LAW OF AGENCY CHAMPIONS EXAM, PRACTICE EXAM
AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 400
QUESTIONS AND CORRECT DETAILED ANSWERS
|ALREADY GRADED A+
Which of the following is NOT prohibited by the Texas Real Estate
License Act?
(a) Commingling
(b) Conversion
(c) Confidentiality
(d) Undisclosed Intermediary - ANSWER--(c) Confidentiality
Which of the following would NOT be an example of Reasonable Care?
(a) Helping the client meet contract deadlines
(b) Assisting the seller to arrive at a reasonable listing price
(c) Recommending the use of independent advisers when appropriate
(d) Not making the buyer client aware of new listings coming on the
market so that he can focus on one listing at a time - ANSWER--(d) Not
making the buyer client aware of new listings coming on the market so
that he can focus on one listing at a time
What form must an agent provide to a potential client at the first
substantive discussion of a real estate transaction?
, LAW OF AGENCY CHAMPIONS EXAM, PRACTICE EXAM
AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 400
QUESTIONS AND CORRECT DETAILED ANSWERS
|ALREADY GRADED A+
a. Buyer's Representation Agreement
b. IABS
c. Canons of Professional Ethics for Real Estate Agents
d. The VAMA - ANSWER--b. IABS
In real estate, an example of a general agent would be a(n)
_____________.
a. Property manager
b. Escrow agent
c. Cooperative Broker
d. Intermediary - ANSWER--a. Property manager
When an agent and potential party enter into a ____________ discussion
of a real estate transaction, the party must be provided with a TREC-
prescribed agency information form.First contact / orally or written
a. "written-only"
b. "orally only"
c. "face-to-face"
d. "substantive" - ANSWER--(d) "substantive"
, LAW OF AGENCY CHAMPIONS EXAM, PRACTICE EXAM
AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 400
QUESTIONS AND CORRECT DETAILED ANSWERS
|ALREADY GRADED A+
The duties of the agent to the principal can be remembered by using the
acronym:
(a) PETE
(b) NEWCAR
(c) OLDCAR
(d) HOTROD - ANSWER--(c) OLDCAR
means that an agent must disclose if he or she is representing his or her
parents or children. - ANSWER--consanguinity
What are two other important laws impact the real estate brokerage
business? - ANSWER--1. Texas Deceptive Trade Practices Act
2. Fraud in Real Estate and Stock Transactions
Fraud in a transaction involving real estate or stock in a corporation or
joint stock company consists of a - ANSWER--(1) false representation
of a past or existing material fact,
(2) false promise to do an act,
, LAW OF AGENCY CHAMPIONS EXAM, PRACTICE EXAM
AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 400
QUESTIONS AND CORRECT DETAILED ANSWERS
|ALREADY GRADED A+
Under Paragraph (b) of Chapter 23 Fraud, an individual who
misrepresents a property under this section could be liable
for ______________________________ - ANSWER--actual damages.
Exemplary damages are often referred to as _______________________
- ANSWER--punitive damages.
Each advertisement must include the following in a readily noticeable
location in the advertisement these 2 thing - ANSWER--(1) the name of
the license holder or team placing the advertisement; and
(2) the broker's name in at least half the size of the largest contact
information for any sales agent,
TREC still defines an advertisement as misleading if it: - ANSWER--•
Implies that a sales agent is responsible for the operation of a brokerage
• Fails to include the name of the broker
TREC has adopted a ________________________________to be used
in deciding if an advertisement is clear and
conspicuous. - ANSWER--Safe Harbor Policy
On signs or any other type of advertising, a broker's name, the brokerage
name, or an assumed name has to be at least
AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 400
QUESTIONS AND CORRECT DETAILED ANSWERS
|ALREADY GRADED A+
Which of the following is NOT prohibited by the Texas Real Estate
License Act?
(a) Commingling
(b) Conversion
(c) Confidentiality
(d) Undisclosed Intermediary - ANSWER--(c) Confidentiality
Which of the following would NOT be an example of Reasonable Care?
(a) Helping the client meet contract deadlines
(b) Assisting the seller to arrive at a reasonable listing price
(c) Recommending the use of independent advisers when appropriate
(d) Not making the buyer client aware of new listings coming on the
market so that he can focus on one listing at a time - ANSWER--(d) Not
making the buyer client aware of new listings coming on the market so
that he can focus on one listing at a time
What form must an agent provide to a potential client at the first
substantive discussion of a real estate transaction?
, LAW OF AGENCY CHAMPIONS EXAM, PRACTICE EXAM
AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 400
QUESTIONS AND CORRECT DETAILED ANSWERS
|ALREADY GRADED A+
a. Buyer's Representation Agreement
b. IABS
c. Canons of Professional Ethics for Real Estate Agents
d. The VAMA - ANSWER--b. IABS
In real estate, an example of a general agent would be a(n)
_____________.
a. Property manager
b. Escrow agent
c. Cooperative Broker
d. Intermediary - ANSWER--a. Property manager
When an agent and potential party enter into a ____________ discussion
of a real estate transaction, the party must be provided with a TREC-
prescribed agency information form.First contact / orally or written
a. "written-only"
b. "orally only"
c. "face-to-face"
d. "substantive" - ANSWER--(d) "substantive"
, LAW OF AGENCY CHAMPIONS EXAM, PRACTICE EXAM
AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 400
QUESTIONS AND CORRECT DETAILED ANSWERS
|ALREADY GRADED A+
The duties of the agent to the principal can be remembered by using the
acronym:
(a) PETE
(b) NEWCAR
(c) OLDCAR
(d) HOTROD - ANSWER--(c) OLDCAR
means that an agent must disclose if he or she is representing his or her
parents or children. - ANSWER--consanguinity
What are two other important laws impact the real estate brokerage
business? - ANSWER--1. Texas Deceptive Trade Practices Act
2. Fraud in Real Estate and Stock Transactions
Fraud in a transaction involving real estate or stock in a corporation or
joint stock company consists of a - ANSWER--(1) false representation
of a past or existing material fact,
(2) false promise to do an act,
, LAW OF AGENCY CHAMPIONS EXAM, PRACTICE EXAM
AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 400
QUESTIONS AND CORRECT DETAILED ANSWERS
|ALREADY GRADED A+
Under Paragraph (b) of Chapter 23 Fraud, an individual who
misrepresents a property under this section could be liable
for ______________________________ - ANSWER--actual damages.
Exemplary damages are often referred to as _______________________
- ANSWER--punitive damages.
Each advertisement must include the following in a readily noticeable
location in the advertisement these 2 thing - ANSWER--(1) the name of
the license holder or team placing the advertisement; and
(2) the broker's name in at least half the size of the largest contact
information for any sales agent,
TREC still defines an advertisement as misleading if it: - ANSWER--•
Implies that a sales agent is responsible for the operation of a brokerage
• Fails to include the name of the broker
TREC has adopted a ________________________________to be used
in deciding if an advertisement is clear and
conspicuous. - ANSWER--Safe Harbor Policy
On signs or any other type of advertising, a broker's name, the brokerage
name, or an assumed name has to be at least
