1. Agency is best defined as:
A. A property management agreement
B. A fiduciary relationship between a principal and an agent
C. A mortgage contract
D. A title insurance policy
Answer: B
2. A broker's duty of loyalty requires the broker to:
A. Put the client's interests first
B. Disclose confidential information
C. Guarantee a sale
D. Set the market value
Answer: A
3. Which fiduciary duty requires safeguarding a client's money and property?
A. Obedience
B. Disclosure
C. Accounting
D. Loyalty
Answer: C
4. An intermediary in Texas is a broker who:
A. Represents only sellers
B. Represents only buyers
C. Acts as a neutral party between principals
D. Performs appraisals
Answer: C
5. Which type of listing gives the broker the greatest protection for earning a
commission?
A. Open Listing
B. Exclusive Right-to-Sell Listing
C. Net Listing