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GRI Brokerage Exam | Questions with 100% Correct Answers| Verified | Updated 2024
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GRI Brokerage Exam | Questions with 100% Correct Answers| Verified | Updated 2024
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GRI Brokerage Exam | Questions with 100%Correct Answers| Verified | Updated 2024
All licensed business entities are required to have errors and omissions insurance of at least $1M if...
✔✔The designated broker for the entity owns less than 10% of the entity
What is important to know when shopping for E&O insurance? ✔✔They all have varying costs and
coverage
What should you know about the E&O deductible? ✔✔The amount and when it is to be paid
What is important to know about your E&O policy? ✔✔If there are exclusions, are claims costs
(attorney fees) covered, is there tail coverage/prior acts coverage, cost
What does TREC require of a Broker's agency policy? ✔✔That it is in writing
What do the canons require of an agent? ✔✔To be competent
What is the basic premise that the code of ethics is based on? ✔✔Service to the public
, What service is offered in a dispute at the point of inquiry before it goes to mediation or arbitration?
✔✔Ombudsman services
What components must be present for an anonymous complaint to move forward with NAR? ✔✔It
must be provided, must have sufficient documentation, must violate articles in the code of ethics
Who can file an ethics complaint? ✔✔Anyone
What is the timeframe to submit an ethics complaint? ✔✔Within 180 days of the discovery of the facts
Who has authority over an agent's license? ✔✔TREC
What is the purpose of the Texas Deception Trade Practices Act (TDTPA)? ✔✔To protect
consumers against false/misleading practices, unconscionable actions, breaches of warranty
How much notice must a consumer give to the defendant before filing a lawsuit under TDTPA? ✔✔60
days
Antitrust violations usually occur within one of three areas; the practice of any of these harms the public
✔✔Price fixing, boycotting a competitor, allocation of customers or resources
What must Realtors NOT do? ✔✔Anything outside of the scope of their expertise
What must be timely, clear and in writing? ✔✔IABS
Fulfilling statutory requirements, describing brokers and agents, increasing transparency and broker
oversight, awareness of broker accountability, states minimum services required by a broker ✔✔IABS
Protects the public from fraudulant or incompetent brokers, sets standard for brokers & agents,
protects brokers and agents from unfair competition, maintains high standards ✔✔TRELA (TX
Real Estate Licensing Act)
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