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Champions Real Estate Exam: Law of Agency UPDATE
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D 2024 Exam Questions and CORRECT Answers
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This person hires an agent - CORRECT ANSWER
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>>>>The Principal m
The agent works on behalf of this person -
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CORRECT ANSWER >>>>the client (principal)
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This type of agency allows for the greatest range o
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f authority - CORRECT ANSWER >>>>Universal
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This is provided to the agent when there is written
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mdocumentation that the agency relationship exist m m m m m
s. - CORRECT ANSWER
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>>>>Express authority m
,2
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This is the most limited of all the agency relationship
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s - CORRECT ANSWER >>>>Special agency
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This type of agency is created when a 3rd party bel
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ieves that an agent has authority that has NOT bee
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n granted by a principal - CORRECT ANSWER
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>>>>Agency by Estoppel m m
This type of agency is created when actions lead a
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nother person to assume that one is an agent (Exa
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mple-
myou have a key to neighbors home and show the p
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roperty) - CORRECT ANSWER m m m
>>>>Ostensible Agency m
If a buyer hasn't signed a buyer's rep agreement, t
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hen who is representing the buyer? -
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mCORRECT ANSWER >>>>No one m m m
This establishes a relationship with a broker -
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CORRECT ANSWER >>>>The Buyer/Tenant Represe
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ntation agreement m
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This can be written or oral - CORRECT ANSWER
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>>>>Disclosure of Representation m m
These are required to place their own selfish interest
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s behind that of their clients. -
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CORRECT ANSWER >>>>Fiduciaries
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A licensee isn't required to provide the IABS when
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... - m
mCORRECT ANSWER >>>>the licensee meets with m m m m m m
a party that is already represented
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A broker is obligated to treat who honestly? -
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CORRECT ANSWER >>>>client, customer, and
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agents
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Broker must have written consent to act as... -
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CORRECT ANSWER >>>>an intermediary
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IABS form is the property of... -
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mCORRECT ANSWER >>>>TREC m m
Broker Bob is the broker/owner of ABC Realty. Agent
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Bill at ABC Realty is a listing agent. Agent
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, 4
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Sue, also at ABC Realty, is working with a buyer wh
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o is being represented by the firm. Agent Sue's buy
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er wants to purchase Agent Bill's listing
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In the above transaction, Broker Bob will: -
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mCORRECT ANSWER >>>>Remain neutral and refra m m m m m
in from providing advice and opinion to either par
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ty
The IABS should contain - CORRECT ANSWER
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>>>>How the broker will be compensated m m m m m
Broker Steve, having no agents, is a solo practitio
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ner. He has a client buyer that wants to purchase
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one of his listings. The process that Broker Steve
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must use is: - CORRECT ANSWER
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>>>>Intermediary without appointments m m
A fiduciary relationship is based on -
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CORRECT ANSWER >>>>trust
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Agent Joe at ABC Realty has a listing. Agent Sean a
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t City Realty has a buyer who wishes to
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m |m P m am gm e
Champions Real Estate Exam: Law of Agency UPDATE
m m m m m m m
D 2024 Exam Questions and CORRECT Answers
m m m m m m
This person hires an agent - CORRECT ANSWER
m m m m m m m
>>>>The Principal m
The agent works on behalf of this person -
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CORRECT ANSWER >>>>the client (principal)
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This type of agency allows for the greatest range o
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f authority - CORRECT ANSWER >>>>Universal
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This is provided to the agent when there is written
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mdocumentation that the agency relationship exist m m m m m
s. - CORRECT ANSWER
m m m
>>>>Express authority m
,2
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This is the most limited of all the agency relationship
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s - CORRECT ANSWER >>>>Special agency
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This type of agency is created when a 3rd party bel
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ieves that an agent has authority that has NOT bee
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n granted by a principal - CORRECT ANSWER
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>>>>Agency by Estoppel m m
This type of agency is created when actions lead a
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nother person to assume that one is an agent (Exa
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mple-
myou have a key to neighbors home and show the p
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roperty) - CORRECT ANSWER m m m
>>>>Ostensible Agency m
If a buyer hasn't signed a buyer's rep agreement, t
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hen who is representing the buyer? -
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mCORRECT ANSWER >>>>No one m m m
This establishes a relationship with a broker -
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CORRECT ANSWER >>>>The Buyer/Tenant Represe
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ntation agreement m
,3
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This can be written or oral - CORRECT ANSWER
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>>>>Disclosure of Representation m m
These are required to place their own selfish interest
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s behind that of their clients. -
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CORRECT ANSWER >>>>Fiduciaries
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A licensee isn't required to provide the IABS when
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... - m
mCORRECT ANSWER >>>>the licensee meets with m m m m m m
a party that is already represented
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A broker is obligated to treat who honestly? -
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CORRECT ANSWER >>>>client, customer, and
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agents
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Broker must have written consent to act as... -
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CORRECT ANSWER >>>>an intermediary
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IABS form is the property of... -
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mCORRECT ANSWER >>>>TREC m m
Broker Bob is the broker/owner of ABC Realty. Agent
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Bill at ABC Realty is a listing agent. Agent
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, 4
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Sue, also at ABC Realty, is working with a buyer wh
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o is being represented by the firm. Agent Sue's buy
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er wants to purchase Agent Bill's listing
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In the above transaction, Broker Bob will: -
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mCORRECT ANSWER >>>>Remain neutral and refra m m m m m
in from providing advice and opinion to either par
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ty
The IABS should contain - CORRECT ANSWER
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>>>>How the broker will be compensated m m m m m
Broker Steve, having no agents, is a solo practitio
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ner. He has a client buyer that wants to purchase
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one of his listings. The process that Broker Steve
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must use is: - CORRECT ANSWER
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>>>>Intermediary without appointments m m
A fiduciary relationship is based on -
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CORRECT ANSWER >>>>trust
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Agent Joe at ABC Realty has a listing. Agent Sean a
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t City Realty has a buyer who wishes to
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