10/30/25, 6:01 AM Law of Agency Final Exam Review Questions and Answers Flashcards | Quizlet
Law of Agency Final Exam Review Questions and
Answers
Save
Terms in this set (120)
Most lawsuits involve A. Increasing
issues of who did or did
not represent whom. The The correct answer is A. A broker is more likely to be
number of lawsuits is: sued because he failed to make it clear to all parties
A. Increasing who he represented as a client.
B. Decreasing
C. Stabilizing over the last
several years
D. Broker lawsuits are not
allowed.
The broker working with a C. Subagent
buyer customer and
representing the seller For subagency to exist there must be two sponsoring
through the seller's brokers. One of the brokers has a seller client and the
broker is a: other broker must have a buyer customer.
A. Buyer
B. Seller
C. Subagent
D. Intermediary
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,10/30/25, 6:01 AM Law of Agency Final Exam Review Questions and Answers Flashcards | Quizlet
All parties to the B. Client
transaction must be
treated honestly and fairly, A fiduciary relationship is a relationship of trust. The
but a fiduciary relationship broker must always put the client's interest above the
is broker's interest.
owed to the:
A. Customer
B. Client
C. Everyone
D. No one
The TRELA does not D. All of the above
require disclosure if a
death occurred on a A murder on the property and an accidental death
property: resulting from an accident related to a condition of
A. By natural causes the property must be disclosed.
B. By suicide
C. In an accident
unrelated to the condition
of the property
D. All of the above
Something that affects the C. Physical stigma
property or the health of
the residents of the A psychological stigma does not affect the physical
property is called a(n): condition of the property, but it can affect the value
A. Psychological stigma of the property.
B. Exception
C. Physical stigma
D. None of the above
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,10/30/25, 6:01 AM Law of Agency Final Exam Review Questions and Answers Flashcards | Quizlet
Information about D. At the first substantive dialogue about a property
Brokerage Services must
be given to potential Information About Brokerage Services gives
buyers, sellers, tenants, information concerning the ways a broker can
and represent a person. It gives information about buyer's
landlords: agency, seller's agency, intermediary, and subagency.
A. At the time of first
meeting
B. After the listing is taken
C. At the closing
D. At the first substantive
dialogue about a property
How many companies are D. 2
required in a subagency
relationship? For subagency to exist there must be two sponsoring
A. 13 brokers (companies) and one of those brokers must
B. 9 have a buyer customer.
C. 4
D. 2
What advice would an C. Both A and B
agent give to a seller?
A. Advice about market The agent is representing the seller as a client and
conditions and financing owes advice and opinions to the seller.
options
B. Advice about preparing
the property for sale and
negotiating contracts
C. Both A and B
D. None of the above
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The listing broker may C. Seller
cooperate with the buyer's
broker or a subagent. The amount of the commission to be paid by the
Often the commission seller for the sale of the property is set in the listing
for all brokers in the agreement.
transaction is paid by the:
A. Subagent
B. Buyer
C. Seller
D. Attorney
The buyer's agent will view D. All of the above
the transaction from the
buyer's point of view and
will counsel the
buyer on:
A. Financing the property
B. Contingencies
C. Negotiating strategy
D. All of the above
If the seller disclosure C. Seven
notice is not delivered by
the effective date, the If the buyer does not have the seller's disclosure form
buyer has the right to before he signs a contract to buy, the seller must
cancel the contract within deliver the form to the buyer after the contract is
_________ days after receiving signed. The buyer has 7 days to cancel the contract
the notice. after he receives the disclosure form.
A. Ten
B. Six
C. Seven
D. Four
https://quizlet.com/1100916604/law-of-agency-final-exam-review-questions-and-answers-flash-cards/?new 4/36
Law of Agency Final Exam Review Questions and
Answers
Save
Terms in this set (120)
Most lawsuits involve A. Increasing
issues of who did or did
not represent whom. The The correct answer is A. A broker is more likely to be
number of lawsuits is: sued because he failed to make it clear to all parties
A. Increasing who he represented as a client.
B. Decreasing
C. Stabilizing over the last
several years
D. Broker lawsuits are not
allowed.
The broker working with a C. Subagent
buyer customer and
representing the seller For subagency to exist there must be two sponsoring
through the seller's brokers. One of the brokers has a seller client and the
broker is a: other broker must have a buyer customer.
A. Buyer
B. Seller
C. Subagent
D. Intermediary
https://quizlet.com/1100916604/law-of-agency-final-exam-review-questions-and-answers-flash-cards/?new 1/36
,10/30/25, 6:01 AM Law of Agency Final Exam Review Questions and Answers Flashcards | Quizlet
All parties to the B. Client
transaction must be
treated honestly and fairly, A fiduciary relationship is a relationship of trust. The
but a fiduciary relationship broker must always put the client's interest above the
is broker's interest.
owed to the:
A. Customer
B. Client
C. Everyone
D. No one
The TRELA does not D. All of the above
require disclosure if a
death occurred on a A murder on the property and an accidental death
property: resulting from an accident related to a condition of
A. By natural causes the property must be disclosed.
B. By suicide
C. In an accident
unrelated to the condition
of the property
D. All of the above
Something that affects the C. Physical stigma
property or the health of
the residents of the A psychological stigma does not affect the physical
property is called a(n): condition of the property, but it can affect the value
A. Psychological stigma of the property.
B. Exception
C. Physical stigma
D. None of the above
https://quizlet.com/1100916604/law-of-agency-final-exam-review-questions-and-answers-flash-cards/?new 2/36
,10/30/25, 6:01 AM Law of Agency Final Exam Review Questions and Answers Flashcards | Quizlet
Information about D. At the first substantive dialogue about a property
Brokerage Services must
be given to potential Information About Brokerage Services gives
buyers, sellers, tenants, information concerning the ways a broker can
and represent a person. It gives information about buyer's
landlords: agency, seller's agency, intermediary, and subagency.
A. At the time of first
meeting
B. After the listing is taken
C. At the closing
D. At the first substantive
dialogue about a property
How many companies are D. 2
required in a subagency
relationship? For subagency to exist there must be two sponsoring
A. 13 brokers (companies) and one of those brokers must
B. 9 have a buyer customer.
C. 4
D. 2
What advice would an C. Both A and B
agent give to a seller?
A. Advice about market The agent is representing the seller as a client and
conditions and financing owes advice and opinions to the seller.
options
B. Advice about preparing
the property for sale and
negotiating contracts
C. Both A and B
D. None of the above
https://quizlet.com/1100916604/law-of-agency-final-exam-review-questions-and-answers-flash-cards/?new 3/36
, 10/30/25, 6:01 AM Law of Agency Final Exam Review Questions and Answers Flashcards | Quizlet
The listing broker may C. Seller
cooperate with the buyer's
broker or a subagent. The amount of the commission to be paid by the
Often the commission seller for the sale of the property is set in the listing
for all brokers in the agreement.
transaction is paid by the:
A. Subagent
B. Buyer
C. Seller
D. Attorney
The buyer's agent will view D. All of the above
the transaction from the
buyer's point of view and
will counsel the
buyer on:
A. Financing the property
B. Contingencies
C. Negotiating strategy
D. All of the above
If the seller disclosure C. Seven
notice is not delivered by
the effective date, the If the buyer does not have the seller's disclosure form
buyer has the right to before he signs a contract to buy, the seller must
cancel the contract within deliver the form to the buyer after the contract is
_________ days after receiving signed. The buyer has 7 days to cancel the contract
the notice. after he receives the disclosure form.
A. Ten
B. Six
C. Seven
D. Four
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