Champions School of Real Estate - Law of Agency Latest Update 2024 -2025 100 Questions and 100% Verified Correc t Answers Guaranteed A+ ________ uses adjectives and opinions rather than detail or facts and is not considered misrepresentation. - CORRECT ANSWER: Puffing ________can suspend or revoke a sales agent's license under DTPA violation. - CORRECT ANSWER: TREC 1099 -MISC - CORRECT ANSWER: Shows the sum of payments received from a sales agent's broker during the tax year. A broker who acts as an intermediary in a transaction: - CORRECT ANSWER: Must treat all parties honestly. A broker's responsibility for disclosure is limited to areas - CORRECT ANSWER: Accessible for visual inspection. A buyer is: - CORRECT ANSWER: Someone who wants to buy a home and is on a timeline to do so A license holder is NOT required to provide the IABS when the license holder meets with a party who is: - CORRECT ANSWER: Represented by another license holder. According to TREC's advertising rules, which of the following terms MUST be used in a real estate team name? a. company b. Realty c. Associates d. Group - CORRECT ANSWER: Group Agency by Ratification - CORRECT ANSWER: Established when an agent acts without prior authorization and the principal accepts it agent - CORRECT ANSWER: based on trust All listing agreements must have a definite ______. - CORRECT ANSWER: termination date Alternate Name - CORRECT ANSWER: Also known as an alias An agency relationship exist when one person, the __________, acts for or on behalf of another person, the __________. - CORRECT ANSWER: Agent, Principal An example of a general agent in the world of real estate would be a(n)_________. - CORRECT ANSWER: Property Manager Assumed Business Name - CORRECT ANSWER: Also known as DBA Broker Steve, having no agents, is a solo practitioner in the state of Texas. He has a buyer -client buyer who wants to purchase one of his listings. The process that Broker Steve must use is: - CORRECT ANSWER: Intermediary without transaction Broker Susan is representing the seller at We Sell it Fast Realty while broker Daniel from Daniels Properties is working with a buyer customer. Susan is representing the seller. Who is Daniel representing? - CORRECT ANSWER: The seller. Buyer only agency - CORRECT ANSWER: A brokerage firm who will only represents buyers.
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