LAW OF AGENCY CHAMPIONS SCHOOL
OF REAL ESTATE 2025 – 2026 NEWEST
EXAM QUESTIONS AND CORRECT
ANSWERS | 100% CORRECT ANSWERS
The commission can deny licensure to an applicant based
on the applicant's _______________________ Correct
Answer moral character
Ostensible Agency Correct Answer exists when actions
lead another person to assume that one is an agent.
Agency by Ratification Correct Answer Occurs when an
agent acts without prior authorization, and the principal,
upon learning of this action, accepts it.
agency coupled with an interest Correct Answer When a
broker is the owner of a property that is being sold, or
when a broker is interested in buying a property, we have
agency coupled with an interest
Agency Authority Correct Answer or rights, may also be a
result of "the norm", or what is considered customary in
the business
Implied Authority Correct Answer an agent's authority to
do things not specifically authorized in order to carry out
express authority
, Fiduciaries Correct Answer are held to the highest amount
of good faith, are required to exclude all selfish interest,
are prohibited from putting themselves in positions where
personal interest and representative interest will conflict
and must, in any direct dealing with the principal, make full
disclosure of all relevant facts and give the latter an
opportunity to obtain independent advice
General Agent Correct Answer has less authority than the
universal agent. Has the right to represent his or her
principal in a particular type of transaction or business.
One common example of a general agent in real estate is
the property manager.
As agents, our fiduciary duties and responsibilities include
Correct Answer OLD CAR
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable care
Obedience Correct Answer an agent is obligated to follow
all o the lawful instructions of a client
The commission may suspend or revoke a license or take
other disciplinary action if the license holder, while acting
as a broker or sale agent... Correct Answer commingles
OF REAL ESTATE 2025 – 2026 NEWEST
EXAM QUESTIONS AND CORRECT
ANSWERS | 100% CORRECT ANSWERS
The commission can deny licensure to an applicant based
on the applicant's _______________________ Correct
Answer moral character
Ostensible Agency Correct Answer exists when actions
lead another person to assume that one is an agent.
Agency by Ratification Correct Answer Occurs when an
agent acts without prior authorization, and the principal,
upon learning of this action, accepts it.
agency coupled with an interest Correct Answer When a
broker is the owner of a property that is being sold, or
when a broker is interested in buying a property, we have
agency coupled with an interest
Agency Authority Correct Answer or rights, may also be a
result of "the norm", or what is considered customary in
the business
Implied Authority Correct Answer an agent's authority to
do things not specifically authorized in order to carry out
express authority
, Fiduciaries Correct Answer are held to the highest amount
of good faith, are required to exclude all selfish interest,
are prohibited from putting themselves in positions where
personal interest and representative interest will conflict
and must, in any direct dealing with the principal, make full
disclosure of all relevant facts and give the latter an
opportunity to obtain independent advice
General Agent Correct Answer has less authority than the
universal agent. Has the right to represent his or her
principal in a particular type of transaction or business.
One common example of a general agent in real estate is
the property manager.
As agents, our fiduciary duties and responsibilities include
Correct Answer OLD CAR
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Reasonable care
Obedience Correct Answer an agent is obligated to follow
all o the lawful instructions of a client
The commission may suspend or revoke a license or take
other disciplinary action if the license holder, while acting
as a broker or sale agent... Correct Answer commingles
