AYPO Real Estate Law of Agency Final Exam
Review Questions and Answers
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Terms in this set (118)
Real estate agents are A fiduciary relationship
considered to have which
kind relationship with
clients?
Acting as which of the Acting as a broker without possessing a valid license
following is a violation of issued by the Texas Real Estate Commission
The Real Estate License
Act?
1. Agents who are well versed in the aspects of the
agency roles can project an aura of confidence that
Which of the following is a
can calm a nervous client
reason to study the
2. Agents who follow the law are less prone to being
aspects of agency and
held liable for harm suffered by clients or customers
agency law?
3. Agents who follow the law have a better reputation
with the public
A licensee who is 1. The seller's agent
representing a buyer is 2. The seller
required to treat which of 3. The buyer
the following in an honest
and fair manner?
Brokers have which of the Privity of contract
following with a client?
,True or False: Apparent FALSE
authority is expressly
detailed in the contract
that establishes the
agency relationship.
A principal becomes a universal agent.
disabled and gives
authority to an agent to
act on behalf of the
principal in nearly all
circumstances. This type of
agent is...
Which one of the Punctuality
following is not one of the
commonly recognized
fiduciary duties?
According to Section 1. Another licensee who represents another party to
1101.558 of TRELA, which the transaction
of the following parties 2. Another party to the transaction
must be provided with a
disclosure when the first
instance of contact
occurs?
What is the term for a duty Non-fiduciary duty
owed by an agent to
someone who is not the
principal party?
The duty of a seller's agent seller / buyer
to be loyal to the _______
trumps the duty to be
forthright with the_______.
, What is the term for a Third party
person or organization
that a person interacts
with while acting as an
agent for a principal
party?
information about a person which is not public
What is private
knowledge but which will most likely not result in
information?
identity theft if it is revealed
What is the name of the The Seller's Disclosure of Property Condition
form created by TREC to
help sellers meet the
requirements of Section
5.008 of the Property
Code?
Who has the right to The seller
choose whether to
disclose non-material
stigmas related to a
property being sold?
1. Exclusive Right-to-Sell
Which of the following is a
2. Open
type of listing agreement?
3. Net
What is the term for a In-house sale
transaction in which
licensees from the same
brokerage represent both
the buyer and seller?
A seller who has 1.experience.
established a listing 2.knowledge.
contract with a broker 3.access to resources possessed by the brokerage.
benefits from the
broker's...
Review Questions and Answers
Save
Terms in this set (118)
Real estate agents are A fiduciary relationship
considered to have which
kind relationship with
clients?
Acting as which of the Acting as a broker without possessing a valid license
following is a violation of issued by the Texas Real Estate Commission
The Real Estate License
Act?
1. Agents who are well versed in the aspects of the
agency roles can project an aura of confidence that
Which of the following is a
can calm a nervous client
reason to study the
2. Agents who follow the law are less prone to being
aspects of agency and
held liable for harm suffered by clients or customers
agency law?
3. Agents who follow the law have a better reputation
with the public
A licensee who is 1. The seller's agent
representing a buyer is 2. The seller
required to treat which of 3. The buyer
the following in an honest
and fair manner?
Brokers have which of the Privity of contract
following with a client?
,True or False: Apparent FALSE
authority is expressly
detailed in the contract
that establishes the
agency relationship.
A principal becomes a universal agent.
disabled and gives
authority to an agent to
act on behalf of the
principal in nearly all
circumstances. This type of
agent is...
Which one of the Punctuality
following is not one of the
commonly recognized
fiduciary duties?
According to Section 1. Another licensee who represents another party to
1101.558 of TRELA, which the transaction
of the following parties 2. Another party to the transaction
must be provided with a
disclosure when the first
instance of contact
occurs?
What is the term for a duty Non-fiduciary duty
owed by an agent to
someone who is not the
principal party?
The duty of a seller's agent seller / buyer
to be loyal to the _______
trumps the duty to be
forthright with the_______.
, What is the term for a Third party
person or organization
that a person interacts
with while acting as an
agent for a principal
party?
information about a person which is not public
What is private
knowledge but which will most likely not result in
information?
identity theft if it is revealed
What is the name of the The Seller's Disclosure of Property Condition
form created by TREC to
help sellers meet the
requirements of Section
5.008 of the Property
Code?
Who has the right to The seller
choose whether to
disclose non-material
stigmas related to a
property being sold?
1. Exclusive Right-to-Sell
Which of the following is a
2. Open
type of listing agreement?
3. Net
What is the term for a In-house sale
transaction in which
licensees from the same
brokerage represent both
the buyer and seller?
A seller who has 1.experience.
established a listing 2.knowledge.
contract with a broker 3.access to resources possessed by the brokerage.
benefits from the
broker's...
