Legal Update II - Champion's School of Real Estate Exam Questions And Answers Verified 100% Correct

Legal Update II - Champion's School of Real Estate Exam Questions And Answers Verified 100% Correct The article of fidelity from the Canons of Professional Ethics and Conduct requires that agents be ____ and meticulous in performing their functions. - ANSWER -scrupulous ______ means the soundness of moral principle and character, as shown by one person dealing with others in the making and performance of contracts, and fidelity and honesty in the discharge of trusts. - ANSWER -integrity Failing to advise a client on a crucial step in a transaction would be an example of: - ANSWER -ommission a license holder who is informed on local market issues and industry developments is said to demonstrate _____ - ANSWER -geographic competency Why must a license holder walk a property, view aerial photographs and maps, and understand the specific type of real estate being brokered? - ANSWER because license holders must have geographic competency and real estate is a thee dimensional service Where might a license holder retrieve such information as tax rates of the various taxing jurisdictions, current valuations and valuation changes over time and size of land improvements with details on the shape and structure of land? - ANSWER the county appraisal districts website broker nathan is representing the seller and the buyer in the same transaction with their permission as an - ANSWER -intermediary agent andre receives seven offers on his seller-client's property. What should he di? - ANSWER -present all offers to his client unless otherwise instructed what does trec require a license holder to prepare for his/her client when negotiating a listing or offer to purchase the property for his/her own account? - ANSWER -a cma and bpo comparative market analysis broker price opinion Alfonzo's seller asks if she can share the survey she paid for when she purchased her property with the buyer. Alfonzo should tell her: - ANSWER -check with the surveyor to get written permission to share the survey with others According to the 3 Canons of Professional Ethics and Conduct, failing to advise the client to seek the counsel of an attorney regarding operating in-home surveillance during an open house. - ANSWER -Integrity; Competency According to the 3 Canons of Professional Ethics and Conduct, having and sharing knowledge about the school districts in which the agent is showing homes. - ANSWER -Competency According to the 3 Canons of Professional Ethics and Conduct, treating all parties fairly in a real estate transaction - ANSWER -Fidelity According to the 3 Canons of Professional Ethics and Conduct, taking a course from the Texas A&M Real Estate Research Center about current real estate industry trends. - ANSWER -Competency According to the 3 Canons of Professional Ethics and Conduct, saying what you will do, doing it, and following up with your client when you say you will. - ANSWER -Integrity According to the 3 Canons of Professional Ethics and Conduct, manage the real estate transaction for your client by maintaining a checklist of the details of transaction including due dates and communications records. - ANSWER Competency; Fidelity Written consent for intermediary - ANSWER -usually contained in a written representation agreement Broker acting as intermediary - ANSWER -must remain neutral Intermediary with appointments - ANSWER -appointed associates may give advice and opinion to each party it is appointed to Intermediary without appointments - ANSWER -neither party may receive advice or opinion during intermediary May only practice intermediary without appointments - ANSWER -solo practitioner T or F: a listing agent may stop presenting offers to the seller if the seller has already accepted an offer - ANSWER -false T or F: it is the sole discretion of the seller to determine if the seller will disclose to the buyer the presence of multiple offers - ANSWER -true T or F: a seller may instruct the listing agent in writing to stop presenting offers - ANSWER -true T or F: love letters from the buyer to the seller may potentially sway a seller's decision as to which offer to accept in a multiple offer situation - ANSWER -true T or F: love letters may cause the seller to inadvertently violate the Fair Housing Act - ANSWER -true TREC's Seller Disclosure Notice (Form OP-H) is the - ANSWER -minimum information required to be disclosed by the sellers diffused surface water - ANSWER -rainwater that runs off a homeowner's roof or over the surface of their land without flowing into a stream or channel Texas has _______ watermasters that monitor stream flows, reservoir levels and water use - ANSWER -4 Which state agency regulates surface water in Texas? - ANSWER -The Texas Commission of Environmental Qualit