champions school of real estate law of agency chapter quiz Questions and Correct Answers 2024

champions school of real estate law of agency chapter quiz Questions and Correct Answers 2024 An agency relationship exists when one person, the ______________ acts for, or on the behalf of another person, the _____________________. - Answer -Agent, principal Which of the following is ground for suspension or revocation of license by TREC? - Answer -Splitting commission with a person other than a license holder The commission can deny licensure to an applicant based on the applicants? - Answer -Moral character What form must an agent provide to a potential client at the first substantive discussion of a real estate transaction? - Answer -IABS In real estate, an example of a general agent would be a? - Answer -Property Manager When an agent and potential party enter into a _____________discussion of a real estate transaction, the party must be provided with a TREC- proscribed agency information form. First contact/orally or written? - Answer -substantive TREC rules define _______________as any form of communication on behalf of a license holder designed to attract the public to use real estate brokerage services. - Answer -Advertisement If any person violates the provisions of the Texas Business and Commerce Code, Fraud in Real Estate and Stock Transactions, he or she is liable to the person defrauded for: - Answer -Attorney's fees, Expert witness fees and Court cost According to TREC's advertising rules, which of the following terms may NOT be used in a real estate team name? - Answer -Company The _______is usually a fixed percentage of the sales price negotiated between the brokerage and the client, payable to the broker? - Answer -Broker's fee Exclusive agency agreements - Answer -Grant the broker a commission even if the seller sells the property himself. The shared information from the MLS can be used by agents to prepare a? - Answer -Comparative Market Analysis The agreement that buyers sign, allowing a broker to represent them is called a? - Answer -Buyer/Tenant Representation AgreementWhich of the following statements should a license holder only say AFTER a Buyer's Representa