GRI - Real Estate Brokerage Exam Questions
With Correct Answers
IABS |serves |what |purpose? |- |CORRECT |ANSWER✔✔-A) |To |fill |statutory |requirements
B) |Describe |license |holders
C) |Increase |transparency |& |broker |oversight
D) |Awareness |of |broker |accountability
What |is |the |primary |purpose |of |TRELA |(Texas |Real |Estate |License |Act) |- |CORRECT |
ANSWER✔✔--to |PROTECT |THE |PUBLIC |from |fraudulent |or |INCOMPETENT |BROKERS.
What |is |the |agent's |Fiduciary |Duty |to |a |client? |- |CORRECT |ANSWER✔✔--OLD |CAR
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Responsible |Care |& |Due |Diligence
What |does |it |mean |to |be |Obedience? |- |CORRECT |ANSWER✔✔--an |agent |is |obligated |to |obey |
the |directions |of |the |seller |or |buyer |on |matters |that |fall |within |authority |of |real |estate |
services.
What |does |Undivided |Loyalty |mean? |- |CORRECT |ANSWER✔✔--an |agent |places |clients' |
interests |above |all |interests, |including |one's |own.
, Principal |is |also |known |as? |- |CORRECT |ANSWER✔✔--a |client
What |is |an |Agency |Relatiopship? |- |CORRECT |ANSWER✔✔--1) |listing |agreement |where |the |
broker |is |employed |by |the |seller
2) |buyers |rep |where |the |broker |is |employed |by |the |buyer
Duty |of |Accounting? |- |CORRECT |ANSWER✔✔--requires |agent |to |account |to |the |principal |for |all
|money |and |property |of |the |principal |that |comes |into |the |agent's |possession
Impudent |Notice? |- |CORRECT |ANSWER✔✔--Agent |will |communicate |with |the |client
What |are |the |Duties |to |the |Principal |(Client |must |do) |to/for |the |Agent? |- |CORRECT |
ANSWER✔✔--Availability-client |must |be |available |at |reasonable |times |to |c
-Information-client |must |furnish |the |broker |with |accurate |information |
-Compensation |- |client |owes |the |broker |compensation
When |is |an |Agency |Disclosure |required? |- |CORRECT |ANSWER✔✔--at |1st |substitive |dialogue
What |is |the |Agency |Relationship |to |the |Seller? |- |CORRECT |ANSWER✔✔--All |fiduciary |duties |
are |owed |to |the |seller, |meaning |this |person's |job |is |to |get |the |best |price |and |terms |for |the |
seller. |The |agency |relationship |usually |is |created |by |a |signed |listing |contract.
In |what |situation |should |a |Disclose |Representation |be |used? |- |CORRECT |ANSWER✔✔--Pick |"All
|of |the |Above"
What |is |the |purpose |of |the |Code |of |Ethics? |- |CORRECT |ANSWER✔✔--To |SERVICE |the |PUBLIC
How |often |are |the |Code |of |Ethics |reviewed? |- |CORRECT |ANSWER✔✔--Once |a |year/annually
With Correct Answers
IABS |serves |what |purpose? |- |CORRECT |ANSWER✔✔-A) |To |fill |statutory |requirements
B) |Describe |license |holders
C) |Increase |transparency |& |broker |oversight
D) |Awareness |of |broker |accountability
What |is |the |primary |purpose |of |TRELA |(Texas |Real |Estate |License |Act) |- |CORRECT |
ANSWER✔✔--to |PROTECT |THE |PUBLIC |from |fraudulent |or |INCOMPETENT |BROKERS.
What |is |the |agent's |Fiduciary |Duty |to |a |client? |- |CORRECT |ANSWER✔✔--OLD |CAR
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
Responsible |Care |& |Due |Diligence
What |does |it |mean |to |be |Obedience? |- |CORRECT |ANSWER✔✔--an |agent |is |obligated |to |obey |
the |directions |of |the |seller |or |buyer |on |matters |that |fall |within |authority |of |real |estate |
services.
What |does |Undivided |Loyalty |mean? |- |CORRECT |ANSWER✔✔--an |agent |places |clients' |
interests |above |all |interests, |including |one's |own.
, Principal |is |also |known |as? |- |CORRECT |ANSWER✔✔--a |client
What |is |an |Agency |Relatiopship? |- |CORRECT |ANSWER✔✔--1) |listing |agreement |where |the |
broker |is |employed |by |the |seller
2) |buyers |rep |where |the |broker |is |employed |by |the |buyer
Duty |of |Accounting? |- |CORRECT |ANSWER✔✔--requires |agent |to |account |to |the |principal |for |all
|money |and |property |of |the |principal |that |comes |into |the |agent's |possession
Impudent |Notice? |- |CORRECT |ANSWER✔✔--Agent |will |communicate |with |the |client
What |are |the |Duties |to |the |Principal |(Client |must |do) |to/for |the |Agent? |- |CORRECT |
ANSWER✔✔--Availability-client |must |be |available |at |reasonable |times |to |c
-Information-client |must |furnish |the |broker |with |accurate |information |
-Compensation |- |client |owes |the |broker |compensation
When |is |an |Agency |Disclosure |required? |- |CORRECT |ANSWER✔✔--at |1st |substitive |dialogue
What |is |the |Agency |Relationship |to |the |Seller? |- |CORRECT |ANSWER✔✔--All |fiduciary |duties |
are |owed |to |the |seller, |meaning |this |person's |job |is |to |get |the |best |price |and |terms |for |the |
seller. |The |agency |relationship |usually |is |created |by |a |signed |listing |contract.
In |what |situation |should |a |Disclose |Representation |be |used? |- |CORRECT |ANSWER✔✔--Pick |"All
|of |the |Above"
What |is |the |purpose |of |the |Code |of |Ethics? |- |CORRECT |ANSWER✔✔--To |SERVICE |the |PUBLIC
How |often |are |the |Code |of |Ethics |reviewed? |- |CORRECT |ANSWER✔✔--Once |a |year/annually
