AYPO Law of Agency || All Correct 100%.
a licensee who assists in a transaction without an agreement to represent the buyer is a ubagent
who legally represents which of the following? correct answers the seller
60 days before someone files a lawsuit under the dtpa, the prospective plaintiff must give the
prospective defendant... correct answers a notice stating the prospective plaintiffs intention to file
the lawsuit along with information on other aspects of the prospective plaintiffs cause of action.
a real estate agent works for a property owner who s outside the country. the owner has dozens
of buildings around the city. correct answers RATIFCATION
Rick is representing a client who is selling a property. During the transaction process the client
receives an offer that would be acceptable if not for a couple of small provisions. The client
decides to counteroffer but insists that counteroffer can be done orally since she knows the
buyer. What should Rick do? correct answers insist that the counteroffer be made in writing
what is the most common consequence of a licensee failing to fulfill customer service duties?
correct answers people will not do business with them
kamran is a real estate broker. at an open house for a building he is listing, he meets dawn, who
is interested in purchasing the building. correct answers kamran must disclose that he represents
the owner of the building
can a licensee have his or her license suspended for failing to make it clear to all parties involved
in real estate transaction who he represents? correct answers yes
The risk of litigation can be reduced by correct answers studying agency and agency law
which of the following misrepresentations is most likely to cause the transaction to fail? correct
answers saying that the property has more rooms than it actually has
which of the following types of authority are specifically established by the the language of the
contract setting up an agency relationship? correct answers expressed
which of the following is not normally something a buyers agent should do with regard to an
offer to purchase a property? correct answers interpret provisions of the offer contract
what real estate-based services are required to ensure access to info for non-english speaking
applicants? correct answers interpret provisions of the offer contract
facts that if disclosed would likely cause a party to reject a contract are considered to be... correct
answers material facts
In general, are independent contractors more closely monitored by their employer than
employees? correct answers no
, should an agent disclose info he or she knows about his or her client? correct answers no, unless
the agent is required by law to reveal the info.
in a real estate transaction who is the principal and who is the agent? correct answers the seller is
the principal and the sellers broker is te agent
can an individual who does not have a real estate license but is the owner of a business entity that
is licensed as a real estate broker be allowed to collect a commission earned by the business
entity? correct answers yes if the owner of the company does not carry out any actions that
require a valid real estate license to perform
is a dual agency relationship (where the licensee acts as an agent of both parties and not simply
an intermediary) correct answers yes
which of the following is a manner in which a licensee sponsored by a broker can be
compensated for the brokerage activities that were performed? correct answers all of these are
correct
what does it mean if a relationship is a fiduciary relationship? correct answers one party puts and
absolute trust in another party
which members of a brokerage should know about the brockerages risk management plan?
correct answers all members of the brokerage
what is the name of the form created by trec to help sellers meet the requirements of secion 5.008
of the property code? correct answers the sellers disclosure of property condition
what does the agents duty of no profit mean? correct answers The agent cannot perform actions
which result in profit for the agent without the express advance consent of the principal
which of the following is something that a broker should do before establishing a listing
agreement with a seller? correct answers walk through the property that will be listed
a licensee who is operating as the buyers agent is not legally liable for the harm caused by a
misrepresentation made by the seller if the buyers agent correct answers neither of these are
correct
most frequently which of the following parties ultimately pays for buyers commision out of their
pocket? correct answers the seller
Can a party acting through an agent be held responsible for the harmful actions of the agent?
correct answers yes, the principal is responsible for the actions of the agent within reasonable
bounds
what is the advantage of a 1031 property exchange correct answers defers capital gain taxes
a licensee who assists in a transaction without an agreement to represent the buyer is a ubagent
who legally represents which of the following? correct answers the seller
60 days before someone files a lawsuit under the dtpa, the prospective plaintiff must give the
prospective defendant... correct answers a notice stating the prospective plaintiffs intention to file
the lawsuit along with information on other aspects of the prospective plaintiffs cause of action.
a real estate agent works for a property owner who s outside the country. the owner has dozens
of buildings around the city. correct answers RATIFCATION
Rick is representing a client who is selling a property. During the transaction process the client
receives an offer that would be acceptable if not for a couple of small provisions. The client
decides to counteroffer but insists that counteroffer can be done orally since she knows the
buyer. What should Rick do? correct answers insist that the counteroffer be made in writing
what is the most common consequence of a licensee failing to fulfill customer service duties?
correct answers people will not do business with them
kamran is a real estate broker. at an open house for a building he is listing, he meets dawn, who
is interested in purchasing the building. correct answers kamran must disclose that he represents
the owner of the building
can a licensee have his or her license suspended for failing to make it clear to all parties involved
in real estate transaction who he represents? correct answers yes
The risk of litigation can be reduced by correct answers studying agency and agency law
which of the following misrepresentations is most likely to cause the transaction to fail? correct
answers saying that the property has more rooms than it actually has
which of the following types of authority are specifically established by the the language of the
contract setting up an agency relationship? correct answers expressed
which of the following is not normally something a buyers agent should do with regard to an
offer to purchase a property? correct answers interpret provisions of the offer contract
what real estate-based services are required to ensure access to info for non-english speaking
applicants? correct answers interpret provisions of the offer contract
facts that if disclosed would likely cause a party to reject a contract are considered to be... correct
answers material facts
In general, are independent contractors more closely monitored by their employer than
employees? correct answers no
, should an agent disclose info he or she knows about his or her client? correct answers no, unless
the agent is required by law to reveal the info.
in a real estate transaction who is the principal and who is the agent? correct answers the seller is
the principal and the sellers broker is te agent
can an individual who does not have a real estate license but is the owner of a business entity that
is licensed as a real estate broker be allowed to collect a commission earned by the business
entity? correct answers yes if the owner of the company does not carry out any actions that
require a valid real estate license to perform
is a dual agency relationship (where the licensee acts as an agent of both parties and not simply
an intermediary) correct answers yes
which of the following is a manner in which a licensee sponsored by a broker can be
compensated for the brokerage activities that were performed? correct answers all of these are
correct
what does it mean if a relationship is a fiduciary relationship? correct answers one party puts and
absolute trust in another party
which members of a brokerage should know about the brockerages risk management plan?
correct answers all members of the brokerage
what is the name of the form created by trec to help sellers meet the requirements of secion 5.008
of the property code? correct answers the sellers disclosure of property condition
what does the agents duty of no profit mean? correct answers The agent cannot perform actions
which result in profit for the agent without the express advance consent of the principal
which of the following is something that a broker should do before establishing a listing
agreement with a seller? correct answers walk through the property that will be listed
a licensee who is operating as the buyers agent is not legally liable for the harm caused by a
misrepresentation made by the seller if the buyers agent correct answers neither of these are
correct
most frequently which of the following parties ultimately pays for buyers commision out of their
pocket? correct answers the seller
Can a party acting through an agent be held responsible for the harmful actions of the agent?
correct answers yes, the principal is responsible for the actions of the agent within reasonable
bounds
what is the advantage of a 1031 property exchange correct answers defers capital gain taxes
