AYPO Real Estate Law of Agency Final Exam Review UPDATED ACTUAL Questions and CORRECT Answers
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Course
AYPO Real Estate Principles of Real Estate
Institution
AYPO Real Estate Principles Of Real Estate
AYPO Real Estate Law of Agency Final
Exam Review UPDATED ACTUAL
Questions and CORRECT Answers
Real estate agents are considered to have which kind relationship with clients? - CORRECT
ANSWER- A fiduciary relationship
Acting as which of the following is a violation of The Real Estate License...
AYPO Real Estate Law of Agency Final
Exam Review UPDATED ACTUAL
Questions and CORRECT Answers
Real estate agents are considered to have which kind relationship with clients? - CORRECT
ANSWER✔✔- A fiduciary relationship
Acting as which of the following is a violation of The Real Estate License Act? - CORRECT
ANSWER✔✔- 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? -
CORRECT ANSWER✔✔- 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? - CORRECT ANSWER✔✔- 1. The seller's agent
2. The seller
3. The buyer
Brokers have which of the following with a client? - CORRECT ANSWER✔✔- Privity of
contract
True or False: Apparent authority is expressly detailed in the contract that establishes the
agency relationship. - CORRECT ANSWER✔✔- 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... - CORRECT ANSWER✔✔- a universal
agent.
, Which one of the following is not one of the commonly recognized fiduciary duties? -
CORRECT ANSWER✔✔- 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? - CORRECT ANSWER✔✔- 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? -
CORRECT ANSWER✔✔- Non-fiduciary duty
The duty of a seller's agent to be loyal to the _______ trumps the duty to be forthright with
the_______. - CORRECT ANSWER✔✔- 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? - CORRECT ANSWER✔✔- Third party
What is private information? - CORRECT ANSWER✔✔- 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? - CORRECT ANSWER✔✔- 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? - CORRECT ANSWER✔✔- The seller
Which of the following is a type of listing agreement? - CORRECT ANSWER✔✔- 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? - CORRECT ANSWER✔✔- In-house sale
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