Champions Law of Agency Exam Questions AND Correct
Answers
1099-MISC - ✔✔Shows the sum of payments received from a
sales agent's broker during the tax year.
1101.353. Moral Character Determination - ✔✔(a) If before
applying for a license under this chapter a person requests
that the commission determine whether the person's moral
character complies with the commission's moral character
requirements for licensing under this chapter and pays the fee
prescribed by Section 1101.152, the commission shall make its
determination of the person's moral character.
(b) Not later than the 30th day after the date the commission
makes its determination, the commission shall notify the
person of the determination.
(c) If a person applies for a license after receiving notice of a
determination, the commission may conduct a supplemental
moral character determination of the person. e supplemental
determination may cover only the period after the date the
person requests a moral character determination under this
section.
(d) The commission may issue a provisional moral character
determination. The commission by rule shall adopt reasonable
terms for issuing a provisional moral character determination.
,3 Levels of Minimum Service - ✔✔1. Inform the party of any
material information related to the transaction, including the
receipt of the offer.
2. Answer the parties' questions and present any offer to or
from the party.
3. Refrain from telling another broker to negotiate directly
with the other broker's client.
3 Ways Sales Agents Add Value to the Buying Process - ✔✔1.
Counseling. Assist the buyers in acquiring and interpreting
information about the property and its condition.
2. Negotiating. Help the buyers arrive at a realistic offer for
the property and assist them in planning a negotiating
strategy. Advise them about financing options.
3. Managing the transaction. Guide the buyers through the
intricate paperwork of a real estate transaction and help
ensure the closing stays on schedule.
4 Statutory Agency Relationships Allowed By TRELA - ✔✔•
Seller Agency
• Buyer Agency
• Subagency
,• Intermediary
A License Holder is Not Required to Provide an IABS If: -
✔✔(1) the proposed transaction is for a residential lease for
not more than one year and a sale is not being considered;
(2) the license holder meets with a party who the license
holder knows is represented by another license holder; or
(3) the communication occurs at a property that is held open
for any prospective buyer or tenant and the communication
concerns that property.
Accounting - ✔✔If any funds are held for a client or a
customer, these funds are said to be held in trust and must be
placed in a separate account set up for this purpose.
Accredited Buyer Representative (ABR®) - ✔✔This designation
takes the fundamentals of agency law and looks deeper. The
duties we know as OLDCAR apply in all states, and
understanding these duties on the highest level establishes
the agent's creditability and competitive standing in the
marketplace. The designation course material recommends
that an agent conduct a counseling session prior to engaging
in the process of assisting a buyer in finding a home. This
counseling process speaks to the importance of getting the
, buyer pre-approved, which is in the interest of all parties to a
transaction. The buyer- counseling session gives the agent the
opportunity to discuss the importance of representation, the
difference between a client and a customer, an opportunity to
explain the duties of OLDCAR, and much more. An agent's
commitment to mastering the ability to conduct such a
counseling session proves highly effective in fulfilling all
agency disclosures from a compliance perspective, and it
positions the agent to establish great creditability as buyer
representative specialist.
Activities a Broker Authorizes an Agent to Carry Out - ✔✔•
Securing listings from sellers and landlords
• Securing buyer representation agreements from buyers and
tenants
• Marketing listed properties
• Showing properties to prospective buyers
• Preparing offers
• Negotiating offers
The broker authorizes the license holders to carry out all of
the above activities, and more.
Answers
1099-MISC - ✔✔Shows the sum of payments received from a
sales agent's broker during the tax year.
1101.353. Moral Character Determination - ✔✔(a) If before
applying for a license under this chapter a person requests
that the commission determine whether the person's moral
character complies with the commission's moral character
requirements for licensing under this chapter and pays the fee
prescribed by Section 1101.152, the commission shall make its
determination of the person's moral character.
(b) Not later than the 30th day after the date the commission
makes its determination, the commission shall notify the
person of the determination.
(c) If a person applies for a license after receiving notice of a
determination, the commission may conduct a supplemental
moral character determination of the person. e supplemental
determination may cover only the period after the date the
person requests a moral character determination under this
section.
(d) The commission may issue a provisional moral character
determination. The commission by rule shall adopt reasonable
terms for issuing a provisional moral character determination.
,3 Levels of Minimum Service - ✔✔1. Inform the party of any
material information related to the transaction, including the
receipt of the offer.
2. Answer the parties' questions and present any offer to or
from the party.
3. Refrain from telling another broker to negotiate directly
with the other broker's client.
3 Ways Sales Agents Add Value to the Buying Process - ✔✔1.
Counseling. Assist the buyers in acquiring and interpreting
information about the property and its condition.
2. Negotiating. Help the buyers arrive at a realistic offer for
the property and assist them in planning a negotiating
strategy. Advise them about financing options.
3. Managing the transaction. Guide the buyers through the
intricate paperwork of a real estate transaction and help
ensure the closing stays on schedule.
4 Statutory Agency Relationships Allowed By TRELA - ✔✔•
Seller Agency
• Buyer Agency
• Subagency
,• Intermediary
A License Holder is Not Required to Provide an IABS If: -
✔✔(1) the proposed transaction is for a residential lease for
not more than one year and a sale is not being considered;
(2) the license holder meets with a party who the license
holder knows is represented by another license holder; or
(3) the communication occurs at a property that is held open
for any prospective buyer or tenant and the communication
concerns that property.
Accounting - ✔✔If any funds are held for a client or a
customer, these funds are said to be held in trust and must be
placed in a separate account set up for this purpose.
Accredited Buyer Representative (ABR®) - ✔✔This designation
takes the fundamentals of agency law and looks deeper. The
duties we know as OLDCAR apply in all states, and
understanding these duties on the highest level establishes
the agent's creditability and competitive standing in the
marketplace. The designation course material recommends
that an agent conduct a counseling session prior to engaging
in the process of assisting a buyer in finding a home. This
counseling process speaks to the importance of getting the
, buyer pre-approved, which is in the interest of all parties to a
transaction. The buyer- counseling session gives the agent the
opportunity to discuss the importance of representation, the
difference between a client and a customer, an opportunity to
explain the duties of OLDCAR, and much more. An agent's
commitment to mastering the ability to conduct such a
counseling session proves highly effective in fulfilling all
agency disclosures from a compliance perspective, and it
positions the agent to establish great creditability as buyer
representative specialist.
Activities a Broker Authorizes an Agent to Carry Out - ✔✔•
Securing listings from sellers and landlords
• Securing buyer representation agreements from buyers and
tenants
• Marketing listed properties
• Showing properties to prospective buyers
• Preparing offers
• Negotiating offers
The broker authorizes the license holders to carry out all of
the above activities, and more.
