Agency-- Real Estate Questions and Answers 100% Pass

Agency-- Real Estate Questions and Answers 100% Pass A broker or salesperson owes customers Honesty, fairness, and disclosure of material facts about the property The initial disclosure of an agency relationship may be Oral or written An agency relationship would NOT be terminated by Marriage of the principal To act as an intermediary, a broker must have written consent from Each party being represented in the transaction In the case of multiple offers being received by the broker, the listing broker must Present all offers at the same time During a listing presentation to a seller, a sales agent is Acting as an agent to her broker and must act in the best interests of the broker during the negotiations of the listing agreement, but owes no agency duties to the seller at this time. In the case of a second offer being received by the listing broker while the seller is awaiting a response to a counteroffer he has made to another buyer, the listing broker should Present the second offer immediately but instruct the seller to be careful of accepting without first withdrawing the counteroffer to the first buyer An illegal boycott has occurred when two or more business entities conspire to Withhold their patronage to reduce competition What action of the broker is MOST likely to result in the creation of an agency relationship with the buyer? Negotiating on the buyer's behalf Actions that help reduce the risk associated with acting as a broker in a real estate transaction include all of the following EXCEPT 1. Recommending the use of other experts 2. Warranting the condition of the property 3. Using written disclosures whenever possible 4. Maintaining a written policies and procedures manual 2. Warranting the condition of the property A third party you work with but do not represent in a transaction would be referred to as a Customer Which statement by the listing broker to the buyer might lead a court to imply an agency relationship existed with the buyer? "Let's test the seller with a low offer and then go up if we have to" A broker is required by TRELA to offer certain minimum services to her seller-client. Minimum service does NOT include Telling other brokers to negotiate directly with the client When may a broker in Texas take a et listing? When a seller requires it and is familiar with market values A listing agreement does not authorize a listing broker to Execute a document in the name of the seller concerning the property A listing agent would be required to disclose to a potential buyer all of the following EXCEPT 1. Fire damage 2. Termite damage 3. Use of the premises for the manufacture of methamphetamines 4. The sellers are getting a divorce 4. The sellers