Summary Exam: Law of Agency - Champions (complete
updated Q&A)
Which of the following has the authority to suspend or revoke a Texas real estate license?
TREC
Which of the following is an element of a listing agreement?
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?
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:
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:
The licensee did not know of the falsity of the misrepresentation
One who hires an agent to represent him is called a:
principal
It is always a good idea to have:
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.
false
Which of the following is a statutory defense for a lawsuit brought about by DTPA?
Written information obtained from a government record
A licensee is not liable for a misrepresentation or a concealment of a material fact made by
a party to a real estate transaction if the seller did not disclose it to the agent.
true
Actual awareness of a falsity, deception, or unfairness of an act under DTPA is known as:
knowingly
, The TREC was established in:
1949
an exemption to using the Information About Brokerage Services form is:
a lease for not more than 1 year
listings can be terminated at any time by mutual agreement
true
fiduciaries are:
Held to the highest degree of good faith, Required to exclude selfish interest, Require to make
disclosures of all relevant facts
According to TREC advertising rules, the definition of advertisement includes all of the
following, EXCEPT:
Communication from a licensee to his or her client
real estate agents owe certain non-fiduciary duties to customers such as:
honesty and fairness
an unlicensed assistant may:
host an open house
the best way to create an agency relationship is to do so:
in writing
a licensee must present the information about brokerage services form:
at the first substantive discussion of a possible transaction
when actions lead another person to assume that one is an agent, this is known as:
ostensible agency
listings may be terminated by:
death, insanity, mutual agreement
when one person acts for another on their behalf it is known as:
an agency relationship
Whether or not to appoint associates in an intermediary real estate transaction is:
At the discretion of the broker
In Texas, Worker's Compensation must be paid for real estate agents by brokers:
false
unlicensed assistants may:
updated Q&A)
Which of the following has the authority to suspend or revoke a Texas real estate license?
TREC
Which of the following is an element of a listing agreement?
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?
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:
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:
The licensee did not know of the falsity of the misrepresentation
One who hires an agent to represent him is called a:
principal
It is always a good idea to have:
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.
false
Which of the following is a statutory defense for a lawsuit brought about by DTPA?
Written information obtained from a government record
A licensee is not liable for a misrepresentation or a concealment of a material fact made by
a party to a real estate transaction if the seller did not disclose it to the agent.
true
Actual awareness of a falsity, deception, or unfairness of an act under DTPA is known as:
knowingly
, The TREC was established in:
1949
an exemption to using the Information About Brokerage Services form is:
a lease for not more than 1 year
listings can be terminated at any time by mutual agreement
true
fiduciaries are:
Held to the highest degree of good faith, Required to exclude selfish interest, Require to make
disclosures of all relevant facts
According to TREC advertising rules, the definition of advertisement includes all of the
following, EXCEPT:
Communication from a licensee to his or her client
real estate agents owe certain non-fiduciary duties to customers such as:
honesty and fairness
an unlicensed assistant may:
host an open house
the best way to create an agency relationship is to do so:
in writing
a licensee must present the information about brokerage services form:
at the first substantive discussion of a possible transaction
when actions lead another person to assume that one is an agent, this is known as:
ostensible agency
listings may be terminated by:
death, insanity, mutual agreement
when one person acts for another on their behalf it is known as:
an agency relationship
Whether or not to appoint associates in an intermediary real estate transaction is:
At the discretion of the broker
In Texas, Worker's Compensation must be paid for real estate agents by brokers:
false
unlicensed assistants may:
