Law of Agency Practice Exam Questions
With Correct Answers
A buyer's agent may not tell the buyer any information told to the agent by the
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owner: - CORRECT ANSWER✔✔-False
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If a salesperson is an employee, the broker/employer must withhold income tax
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and Social Security from the salesperson compensation - CORRECT ANSWER✔✔-
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True
The broker may give the seller advice and opinions about the price of the
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property and may do a CMA for the seller. The final decision concerning the
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listing price is made by the: - CORRECT ANSWER✔✔-seller
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Communities for the elderly are exempt from familial status if: - CORRECT
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ANSWER✔✔-The units are occupied by persons 62 or older | | | | | | | |
80% of the units are occupied by at least one person 55 or older
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In buyer agency, the broker represents the buyer as a - CORRECT ANSWER✔✔-
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client
The maxim amount an unlicensed person can receive for a referral is: - CORRECT
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ANSWER✔✔-$50
, The Americans with Disabilities Act was passed in 1992 and primarily pertains to:
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- CORRECT ANSWER✔✔-commercial property
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For an intermediary transaction to occur there must be ______________
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companies involved. - CORRECT ANSWER✔✔-one | | | |
The Texas Real Estate License Act states:
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a. A broker must act as an intermediary if the broker agrees to represent in a
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transaction both the buyer and seller | | | | |
b. A broker may act as a dual agent if he does not make appointments
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c. A broker may appoint two intermediaries in the same transaction
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d. A broker may act as subagent and an intermediary in the same transaction -
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CORRECT ANSWER✔✔-a |
An example of loyalty is: - CORRECT ANSWER✔✔-Helping a buyer client negotiate
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a lower price for the property
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According to the Information About Brokerage Services, a broker may act as a
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buyer's agent, a seller's agent, a subagent, or an intermediary. - CORRECT
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ANSWER✔✔-true
The broker will not receive a commission if the seller sells the property. This is an
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example of: - CORRECT ANSWER✔✔-exclusive agency
| | | | |
With Correct Answers
A buyer's agent may not tell the buyer any information told to the agent by the
| | | | | | | | | | | | | | | |
owner: - CORRECT ANSWER✔✔-False
| | |
If a salesperson is an employee, the broker/employer must withhold income tax
| | | | | | | | | | | |
and Social Security from the salesperson compensation - CORRECT ANSWER✔✔-
| | | | | | | | |
True
The broker may give the seller advice and opinions about the price of the
| | | | | | | | | | | | | |
property and may do a CMA for the seller. The final decision concerning the
| | | | | | | | | | | | | |
listing price is made by the: - CORRECT ANSWER✔✔-seller
| | | | | | | |
Communities for the elderly are exempt from familial status if: - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-The units are occupied by persons 62 or older | | | | | | | |
80% of the units are occupied by at least one person 55 or older
| | | | | | | | | | | | |
In buyer agency, the broker represents the buyer as a - CORRECT ANSWER✔✔-
| | | | | | | | | | | |
client
The maxim amount an unlicensed person can receive for a referral is: - CORRECT
| | | | | | | | | | | | | |
ANSWER✔✔-$50
, The Americans with Disabilities Act was passed in 1992 and primarily pertains to:
| | | | | | | | | | | |
- CORRECT ANSWER✔✔-commercial property
| | | |
For an intermediary transaction to occur there must be ______________
| | | | | | | | | |
companies involved. - CORRECT ANSWER✔✔-one | | | |
The Texas Real Estate License Act states:
| | | | | |
a. A broker must act as an intermediary if the broker agrees to represent in a
| | | | | | | | | | | | | | | |
transaction both the buyer and seller | | | | |
b. A broker may act as a dual agent if he does not make appointments
| | | | | | | | | | | | | |
c. A broker may appoint two intermediaries in the same transaction
| | | | | | | | | |
d. A broker may act as subagent and an intermediary in the same transaction -
| | | | | | | | | | | | | | |
CORRECT ANSWER✔✔-a |
An example of loyalty is: - CORRECT ANSWER✔✔-Helping a buyer client negotiate
| | | | | | | | | | |
a lower price for the property
| | | | | |
According to the Information About Brokerage Services, a broker may act as a
| | | | | | | | | | | | |
buyer's agent, a seller's agent, a subagent, or an intermediary. - CORRECT
| | | | | | | | | | | |
ANSWER✔✔-true
The broker will not receive a commission if the seller sells the property. This is an
| | | | | | | | | | | | | | | |
example of: - CORRECT ANSWER✔✔-exclusive agency
| | | | |
