RELE 2201 Final Review | complete testbank | latest 2023/24

RELE 2201 Final Review | complete testbank | latest 2023/24 A seller listed her home with XYZ Brokerage. A buyer went to ABC Realty and the broker agreed to help her find a home. The buyer's broker found the XYZ listing in MLS and showed it to the buyer who wrote an offer. MLS offered compensation to both buyer's agents and subagents. Which is a TRUE statement - The ABC broker must be the agent of the buyer Barry, acting as a real estate agent, has the primary duty to - represent the interest of his client In Texas, express authority to act for a principal - all of the above There has been an increased emphasis in professionalism in the real estate industry. Professionalism is a term that generally indicates - high levels of education Betty Broker has a listing on Sylvia Seller's home. Without Sylvia's permission, Betty tells a prospective buyer at an open house that Sylvia is desperate to well within the next 30 days. By saying that Betty Broker is a/an - implied agent of the buyer Salesperson Sally has agreed to show her next door neighbor's house while the neighbor is in Europe, but would not consider charging her neighbor a fee. This would be an example of - gratuitous agency Jerry owns a large warehouse which he lists for sale with Cameron, a sales associate with Crystal City Realty. After several months, Cameron is unable to secure a buyer for the warehouse but does obtain a long-term lease offer that the owner accepts. The authority of the broker to obtain a tenant would be termed - agency by ratification Charlotte is showing the Fowlers a house listed by Freida and her total fiduciary obligations are to Freida's seller. Charlotte would be acting as a - sub agent to Freida's seller The real estate broker who allows his sales associates to list their own homes through the brokerage without charging the usual listing fee has created - gratuitous agency Which of the following would create the most liability for the real estate agent - Dual agent A third party is entitled to - accurate information In order for the law of agency to work, how many parties would be required - Three, the principal, the agent and the third party To become enforceable, a contract must be fully signed and delivered to - all principals or their agents Bobbie broker helps her best friend sell her house but of course charges no fees. What would be true regarding this "gratuitous" agency - Bobbie would still owe fiduciary duties to her friend Notice to an agent that is considered notice to the principal is called - constructive notice Bertram asks Sammy Salesman to help him buy a house but does not want to sign any documents. Which of the following statements would be true in this situation - Since Sammy is a licensed real estate agent he would have the fiduciary duties to Bertram implied in an