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AYPO Real Estate Test -Law of Agency (Questions + Answers) Solved 100% Correct!!
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AYPO Real Estate Test -Law of Agency (Questions + Answers) Solved 100% Correct!!
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AYPO Real Estate Test -Law of Agency (Questions + Answers) Solved 100% Correct!!Gene made a will naming his oldest daughter as executor. His other children are noted as heirs. In this circumstance, Gene is referred as the ____. Answer- a) Administrator
b) Beneficiary
c) Devisee
d)Testator
Double check
The key to determining whether a conveyance is voluntary is the ___. Answer- absence of force
Double Check
A brokerage firm sends out a memo that there is a mandatory sales meeting every Friday morning for all sales agents. All sales agents in the brokerage are independent contractors. What could be said about this situation? Answer- The brokerage could violate the IRS rule on independent contractor status.
Under TREC, an agent cannot be required to attend sales meetings.
Agency relationships can be terminated at any time by ____. Answer- Mutual agreement
The amount of commission to be paid to a broker upon successful completion of the terms of a listing agreement is: Answer- Defined by negotiation between the broker and the client
A termination date on a listing must be: Answer- Definite
____ means that the principal will protect the agent from suffering a loss due to the agent's reliance on information received from the principal. Answer- Indemnification
Which of the following is NOT an element of a listing agreement? Answer- The broker's guarantee of profit for the seller is not an element
The signatures of all of the owners and the listing agent, a legal description of the property, including the street address, the list price of the property as set by the seller, a definite starting and ending date, the agreement to pay a state commission to the broker, usually a percentage of the sales price. John has secured a listing for the property at 123 Main St. He is showing the property to a buyer customer. He has disclosed to the buyer that he represents the seller for this property. While showing the property, John notices a problem with the roof that he did not see when he listed the property. What should he do? Answer- Mention the problem to the buyer because it is material fact.
The written document is evidence that the agency exists and provides the agent with
____. Answer- Express authority
ABC Realty has just hired Norma, who does not have a real estate license, to work in their office as an assistant. What functions are Norma allowed to perform at the brokerage? Answer- Answer phone calls
____ is a serious offense in which a broker spends his or her clients' funds without authorization. Answer- Conversion
The ____ is responsible for preparing a Seller's Disclosure Notice. Answer- Seller
Under DTPA brokerage is defined as: Answer- Service
Agency is: Answer- the relationship the agent has with the principal; when the agent
for or on behalf of the client; a fiduciary relationship
The main purpose of the Texas Real Estate Commission is: Answer- to protect the public
Which of the following situation might be consider defamation? Answer- A sales agent writes an ad stating that a competing agent "cheats his clients"
John listed his property, and the listing agreement is set to terminate at the end of the month. John found a buyer for the house and signed a purchase agreement with the buyer. When the house sold, John owed his listing agent a commission. In this situation, what type of listing did John most likely have with the agent? Answer- An exclusive right to sell listing
Fiduciaries are: Answer- Held to the highest degree of good faith; Required to exclude selfish interest; Require to make disclosures of all relevant facts
Which of the following is not included in the Canons of Professional Ethics for real estate license holders? Answer- Patience
Competency, Integrity and consumer protection notice 1-2 are
Data used for a CMA shoud be no older than ___. Answer- 6 months
An agent in ABC Realty has a listing that is being sold by a buyer's agent whose license is also with ABC Realty. The broker will most likely: Answer- Appoint the associates to represent their parties under intermediary rules.
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