Summary Exam: Law of Agency - Champions (complete updated Q&A)

Exam: Law of Agency - Champions (complete updated Q&A) Which of the following has the authority to suspend or revoke a Texas real estate license? - Which of the following is an element of a listing agreement? - the IRS considers which of the following a violation of independent contractor status? - the TAR buyer representation agreement in or text book: - The amendments in 1996 to the License Act state that an agent is not liable for a misrepresentation or concealment of material fact by a party if: - One who hires an agent to represent him is called a: - It is always a good idea to have: - A real estate brokerage firm that practices buyer agency only has a lot of intermediary transactions. - Which of the following is a statutory defense for a lawsuit brought about by DTPA? - 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. - Actual awareness of a falsity, deception, or unfairness of an act under DTPA is known as: - The TREC was established in: - an exemption to using the Information About Brokerage Services form is: - listings can be terminated at any time by mutual agreement - fiduciaries are: - According to TREC advertising rules, the definition of advertisement includes all of the following, EXCEPT: - real estate agents owe certain non-fiduciary duties to customers such as: - an unlicensed assistant may: - the best way to create an agency relationship is to do so: - a licensee must present the information about brokerage services form: - when actions lead another person to assume that one is an agent, this is known as: - listings may be terminated by: - when one person acts for another on their behalf it is known as: - Whether or not to appoint associates in an intermediary real estate transaction is: - In Texas, Worker's Compensation must be paid for real estate agents by brokers: - unlicensed assistants may: - a broker usually establishes buyer representation through a form known as a: - for a broker to act as an intermediary there must be: - the real estate agent works for or on behalf of a: - All of the following are included in the Canons of Professional Ethics for real estate licensees, EXCEPT: - data used for a CMA should be no older than: - The Tax Equity and Fiscal Responsibility Act has which of the following tests for independent contractor status? - a termination date on a listing must be: - The duty of _______ requires that the agent follow all of the lawful instructions of the client. - _______ means that, if a single agent in the firm is working with both buyer and seller, another agent in the firm needs to be brought into the transaction so appointment can be made. - listings are the property of the: - disclosure of representation may be: - The failure to remove an advertisement within a reasonable amount of time may be considered deceptive or misleading. - Usually, a defamation claim requires evidence of: - A broker is representing both sides in an in-house transaction. In this case, the broker is the: - There can be a policies and procedures manual for a real estate agent who is an independent contractor. However, - A signed employment agreement is necessary to: - An agent in ABC Realty has a listing that is being sold by a buyer's agent whose license is also with ABC Realty. The broker will most likely: - The listing that allows the seller to list the property with multiple competing brokers at the same time and to sell the property personally without paying any broker a fee is a(n): - An agent creates a (n) ____________________ to give buyers and sellers an indication of the market value of a property. - Agency authority that is the result of the