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AYPO REAL ESTATE LAW OF AGENCY FINAL EXAM REVIEW
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AYPO REAL ESTATE LAW OF AGENCY FINAL EXAM REVIEW
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AYPO REAL ESTATE LAW OF AGENCY FINAL EXAMREVIEW
Real estate agents are considered to have which kind relationship with clients? -
Answers-A fiduciary relationship
Acting as which of the following is a violation of The Real Estate License Act? -
Answers-Acting as a broker without possessing a valid license issued by the Texas Real
Estate Commission
Which of the following is a reason to study the aspects of agency and agency law? -
Answers-1. Agents who are well versed in the aspects of the agency roles can project
an aura of confidence that can calm a nervous client
2. Agents who follow the law are less prone to being held liable for harm suffered by
clients or customers
3. Agents who follow the law have a better reputation with the public
A licensee who is representing a buyer is required to treat which of the following in an
honest and fair manner? - Answers-1. The seller's agent
2. The seller
3. The buyer
Brokers have which of the following with a client? - Answers-Privity of contract
True or False: Apparent authority is expressly detailed in the contract that establishes
the agency relationship. - Answers-FALSE
A principal becomes disabled and gives authority to an agent to act on behalf of the
principal in nearly all circumstances. This type of agent is... - Answers-a universal agent.
Which one of the following is not one of the commonly recognized fiduciary duties? -
Answers-Punctuality
According to Section 1101.558 of TRELA, which of the following parties must be
provided with a disclosure when the first instance of contact occurs? - Answers-1.
Another licensee who represents another party to the transaction
2. Another party to the transaction
What is the term for a duty owed by an agent to someone who is not the principal party?
- Answers-Non-fiduciary duty
The duty of a seller's agent to be loyal to the _______ trumps the duty to be forthright
with the_______. - Answers-seller / buyer
, What is the term for a person or organization that a person interacts with while acting as
an agent for a principal party? - Answers-Third party
What is private information? - Answers-information about a person which is not public
knowledge but which will most likely not result in identity theft if it is revealed
What is the name of the form created by TREC to help sellers meet the requirements of
Section 5.008 of the Property Code? - Answers-The Seller's Disclosure of Property
Condition
Who has the right to choose whether to disclose non-material stigmas related to a
property being sold? - Answers-The seller
Which of the following is a type of listing agreement? - Answers-1. Exclusive Right-to-
Sell
2. Open
3. Net
What is the term for a transaction in which licensees from the same brokerage
represent both the buyer and seller? - Answers-In-house sale
A seller who has established a listing contract with a broker benefits from the broker's...
- Answers-1.experience.
2.knowledge.
3.access to resources possessed by the brokerage.
An agency agreement between a supervising broker and their selling client generally
takes a written form as which of the following? - Answers-A listing agreement.
When is a licensee required to provide a seller with a written statement which contains
the disclosure describing services which may be expected from an agent of a seller? -
Answers-At the time of first substantive dialogue
True or false: a non-exclusive right to represent buyer-broker agreement requires the
buyer to pay commission to the broker for services rendered. - Answers-TRUE
Who does a buyer representation agreement drafted by a sales agent belong to? -
Answers-The broker who sponsors that sales agent
All real estate contracts (with the exception of property management contracts) are
required to contain a... - Answers-termination date.
When setting up a buyer representation agreement, the licensee must make sure that
he or she does not do which of the following? - Answers-Promise to do things that are
outside their area of expertise
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