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