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Champions Real Estate Exam: Law of Agency UPDATED 2024 Exam Questions and CORRECT Answers
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Champions Real Estate Exam: Law of Agency UPDATED 2024 Exam Questions and CORRECT Answers
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1|PageChampions Real Estate Exam: Law of Agency
UPDATED 2024 Exam Questions and CORRECT
Answers
This person hires an agent - CORRECT ANSWER
>>>>The Principal
The agent works on behalf of this person -
CORRECT ANSWER >>>>the client (principal)
This type of agency allows for the greatest range
of authority - CORRECT ANSWER >>>>Universal
This is provided to the agent when there is
written documentation that the agency
relationship exists. - CORRECT ANSWER
>>>>Express authority
,2|Page
This is the most limited of all the agency
relationships - CORRECT ANSWER >>>>Special
agency
This type of agency is created when a 3rd party
believes that an agent has authority that has NOT
been granted by a principal - CORRECT ANSWER
>>>>Agency by Estoppel
This type of agency is created when actions lead
another person to assume that one is an agent
(Example- you have a key to neighbors home and
show the property) - CORRECT ANSWER
>>>>Ostensible Agency
If a buyer hasn't signed a buyer's rep agreement,
then who is representing the buyer? - CORRECT
ANSWER >>>>No one
This establishes a relationship with a broker -
CORRECT ANSWER >>>>The Buyer/Tenant
Representation agreement
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This can be written or oral - CORRECT ANSWER
>>>>Disclosure of Representation
These are required to place their own selfish
interests behind that of their clients. - CORRECT
ANSWER >>>>Fiduciaries
A licensee isn't required to provide the IABS
when... - CORRECT ANSWER >>>>the licensee
meets with a party that is already represented
A broker is obligated to treat who honestly? -
CORRECT ANSWER >>>>client, customer, and
agents
Broker must have written consent to act as... -
CORRECT ANSWER >>>>an intermediary
IABS form is the property of... - CORRECT
ANSWER >>>>TREC
Broker Bob is the broker/owner of ABC Realty.
Agent Bill at ABC Realty is a listing agent. Agent
, 4|Page
Sue, also at ABC Realty, is working with a buyer
who is being represented by the firm. Agent Sue's
buyer wants to purchase Agent Bill's listing
In the above transaction, Broker Bob will: -
CORRECT ANSWER >>>>Remain neutral and
refrain from providing advice and opinion to
either party
The IABS should contain - CORRECT ANSWER
>>>>How the broker will be compensated
Broker Steve, having no agents, is a solo
practitioner. He has a client buyer that wants to
purchase one of his listings. The process that
Broker Steve must use is: - CORRECT ANSWER
>>>>Intermediary without appointments
A fiduciary relationship is based on - CORRECT
ANSWER >>>>trust
Agent Joe at ABC Realty has a listing. Agent Sean
at City Realty has a buyer who wishes to
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