lives in Texas, practices intermediary
representation, Texas' version of limited dual agency.
Broker Lily gets informed consent from both parties before acting
as a limited dual agent.
Answer: - Broker Alicia gives full fiduciary duties to both buyer
and seller.
,◉ Larry represents Moe in a real estate transaction. They decide
they want to work with each other, and formalize that decision.
Larry now represents Moe's best interests in all dealings. Describe
this interaction.
Answer: - Larry is Moe's agent. Moe is principal. They form a
mutual agreement. Larry has fiduciary obligations to Moe.
◉ What is one way that a listing agent can exercise their duty of
honesty to a buyer non-client?
Answer: - disclosing known problems with the property
◉ Alexis, a sales agent, is advising her client on how to fill out the
Seller's Disclosure Notice. The client does not want to disclose
that the house has water damage. What should Alexis do?
Answer: - Alexis should remind the client that they must fill out
the form honestly. If the client won't change their mind, she
should sever the relationship.
◉ Mikayla, an agent, advises a client about the validity of a title.
Can she do this?
Answer: - Agent Brad was showing his client's home to a potential
buyer. He gave the buyer advice about making an offer.
◉ Marc is selling his house. You are his broker. What are the five
stages of helping Marc sell his house?
Answer: - 1. Getting the listing 2. Marketing the house 3.
Accepting offers 4. The escrow period 5. Closing day
, ◉ Lora, a license holder, represented Jess, a seller seeking to sell
his home. Lora showed the home to several prospective buyers.
After some time, Lora and Jess accepted Sara's offer for his house.
Sara's agent, Pat, negotiated on Sara's behalf. Sara is Lora's:
Answer: - customer
◉ According to IRS guidelines, which of the following does not fit
the description of an independent contractor?
Answer: - The license holder has their schedule set by the
supervising broker, who has rules on when the license holder
must be at the office.
◉ Broker Jose and his client, Alice, agree that they want their
agency relationship to end. What is this called?
Answer: - mutual recession
◉ License holders owe the duties of honesty and fairness to:
Answer: - customers and clients
◉ All of the following are true about in-house transactions
EXCEPT:
Answer: - They are illegal in Texas.
CONTRACTS CERTIFICATION
EVALUATION EXAMS SET WITH
COMPLETE ANSWERS
◉ Kristy is trying to purchase a home. Logan, a broker, is
representing her. They have signed a:
Answer: - buyer/tenant representation agreement
◉ All of the below are examples of limited dual representation
EXCEPT:
Broker Alicia gives full fiduciary duties to both buyer and seller.
Broker Sam does not favor buyer over seller, or vice versa.
Broker Fred, because he lives in Texas, practices intermediary
representation, Texas' version of limited dual agency.
Broker Lily gets informed consent from both parties before acting
as a limited dual agent.
Answer: - Broker Alicia gives full fiduciary duties to both buyer
and seller.
,◉ Larry represents Moe in a real estate transaction. They decide
they want to work with each other, and formalize that decision.
Larry now represents Moe's best interests in all dealings. Describe
this interaction.
Answer: - Larry is Moe's agent. Moe is principal. They form a
mutual agreement. Larry has fiduciary obligations to Moe.
◉ What is one way that a listing agent can exercise their duty of
honesty to a buyer non-client?
Answer: - disclosing known problems with the property
◉ Alexis, a sales agent, is advising her client on how to fill out the
Seller's Disclosure Notice. The client does not want to disclose
that the house has water damage. What should Alexis do?
Answer: - Alexis should remind the client that they must fill out
the form honestly. If the client won't change their mind, she
should sever the relationship.
◉ Mikayla, an agent, advises a client about the validity of a title.
Can she do this?
Answer: - Agent Brad was showing his client's home to a potential
buyer. He gave the buyer advice about making an offer.
◉ Marc is selling his house. You are his broker. What are the five
stages of helping Marc sell his house?
Answer: - 1. Getting the listing 2. Marketing the house 3.
Accepting offers 4. The escrow period 5. Closing day
, ◉ Lora, a license holder, represented Jess, a seller seeking to sell
his home. Lora showed the home to several prospective buyers.
After some time, Lora and Jess accepted Sara's offer for his house.
Sara's agent, Pat, negotiated on Sara's behalf. Sara is Lora's:
Answer: - customer
◉ According to IRS guidelines, which of the following does not fit
the description of an independent contractor?
Answer: - The license holder has their schedule set by the
supervising broker, who has rules on when the license holder
must be at the office.
◉ Broker Jose and his client, Alice, agree that they want their
agency relationship to end. What is this called?
Answer: - mutual recession
◉ License holders owe the duties of honesty and fairness to:
Answer: - customers and clients
◉ All of the following are true about in-house transactions
EXCEPT:
Answer: - They are illegal in Texas.
