Law of Agency – Champions exam guide with 100% correct answers.

Which of the following has the authority to suspend or revoke a Texas real estate license? - correct answer️️TREC Which of the following is an element of a listing agreement? - correct answer️️the 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? - correct answer️️salesperson 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: - correct answer️️authorizes 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: - correct answer️️The licensee did not know of the falsity of the misrepresentation One who hires an agent to represent him is called a: - correct answer️️principal It is always a good idea to have: - correct answer️️The seller fill out the Seller's Disclosure Notice A real estate brokerage firm that practices buyer agency only has a lot of intermediary transactions. - correct answer️️false Which of the following is a statutory defense for a lawsuit brought about by DTPA? - correct answer️️Written 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. - correct answer️️true Actual awareness of a falsity, deception, or unfairness of an act under DTPA is known as: - correct answer️️knowingly The TREC was established in: - correct answer️️1949 an exemption to using the Information About Brokerage Services form is: - correct answer️️a lease for not more than 1 year listings can be terminated at any time by mutual agreement - correct answer️️true fiduciaries are: - correct answer️️Held 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: - correct answer️️Communication from a licensee to his or her client real estate agents owe certain non-fiduciary duties to customers such as: - correct answer️️honesty and fairness an unlicensed assistant may: - correct answer️️host an open house the best way to create an agency relationship is to do so: - correct answer️️in writing a licensee must present the information about brokerage services form: - correct answer️️at the first substantive discussion of a possible transaction when actions lead another person to assume that one is an agent, this is known as: - correct answer️️ostensible agency listings may be terminated by: - correct answer️️death, insanity, mutual agreement when one person acts for another on their behalf it is known as: - correct answer️️an agency relationship