ACEABLE AGENT EXAM 1 TEST BANK
LATEST REAL EXAM 900+ QUESTIONS
AND CORRECT ANSWERS|ALREADY
GRADED A+
If a salesperson has no interest in opening their own brokerage, why might they
still want to get a broker's license? - ANSWER✔✔ for marketing purposes
How often must a real estate license be renewed? - ANSWER✔✔ A real estate
license must be renewed every two years.
What is the name given to the duties owed by agents to their clients? -
ANSWER✔✔ The duties owed by agents to their clients are known as fiduciary
duties.
OLD CAR - ANSWER✔✔ Obedience (if legal)
Loyalty (100%) - ANSWER✔✔
Disclosure (full) - ANSWER✔✔
Confidentiality (forever) - ANSWER✔✔
Accounting (forever) - ANSWER✔✔
,Reasonable care - ANSWER✔✔
In an agency relationship, the agent owes the principal the fiduciary duties of
loyalty, obedience, accounting, confidentiality, reasonable care, and what else? -
ANSWER✔✔ Disclosure
Obedience - ANSWER✔✔ -is only required if legal
-the principal is the ultimate decision-maker - ANSWER✔✔
Loyalty - ANSWER✔✔ -the buyer's agent should get the lowest price possible,
even if it means less commission
-the principal's best interests come before the agent's interests - ANSWER✔✔
Disclosure - ANSWER✔✔ -if it will help the client, the agent should share it
-including sharing of material facts about a property - ANSWER✔✔
Reasonable Care - ANSWER✔✔ -standard is based on what most agents would do
-assumes agent expertise will be used in handling client's concerns - ANSWER✔✔
Which of the following is an example of misrepresentation? - ANSWER✔✔ An
agent thinks there are hardwood floors beneath the carpet of a property and implies
to the buyer that there are, when in fact, there are not.
,Fraud vs. Misrepresentation - ANSWER✔✔ Fraud is intentional;
misrepresentation is not. Fraud generally includes both affirmative
misrepresentations and affirmative concealment, and the person making the
misrepresentation is aware of the true facts.
Does misrepresentation require malicious or deceptive intent? - ANSWER✔✔ No,
the seller, broker, or agent may be liable for misrepresentation even without
malicious or deceptive intent.
Which one of the following actions is most likely to be a violation of the Texas
Deceptive Trade Practices-Consumer Protection Act? - ANSWER✔✔ The
Deceptive Trade Practices Act prohibits the license holder from knowingly and/or
intentionally deceiving the consumer in the selling or leasing of any real property.
Providing a list of professionals to choose from does not violate the law.
What is the BEST way to avoid giving misinformation (and consequently,
violating the Texas Deceptive Trade Practices-Consumer Protection Act)? -
ANSWER✔✔ Cite a source for any information you give a client about a property
Which of the following is NOT true regarding a license holder's obligation to
disclose a property defect: - ANSWER✔✔ -Only if the Buyer asks
, -A license holder is required to disclose a property defect if the seller has disclosed
the defect at all. - ANSWER✔✔
Why should real estate agents refrain from giving legal advice to clients? -
ANSWER✔✔ Agents aren't licensed to give legal advice and if they do, they could
be held liable
Special Agency - ANSWER✔✔ Broker & Client
General Agency - ANSWER✔✔ Broker & Sales Agent
Universal Agency - ANSWER✔✔ Child & Parent or Executor of will
IABS - ANSWER✔✔ Information About Brokerage Services
What is the definition of misrepresentation? - ANSWER✔✔ Misrepresentation is
an unintentional mistake, written or spoken.
Using the general terms of agency law, which party is represented by another
party? - ANSWER✔✔ Principal
Which parties need to be told if an agent is representing anyone? - ANSWER✔✔
A license holder must disclose orally or in writing to others of their representation
of a party to a real estate transaction at the first contact.
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