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LAW OF AGENCY -CHAMPIONS SCHOOL OF REAL ESTATE ACTUAL EXAM NEWEST VERSION EXPECTED QUESTION AND CORRECT ANSWER FROM VERIFIED SOURCES RATED A GRADE.$15.99
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LAW OF AGENCY -CHAMPIONS SCHOOL OF REAL ESTATE
ACTUAL EXAM NEWEST VERSION 2024-2025 EXPECTED
QUESTION AND CORRECT ANSWER FROM VERIFIED
SOURCES RATED A GRADE.
The commission may suspend or revoke a license or take other
disciplinary action if the license holder, while acting as a broker or sale
agent... ✔✔ANSWER✔✔commingles money that belongs to another
person with the license holders own money
The disclosure of representation may be done ✔✔ANSWER✔✔orally or
in writing
When an agent and potential party enter into a "substantive" discussion
of a real estate transaction, ✔✔ANSWER✔✔the party must be provided
with a TREC-prescribed agency information form
Does a substantive discussion always occur at the first face to face
meeting ✔✔ANSWER✔✔NO
When should the Information About Brokerage Services IABS form be
provided to a seller ✔✔ANSWER✔✔prior to a listing presentation, and
should be provided to a buyer prior to discussion of a possible purchase
,A license holder is not required to provide a representation disclosure if
✔✔ANSWER✔✔the proposed transaction is for a residential lease for
not more than one year and a sale is not being considered
A broker may act as an intermediary between parties to a real estate
transaction if ✔✔ANSWER✔✔the broker obtains written consent from
each party for the broker to act as an intermediary in the transaction
What form must an agent provide to a potential client at the first
substantive discussion of a real estate transaction ✔✔ANSWER✔✔IABS
In real estate, an example of a general agent would be a(n)
_____________ ✔✔ANSWER✔✔property manager
when an agent and potential party enter into a ____________
discussion of a real estate transaction, the party must be provided with
a TREC-prescribed agency information form. First contact/orally or
written ✔✔ANSWER✔✔substantive
When acting in an intermediary transaction ✔✔ANSWER✔✔the broker
is required to treat all parties honestly
A special duty of honesty is applied in the act when ✔✔ANSWER✔✔the
license holder is buying or selling property in his or her name
, customer ✔✔ANSWER✔✔also know as a third party, is a party to a
transaction who is not being represented by the license holder
A team name must end with the word ✔✔ANSWER✔✔team or group
advertisement ✔✔ANSWER✔✔is any form of communication by or on
behalf of a license holder designed to attract the public to use real
estate brokerage services and includes, but is not limited to, all
publications, brochures, radio or television broadcasts, all electronic
media
T/F: Advertisement does not include communication from a license
holder to the license holders current client ✔✔ANSWER✔✔TRUE
In Texas, most sellers prepare a Seller's Disclosure of Property
Condition, and who is responsible for its accuracy ✔✔ANSWER✔✔the
seller
TREC rules define ___________________ as any form of
communication on behalf of a license holder designed to attract the
public for real estate services ✔✔ANSWER✔✔advertisement
If any person violates the provisions of the Texas Business and
Commerce Code, Fraud in Real Estate and Stock Transactions, he or she
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