CHAMPIONS SCHOOL OF REAL ESTATE PRINCIPLE OF REAL ESTATE 1 ACTUAL EXAMS COMPLETE REAL QUESTIONS AND CORRECT ANSWERS (CORRECT VERIFIED SOLUTIONS) NEWEST UPDATED VERSION GUARANTEED PASS.

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Champions Real Estate Exam: Law of Agency UPDATED
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2024 Exam Questions and CORRECT Answers
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This person hires an agent - CORRECT ANSWER
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>>>>The Principal p




The agent works on behalf of this person -
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CORRECT ANSWER >>>>the client (principal)
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This type of agency allows for the greatest range of
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authority - CORRECT ANSWER >>>>Universal
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This is provided to the agent when there is written
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documentation that the agency relationship exists p p p p p




. - CORRECT ANSWER
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>>>>Express authority p

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This is the most limited of all the agency relationships
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- CORRECT ANSWER >>>>Special agency
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This type of agency is created when a 3rd party belie
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ves that an agent has authority that has NOT been gr
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anted by a principal - CORRECT ANSWER
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>>>>Agency by Estoppel p p




This type of agency is created when actions lead an
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other person to assume that one is an agent (Exam
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ple-
you have a key to neighbors home and show the pr
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operty) - CORRECT ANSWER p p p




>>>>Ostensible Agency p




If a buyer hasn't signed a buyer's rep agreement, th
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en who is representing the buyer? -
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CORRECT ANSWER >>>>No one
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This establishes a relationship with a broker -
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CORRECT ANSWER >>>>The Buyer/Tenant Represen
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tation agreement p

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This can be written or oral - CORRECT ANSWER
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>>>>Disclosure of Representation p p




These are required to place their own selfish interests
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behind that of their clients. - p p p p p




CORRECT ANSWER >>>>Fiduciaries
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A licensee isn't required to provide the IABS when..
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CORRECT ANSWER >>>>the licensee meets with a
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party that is already represented
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A broker is obligated to treat who honestly? -
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CORRECT ANSWER >>>>client, customer, and
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agents

Broker must have written consent to act as... -
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CORRECT ANSWER >>>>an intermediary
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IABS form is the property of... -
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CORRECT ANSWER >>>>TREC
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Broker Bob is the broker/owner of ABC Realty. Agent
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Bill at ABC Realty is a listing agent. Agent
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Sue, also at ABC Realty, is working with a buyer who
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is being represented by the firm. Agent Sue's buyer
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wants to purchase Agent Bill's listing
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In the above transaction, Broker Bob will: -
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CORRECT ANSWER >>>>Remain neutral and refrai
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n from providing advice and opinion to either party
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The IABS should contain - CORRECT ANSWER
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>>>>How the broker will be compensated p p p p p




Broker Steve, having no agents, is a solo practition
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er. He has a client buyer that wants to purchase one
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of his listings. The process that Broker Steve must u
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se is: - CORRECT ANSWER
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>>>>Intermediary without appointments p p




A fiduciary relationship is based on -
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CORRECT ANSWER >>>>trust
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Agent Joe at ABC Realty has a listing. Agent Sean at
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City Realty has a buyer who wishes to
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