Law of Agency – Champions Exam Questions and Answers (Graded A)

Which of the following has the authority to suspend or revoke a Texas real estate license? - answer-TREC Which of the following is an element of a listing agreement? - answer-the agreement to pay a stated commission, usually a percentage of the sales price the IRS considers which of the following a violation of independent contractor status? - answer-salesperson is told to work set hours, guaranteed a monthly minimum wage, has his licensing fees paid by the broker the TAR buyer representation agreement in or text book: - answer-authorizes intermediary, authorizes the buyer to give the agent complete loyalty, establishes an exclusive market area The amendments in 1996 to the License Act state that an agent is not liable for a misrepresentation or concealment of material fact by a party if: - answer-The licensee did not know of the falsity of the misrepresentation One who hires an agent to represent him is called a: - answer-principal It is always a good idea to have: - answer-The seller fill out the Seller's Disclosure Notice A real estate brokerage firm that practices buyer agency only has a lot of intermediary transactions. - answer-false