Texas Pre-License - Law of Agency Unit Exam With Complete Solutions 2024.

John is an unlicensed real estate assistant. His boss, Broker Ben, is out of town. John holds an open house on Ben's behalf. Evaluate John's actions. - Answer It is a violation of TREC's rules for an unlicensed assistant to hold an open house What, if known, could cause a buyer or seller of real estate to take a different course of action or make a different decision regarding the property purchase? - Answer Material Facts Which of the following is NOT true about brokerage office policy manual for agents? - Answer They should be optional reading for members of a brokerage Which of the following services could be provided for a buyer, whether a client or a customer? - Answer Disclose material defects about the property Broker Nick no longer represents client Josephine. What is Nick allowed to disclose about Josephine's house, now that he no longer represents her? - Answer That Josephine's house is located in the Brooks Oaks Neighborhood and is 10 years old Agent Susan is representing a buyer who lives out of the country. The buyer finds the perfect property, but can't make it to the closing. The buyer authorizes Susan to sign all of the necessary documents on her behalf. What type of agency is this a representation of? - Answer Universal Agency What is the primary mission of TREC? - Answer To assist and protect consumers of real estate services An agent has violated TRELA. Who disciplines them? - Answer TREC Broker Luke agreed to take an Exclusive Agency Agreement with a seller. Two weeks weeks after Broker Luke entered the property into the MLS and started advertising, the seller sold the property. What is TRUE? - Answer The seller maintained the right to sell and does not need to pay the broker a commission