Law of Agency – Champions Exam Correct Questions & Answers Accurate 100%
Which of the following has the authority to suspend or revoke a Texas real estate license? - ANSWERSTREC
Which of the following is an element of a listing agreement? - ANSWERSthe agreement
to pay a stated commission, usually a percentage of the sales price
the IRS considers which of the following a violation of independent contractor status? - ANSWERSsalesperson is told to work set hours, guaranteed a monthly minimum wage,
has his licensing fees paid by the broker
the TAR buyer representation agreement in or text book: - ANSWERSauthorizes intermediary, authorizes the buyer to give the agent complete loyalty, establishes an exclusive market area
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: - ANSWERSThe licensee did not know of the falsity of the misrepresentation
One who hires an agent to represent him is called a: - ANSWERSprincipal
It is always a good idea to have: - ANSWERSThe seller fill out the Seller's Disclosure Notice
A real estate brokerage firm that practices buyer agency only has a lot of intermediary transactions. - ANSWERSfalse
Which of the following is a statutory defense for a lawsuit brought about by DTPA? - ANSWERSWritten information obtained from a government record
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. - ANSWERStrue
Actual awareness of a falsity, deception, or unfairness of an act under DTPA is known as: - ANSWERSknowingly
The TREC was established in: - ANSWERS1949 an exemption to using the Information About Brokerage Services form is: - ANSWERSa lease for not more than 1 year
listings can be terminated at any time by mutual agreement - ANSWERStrue
fiduciaries are: - ANSWERSHeld 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: - ANSWERSCommunication from a licensee to his or her client
real estate agents owe certain non-fiduciary duties to customers such as: - ANSWERShonesty and fairness
an unlicensed assistant may: - ANSWERShost an open house
the best way to create an agency relationship is to do so: - ANSWERSin writing
a licensee must present the information about brokerage services form: - ANSWERSat the first substantive discussion of a possible transaction
when actions lead another person to assume that one is an agent, this is known as: - ANSWERSostensible agency
listings may be terminated by: - ANSWERSdeath, insanity, mutual agreement
when one person acts for another on their behalf it is known as: - ANSWERSan agency relationship
Whether or not to appoint associates in an intermediary real estate transaction is: - ANSWERSAt the discretion of the broker
In Texas, Worker's Compensation must be paid for real estate agents by brokers: - ANSWERSfalse
unlicensed assistants may: - ANSWERSbe a transaction coordinator
a broker usually establishes buyer representation through a form known as a: - ANSWERSbuyer representation agreement
for a broker to act as an intermediary there must be: - ANSWERSwritten consent
the real estate agent works for or on behalf of a: - ANSWERSclient
Which of the following has the authority to suspend or revoke a Texas real estate license? - ANSWERSTREC
Which of the following is an element of a listing agreement? - ANSWERSthe agreement
to pay a stated commission, usually a percentage of the sales price
the IRS considers which of the following a violation of independent contractor status? - ANSWERSsalesperson is told to work set hours, guaranteed a monthly minimum wage,
has his licensing fees paid by the broker
the TAR buyer representation agreement in or text book: - ANSWERSauthorizes intermediary, authorizes the buyer to give the agent complete loyalty, establishes an exclusive market area
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: - ANSWERSThe licensee did not know of the falsity of the misrepresentation
One who hires an agent to represent him is called a: - ANSWERSprincipal
It is always a good idea to have: - ANSWERSThe seller fill out the Seller's Disclosure Notice
A real estate brokerage firm that practices buyer agency only has a lot of intermediary transactions. - ANSWERSfalse
Which of the following is a statutory defense for a lawsuit brought about by DTPA? - ANSWERSWritten information obtained from a government record
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. - ANSWERStrue
Actual awareness of a falsity, deception, or unfairness of an act under DTPA is known as: - ANSWERSknowingly
The TREC was established in: - ANSWERS1949 an exemption to using the Information About Brokerage Services form is: - ANSWERSa lease for not more than 1 year
listings can be terminated at any time by mutual agreement - ANSWERStrue
fiduciaries are: - ANSWERSHeld 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: - ANSWERSCommunication from a licensee to his or her client
real estate agents owe certain non-fiduciary duties to customers such as: - ANSWERShonesty and fairness
an unlicensed assistant may: - ANSWERShost an open house
the best way to create an agency relationship is to do so: - ANSWERSin writing
a licensee must present the information about brokerage services form: - ANSWERSat the first substantive discussion of a possible transaction
when actions lead another person to assume that one is an agent, this is known as: - ANSWERSostensible agency
listings may be terminated by: - ANSWERSdeath, insanity, mutual agreement
when one person acts for another on their behalf it is known as: - ANSWERSan agency relationship
Whether or not to appoint associates in an intermediary real estate transaction is: - ANSWERSAt the discretion of the broker
In Texas, Worker's Compensation must be paid for real estate agents by brokers: - ANSWERSfalse
unlicensed assistants may: - ANSWERSbe a transaction coordinator
a broker usually establishes buyer representation through a form known as a: - ANSWERSbuyer representation agreement
for a broker to act as an intermediary there must be: - ANSWERSwritten consent
the real estate agent works for or on behalf of a: - ANSWERSclient
