Law of Agency - Champions
Which of the following has the authority to suspend or revoke a Texas real estate
license? - correct answer ✔ TREC
Which of the following is an element of a listing agreement? - correct answer ✔
the agreement to pay a stated commission, usually a percentage of the sales price
the IRS considers which of the following a violation of independent contractor
status? - correct answer ✔ salesperson is told to work set hours, guaranteed a
monthly minimum wage, has his licensing fees paid by the broker
the TAR buyer representation agreement in or text book: - correct answer ✔
authorizes intermediary, authorizes the buyer to give the agent complete loyalty,
establishes an exclusive market area
The amendments in 1996 to the License Act state that an agent is not liable for a
misrepresentation or concealment of material fact by a party if: - correct answer
✔ The licensee did not know of the falsity of the misrepresentation
One who hires an agent to represent him is called a: - correct answer ✔ principal
It is always a good idea to have: - correct answer ✔ The seller fill out the Seller's
Disclosure Notice
A real estate brokerage firm that practices buyer agency only has a lot of
intermediary transactions. - correct answer ✔ false
Which of the following is a statutory defense for a lawsuit brought about by
DTPA? - correct answer ✔ Written information obtained from a government
record
A licensee is not liable for a misrepresentation or a concealment of a material fact
made by a party to a real estate transaction if the seller did not disclose it to the
agent. - correct answer ✔ true
Actual awareness of a falsity, deception, or unfairness of an act under DTPA is
known as: - correct answer ✔ knowingly
The TREC was established in: - correct answer ✔ 1949
an exemption to using the Information About Brokerage Services form is: - correct
answer ✔ a lease for not more than 1 year
listings can be terminated at any time by mutual agreement - correct answer ✔
true
fiduciaries are: - correct answer ✔ Held to the highest degree of good faith,
Required to exclude selfish interest, Require to make disclosures of all relevant
facts
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