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Champions Real Estate Exam: Law of Agency Exam Questions and Answers
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Champions Real Estate Exam: Law of Agency Exam Questions and Answers 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 ...

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Document information

  • October 30, 2024
  • 89
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • champions real estate exam law of agency exam que

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  • Champions Real Estate
  • Champions Real Estate

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Emillect

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©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Champions Real Estate Exam: Law of

Agency Exam Questions and Answers


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 relationship exists. -

ANSWER✔✔-Express authority


This is the most limited of all the agency relationships - ANSWER✔✔-Special agency


This type of agency is created when a 3rd party believes that an agent has authority that has NOT been

granted by a principal - ANSWER✔✔-Agency by Estoppel


This type of agency is created when actions lead another person to assume that one is an agent

(Example- you have a key to neighbors home and show the property) - ANSWER✔✔-Ostensible Agency


If a buyer hasn't signed a buyer's rep agreement, then who is representing the buyer? - ANSWER✔✔-No

one


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, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




This establishes a relationship with a broker - ANSWER✔✔-The Buyer/Tenant Representation agreement


This can be written or oral - ANSWER✔✔-Disclosure of Representation


These are required to place their own selfish interests behind that of their clients. - ANSWER✔✔-

Fiduciaries


A licensee isn't required to provide the IABS when... - ANSWER✔✔-the licensee meets with a party that

is already represented


A broker is obligated to treat who honestly? - ANSWER✔✔-client, customer, and agents


Broker must have written consent to act as... - ANSWER✔✔-an intermediary


IABS form is the property of... - ANSWER✔✔-TREC


Broker Bob is the broker/owner of ABC Realty. Agent Bill at ABC Realty is a listing agent. Agent Sue, also

at ABC Realty, is working with a buyer who is being represented by the firm. Agent Sue's buyer wants to

purchase Agent Bill's listing




In the above transaction, Broker Bob will: - ANSWER✔✔-Remain neutral and refrain from providing

advice and opinion to either party


The IABS should contain - ANSWER✔✔-How the broker will be compensated

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, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




Broker Steve, having no agents, is a solo practitioner. He has a client buyer that wants to purchase one of

his listings. The process that Broker Steve must use is: - ANSWER✔✔-Intermediary without

appointments


A fiduciary relationship is based on - ANSWER✔✔-trust


Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to


purchase Joe's listing. The buyer that Agent Sean is working with has chosen to not enter into an


agency relationship with City Realty.


In the above transaction, who is representing the buyer? - ANSWER✔✔-No body because the buyer is a

customer.


Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to


purchase Joe's listing. The buyer that Agent Sean is working with has chosen to not enter into an


agency relationship with City Realty.


In the above transaction, who is City Realty representing? - ANSWER✔✔-The seller, because City Realty

is a subagent of ABC Realty in this transaction


Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to


purchase Joe's listing. The buyer that Agent Sean is working with has chosen to not enter into an

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, ©EMILLECT 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED

FIRST PUBLISH OCTOBER 2024




agency relationship with City Realty.


What type of transaction is this? - ANSWER✔✔-cooperative (co-op)


An exemption to using the Information About Brokerage Services form is: - ANSWER✔✔-a lease for less

than 1 year with no sale anticipated


A licensee not associated with the client's broker but who is representing the client through a


cooperative agreement with the client's broker is known as: - ANSWER✔✔-Subagent


This must be in at least 10 point type, must have the exact language prescribed in the License Act


and must be provided to a buyer or seller at the first substantive discussion of a real estate


transaction - ANSWER✔✔-IABS (Information About Brokerage Services)


Jeffrey wants to see property that your company has listed; he does not want to be represented.


The agent must: - ANSWER✔✔-give Jeffrey the IABS form


A licensee must present the Information About Brokerage Services form: - ANSWER✔✔-at the first

substantive discussion of a real estate transaction


A licensee has a listing with a seller and has a buyer's representation agreement signed with a




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