Summary Champions Real Estate Exam: Law of Agency Exam review guide_2022/2023.

Champions Real Estate Exam: Law of Agency Exam review guide_2022/2023. This person hires an agent The agent works on behalf of this person - This type of agency allows for the greatest range of authority - This is provided to the agent when there is written documentation that the agency relationship exists. - This is the most limited of all the agency relationships - This type of agency is created when a 3rd party believes that an agent has authority that has NOT been granted by a principal - This type of agency is created when actions lead another person to assume that one is an agent (Example- you have a key to neighbors home and show the property) - If a buyer hasn't signed a buyer's rep agreement, then who is representing the buyer? - This establishes a relationship with a broker - This can be written or oral - These are required to place their own selfish interests behind that of their clients. - A licensee isn't required to provide the IABS when... - A broker is obligated to treat who honestly? - Broker must have written consent to act as... - IABS form is the property of... - Broker Bob is the broker/owner of ABC Realty. Agent Bill at ABC Realty is a listing agent. Agent Sue, also at ABC Realty, is working with a buyer who is being represented by the firm. Agent Sue's buyer wants to purchase Agent Bill's listing In the above transaction, Broker Bob will: - The IABS should contain - Broker Steve, having no agents, is a solo practitioner. He has a client buyer that wants A fiduciary relationship is based on - Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to purchase Joe's listing. The buyer that Agent Sean is working with has chosen to not enter into an agency relationship with City Realty. In the above transaction, who is representing the buyer? - Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to purchase Joe's listing. The buyer that Agent Sean is working with has chosen to not enter into an agency relationship with City Realty. In the above transaction, who is City Realty representing? - Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to purchase Joe's listing. The buyer that Agent Sean is working with has chosen to not enter into an agency relationship with City Realty. What type of transaction is this? - An exemption to using the Information About Brokerage Services form is: - 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: - This must be in at least 10 point type, must have the exact language prescribed in the License Act and must be provided to a buyer or seller at the first substantive discussion of a real estate transaction - Jeffrey wants to see property that your company has listed; he does not want to be represented. The agent must: - A licensee must present the Information About Brokerage Services form: - 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? - TREC was established in: - Which of the following is the real estate licensing authority in Texas? - A termination date in a listing agreement must be: - Which of the following is NOT an agent's duty to a client? - The duty of ___________ means that an agent must follow all of the lawful instructions of the client. - Jerome is a licensed agent who desires to sell his mother's home. Jerome has the property listed with his brokerage firm and finds a buyer himself to buy mom's home. Jerome should: -. If an agent sells their own property, acting as a principal, the agent must: - Confidential information between client and agent should be: - In most states other than Texas, the most common method of dealing with in-house transactions between client buyers and sellers is: - When handling escrow funds for clients, the License Act requires that funds be deposited in a