Law of Agency - Champions Exam/Champions Real Estate Exam: Law of Agency/Real Estate Exam: Law of Agency/Law of Agency Review Questions And Answers/Law of Agency-Final Exam Review/Law of Agency Class Questions/The Law of Agency Q &A/Law of Agency Question

This person hires an agent - Answer- The Principal The agent works on behalf of this person - Answer- the client (principal) This type of agency allows for the greatest range of authority - Answer- Universal This is provided to the agent when there is written documentation that the agency r...

This person hires an agent - Answer- The Principal The agent works on behalf of this person - Answer- the client (principal) This type of agency allows for the greatest range of authority - Answer- Universal This is provided to the agent when there is written documentation that the agency r...

An agency relationship exists when one person, the _________ acts for, or on the behalf of another person, the _________. a. Client, agent b. Agent, principal c. Principal, agent d. Broker, customer - Answer- b 2. The principal must always remain loyal to the customer. a. True b. False - A...

What are the minimum services an agent must offer; - Answer- According TRELA subchapter 1101.557b states a broker representing a party or listing real estate for sale is the party's agent and 1. May not instruct another broker to directly or indirectly violate the sub chpt-1101.65b22, 2.Must inf...

Acting as which of the following is a violation of The Real Estate License Act? A.) Acting as an intermediary for more than one party in a transaction. B.) All of these are correct C.) Participating in a real estate transaction without being affiliated with the listing broker. D.)Acting as a ...

If there is no expiration date in an agency agreement, which of the following rule would apply? - Answer- A reasonable time period would apply. Which warranty provides that an agent cannot be held liable if a principal is unable to fulfill the terms of an agreement with a third party? - Answer- W...

In which year did the National Association of REALTORS® create the Code of Ethics for the real estate industry? - Answer- 1913 In the relationship with a buyer or a seller, a real estate agent is usually a: General agent Universal agent Primary agent Special agent - Answer- Special agent ...

An agent becomes the agent of the seller when both the seller and the agent sign: (a) The purchase agreement (b) The Transfer Disclosure Statement (c) The Agency Disclosure Statement (d) The Listing Agreement - Answer- The correct answer is d: The Listing Agreement creates the agency relatio...

Agency - Answer- This refers to the relationship between a principal and the principal's agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party..? Agency Brokerage Joint ve...

Which of the follow are third parties? a. An unrepresented buyer looking at a property b. A buyer interested in the property and is represented by another real estate company c. A customer that has looked at the property with another agent in your firm d. All of the above - Answer- d. Third p...