LAW OF AGENCY CHAMPIONS EXAM |
ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS |
ALREADY GRADED A+ | 2026/2027
EDITION | 100% GUARANTEED PASS |
STUDY GUIDE.
all licensees are relators:
false
The listing agreement should contain:
the legal description of the property
A licensee has a listing with a seller and has a buyer's representation agreement
signed with a buyer who desires to purchase this agent's listing. How is the agent
operating?
As a non-appointed associate in an intermediary relationship
Your company sends out a memo that there is a mandatory sales meeting this week
for the sales agents.
The IRS rule on independent contractor status could be violated.
,Only a broker may earn a commission and only a broker may sue to collect a
commission.
true
Confidential information between client and agent is:
Kept confidential forever
Which of the following requirements must be satisfied if a broker seeks to enforce
payment of a commission?
The broker must have a valid real estate license,
The broker must have a signed employment agreement with a promise by the
client to pay a commission,
The broker must be the procuring cause of sale
A broker is obligated to treat which of the following fairly?
customers
sellers
clients
A licensee not associated with the client's broker but who is representing the client
through a cooperative agreement with the client's broker is known as a:
subagent
, Indemnification
The principal will protect the agent from suffering a loss due to the agent's reliance
on information received from the principal
Duties of Principal to Agent
CRIP: Compensation, Reimbursement, Indemnification (protect the agent from
suffering a loss due to the
agent's reliance in information received from the principal), Performance
Express Authority
the authority of an agent, stated in the document or agreement creating the agency
Implied Authority
Authority that is created not by an explicit oral or written agreement but by
implication. In agency law, implied authority (of the agent) can be conferred by
custom, inferred from the position the agent occupies, or implied by virtue of being
reasonably necessary to carry out express authority.
Fiduciary
Are held to the highest amount of good faith. Are required to exclude all selfish
interest.
ACTUAL EXAM QUESTIONS AND
CORRECT DETAILED ANSWERS |
ALREADY GRADED A+ | 2026/2027
EDITION | 100% GUARANTEED PASS |
STUDY GUIDE.
all licensees are relators:
false
The listing agreement should contain:
the legal description of the property
A licensee has a listing with a seller and has a buyer's representation agreement
signed with a buyer who desires to purchase this agent's listing. How is the agent
operating?
As a non-appointed associate in an intermediary relationship
Your company sends out a memo that there is a mandatory sales meeting this week
for the sales agents.
The IRS rule on independent contractor status could be violated.
,Only a broker may earn a commission and only a broker may sue to collect a
commission.
true
Confidential information between client and agent is:
Kept confidential forever
Which of the following requirements must be satisfied if a broker seeks to enforce
payment of a commission?
The broker must have a valid real estate license,
The broker must have a signed employment agreement with a promise by the
client to pay a commission,
The broker must be the procuring cause of sale
A broker is obligated to treat which of the following fairly?
customers
sellers
clients
A licensee not associated with the client's broker but who is representing the client
through a cooperative agreement with the client's broker is known as a:
subagent
, Indemnification
The principal will protect the agent from suffering a loss due to the agent's reliance
on information received from the principal
Duties of Principal to Agent
CRIP: Compensation, Reimbursement, Indemnification (protect the agent from
suffering a loss due to the
agent's reliance in information received from the principal), Performance
Express Authority
the authority of an agent, stated in the document or agreement creating the agency
Implied Authority
Authority that is created not by an explicit oral or written agreement but by
implication. In agency law, implied authority (of the agent) can be conferred by
custom, inferred from the position the agent occupies, or implied by virtue of being
reasonably necessary to carry out express authority.
Fiduciary
Are held to the highest amount of good faith. Are required to exclude all selfish
interest.
