AGENCY QUESTIONS AND ANSWERS 2026
FINAL PAPER EXAM Q&A STUDY GUIDE WITH
VERIFIED SOLUTIONS
◉ If a real estate brokerage firm practices intermediary, then the
firm practices _______________.
a. Seller agency
b. Buyer agency
c. Dual agency
d. Both a and b. Answer: D
◉ The IABS should be presented as the buyer is about to write an
offer.
a. True
b. False. Answer: B
◉ The Information About Brokerage Services form is approved by
the Texas Real Estate Commission
for voluntary use.
,a. True
b. False. Answer: A
◉ For a broker to represent the owner:
a. The broker becomes the buyer's agent by entering into an
agreement with the buyer
b. The broker's commission is set by TREC
c. The broker becomes the owner's agent by entering into an
agreement with the owner
d. None of the above. Answer: C
◉ A broker who acts as an intermediary in a transaction:
a. May disclose that the owner will accept a price less than the
asking price if he or she feels that it is the right thing to do
b. May disclose any confidential information that he or she deems
will help sell the property
c. Shall treat all parties honestly
d. None of the above. Answer: C
◉ Receives a paycheck that is net of deductions for income taxes and
other charges.
,a. Independent contractor
b. 1099-MISC
c. Employee
d. Personal assistant
e. Principal. Answer: C
◉ Shows the sum of payments received form a salesperson's broker
during the tax year.
a. Independent contractor
b. 1099-MISC
c. Employee
d. Personal assistant
e. Principal. Answer: B
◉ May be hired to assist a salesperson, but is not required to hold a
real estate license.
a. Independent contractor
b. 1099-MISC
c. Employee
, d. Personal assistant
e. Principal. Answer: D
◉ The broker in the broker-salesperson relationship in real estate.
a. Independent contractor
b. 1099-MISC
c. Employee
d. Personal assistant
e. Principal. Answer: E
◉ Receives a gross check and a 1099-MISC.
a. Independent contractor
b. 1099-MISC
c. Employee
d. Personal assistant
e. Principal. Answer: A
◉ The IRS set guidelines determining that a salesperson would be
classified as an independent contractor in 1976.
FINAL PAPER EXAM Q&A STUDY GUIDE WITH
VERIFIED SOLUTIONS
◉ If a real estate brokerage firm practices intermediary, then the
firm practices _______________.
a. Seller agency
b. Buyer agency
c. Dual agency
d. Both a and b. Answer: D
◉ The IABS should be presented as the buyer is about to write an
offer.
a. True
b. False. Answer: B
◉ The Information About Brokerage Services form is approved by
the Texas Real Estate Commission
for voluntary use.
,a. True
b. False. Answer: A
◉ For a broker to represent the owner:
a. The broker becomes the buyer's agent by entering into an
agreement with the buyer
b. The broker's commission is set by TREC
c. The broker becomes the owner's agent by entering into an
agreement with the owner
d. None of the above. Answer: C
◉ A broker who acts as an intermediary in a transaction:
a. May disclose that the owner will accept a price less than the
asking price if he or she feels that it is the right thing to do
b. May disclose any confidential information that he or she deems
will help sell the property
c. Shall treat all parties honestly
d. None of the above. Answer: C
◉ Receives a paycheck that is net of deductions for income taxes and
other charges.
,a. Independent contractor
b. 1099-MISC
c. Employee
d. Personal assistant
e. Principal. Answer: C
◉ Shows the sum of payments received form a salesperson's broker
during the tax year.
a. Independent contractor
b. 1099-MISC
c. Employee
d. Personal assistant
e. Principal. Answer: B
◉ May be hired to assist a salesperson, but is not required to hold a
real estate license.
a. Independent contractor
b. 1099-MISC
c. Employee
, d. Personal assistant
e. Principal. Answer: D
◉ The broker in the broker-salesperson relationship in real estate.
a. Independent contractor
b. 1099-MISC
c. Employee
d. Personal assistant
e. Principal. Answer: E
◉ Receives a gross check and a 1099-MISC.
a. Independent contractor
b. 1099-MISC
c. Employee
d. Personal assistant
e. Principal. Answer: A
◉ The IRS set guidelines determining that a salesperson would be
classified as an independent contractor in 1976.
