Real Estate Exam Law of Agency Questions
With Correct Answers
This person hires an agent - CORRECT ANSWER✔✔-The Principal
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The agent works on behalf of this person - CORRECT ANSWER✔✔-the client
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(principal)
This type of agency allows for the greatest range of authority - CORRECT
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ANSWER✔✔-Universal
This is provided to the agent when there is written documentation that the
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agency relationship exists. - CORRECT ANSWER✔✔-Express authority
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This is the most limited of all the agency relationships - CORRECT ANSWER✔✔-
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Special agency
|
This type of agency is created when a 3rd party believes that an agent has
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authority that has NOT been granted by a principal - CORRECT ANSWER✔✔-
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Agency by Estoppel
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This type of agency is created when actions lead another person to assume that
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one is an agent (Example- you have a key to neighbors home and show the
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property) - CORRECT ANSWER✔✔-Ostensible Agency
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, If a buyer hasn't signed a buyer's rep agreement, then who is representing the
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buyer? - CORRECT ANSWER✔✔-No one
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This establishes a relationship with a broker - CORRECT ANSWER✔✔-The
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Buyer/Tenant Representation agreement
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This can be written or oral - CORRECT ANSWER✔✔-Disclosure of Representation
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These are required to place their own selfish interests behind that of their clients.
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- CORRECT ANSWER✔✔-Fiduciaries
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A licensee isn't required to provide the IABS when... - CORRECT ANSWER✔✔-the
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licensee meets with a party that is already represented
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A broker is obligated to treat who honestly? - CORRECT ANSWER✔✔-client,
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customer, and agents | |
Broker must have written consent to act as... - CORRECT ANSWER✔✔-an
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intermediary
IABS form is the property of... - CORRECT ANSWER✔✔-TREC
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Broker Bob is the broker/owner of ABC Realty. Agent Bill at ABC Realty is a listing
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agent. Agent Sue, also at ABC Realty, is working with a buyer who is being
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represented by the firm. Agent Sue's buyer wants to purchase Agent Bill's listing
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With Correct Answers
This person hires an agent - CORRECT ANSWER✔✔-The Principal
| | | | | | | |
The agent works on behalf of this person - CORRECT ANSWER✔✔-the client
| | | | | | | | | | | |
(principal)
This type of agency allows for the greatest range of authority - CORRECT
| | | | | | | | | | | | |
ANSWER✔✔-Universal
This is provided to the agent when there is written documentation that the
| | | | | | | | | | | | |
agency relationship exists. - CORRECT ANSWER✔✔-Express authority
| | | | | |
This is the most limited of all the agency relationships - CORRECT ANSWER✔✔-
| | | | | | | | | | | |
Special agency
|
This type of agency is created when a 3rd party believes that an agent has
| | | | | | | | | | | | | | |
authority that has NOT been granted by a principal - CORRECT ANSWER✔✔-
| | | | | | | | | | |
Agency by Estoppel
| |
This type of agency is created when actions lead another person to assume that
| | | | | | | | | | | | | |
one is an agent (Example- you have a key to neighbors home and show the
| | | | | | | | | | | | | | |
property) - CORRECT ANSWER✔✔-Ostensible Agency
| | | |
, If a buyer hasn't signed a buyer's rep agreement, then who is representing the
| | | | | | | | | | | | | |
buyer? - CORRECT ANSWER✔✔-No one
| | | |
This establishes a relationship with a broker - CORRECT ANSWER✔✔-The
| | | | | | | | |
Buyer/Tenant Representation agreement
| | |
This can be written or oral - CORRECT ANSWER✔✔-Disclosure of Representation
| | | | | | | | | |
These are required to place their own selfish interests behind that of their clients.
| | | | | | | | | | | | |
- CORRECT ANSWER✔✔-Fiduciaries
| | |
A licensee isn't required to provide the IABS when... - CORRECT ANSWER✔✔-the
| | | | | | | | | | | |
licensee meets with a party that is already represented
| | | | | | | |
A broker is obligated to treat who honestly? - CORRECT ANSWER✔✔-client,
| | | | | | | | | | |
customer, and agents | |
Broker must have written consent to act as... - CORRECT ANSWER✔✔-an
| | | | | | | | | | |
intermediary
IABS form is the property of... - CORRECT ANSWER✔✔-TREC
| | | | | | | |
Broker Bob is the broker/owner of ABC Realty. Agent Bill at ABC Realty is a listing
| | | | | | | | | | | | | | | |
agent. Agent Sue, also at ABC Realty, is working with a buyer who is being
| | | | | | | | | | | | | | |
represented by the firm. Agent Sue's buyer wants to purchase Agent Bill's listing
| | | | | | | | | | | |
