Champions School Of Real Estate Law Of Agency Chapter Questions
And Verified Detailed Answers
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 must an agent supply a potential client at the first substantive discussion of a real
estate transaction? - Answer IABS
In real estate what would be an example of a general agent? - 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
Under TREC's advertising rules, which of the following words 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 contract that buyers sign, permitting a broker to represent them is known as a? -
Answer Buyer/Tenant Representation Agreement
Which of the following statements should a license holder only say AFTER a Buyer's
Representation Agreement has been signed? - Answer My professional option is that the
market value of this property is $350,000.
I will write up the offer of 347,000 for you at my office.
It is my professional opinion that this house is overpriced for the neighborhood.
Who, by a continuous series of uninterrupted acts or actions, causes a contract to be
consummated is also referred to as? - Answer The procuring cause of sale
Why is timing important when taking a listing? - Answer There are time constraints as
specific to oral representation
Broker Susan is representing the seller and Broker Daniel is working with a buyer
customer. Susan is representing the seller. Who is Daniel representing? - Answer The
Buyer only
In Texas, there is no_________agency relationship with any party to a transaction. -
And Verified Detailed Answers
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 must an agent supply a potential client at the first substantive discussion of a real
estate transaction? - Answer IABS
In real estate what would be an example of a general agent? - 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
Under TREC's advertising rules, which of the following words 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 contract that buyers sign, permitting a broker to represent them is known as a? -
Answer Buyer/Tenant Representation Agreement
Which of the following statements should a license holder only say AFTER a Buyer's
Representation Agreement has been signed? - Answer My professional option is that the
market value of this property is $350,000.
I will write up the offer of 347,000 for you at my office.
It is my professional opinion that this house is overpriced for the neighborhood.
Who, by a continuous series of uninterrupted acts or actions, causes a contract to be
consummated is also referred to as? - Answer The procuring cause of sale
Why is timing important when taking a listing? - Answer There are time constraints as
specific to oral representation
Broker Susan is representing the seller and Broker Daniel is working with a buyer
customer. Susan is representing the seller. Who is Daniel representing? - Answer The
Buyer only
In Texas, there is no_________agency relationship with any party to a transaction. -
