AYPO Real Estate Law of Agency Final

AYPO Real Estate Law of Agency Final Exam Review Rated 100% Correct!!Real estate agents are considered to have which kind relationship with clients? - Answer A fiduciary relationship Acting as which of the following is a violation of The Real Estate License Act? - 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? - 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

• Agents who follow the law are less prone to being held liable for harm suffered by

clients or customers

• 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? - Answer 1. The seller's agent

• The seller
• The buyer

Brokers have which of the following with a client? - Answer Privity of contract

True or False: Apparent authority is expressly detailed in the contract that

establishes the agency relationship. - 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... - Answer a universal agent.Which one of the following is not one of the commonly recognized fiduciary duties? - 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? - Answer 1.Another licensee who represents another party to the transaction

• Another party to the transaction

What is the term for a duty owed by an agent to someone who is not the principal party? - Answer Non-fiduciary duty The duty of a seller's agent to be loyal to the _______ trumps the duty to be forthright with the_______. - 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? - Answer Third party What is private information? - Answer information about a person which is not public knowledge but which will most likely not result in identity theft if it is revealed 1 / 2

AYPO Real Estate Law of Agency Final Exam Review Rated 100% Correct!!What is the name of the form created by TREC to help sellers meet the requirements of Section 5.008 of the Property Code? - 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? - Answer The seller Which of the following is a type of listing agreement? - Answer 1. Exclusive Right-to- Sell

• Open
• Net

What is the term for a transaction in which licensees from the same brokerage represent both the buyer and seller? - Answer In-house sale A seller who has established a listing contract with a broker benefits from the broker's... - Answer 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? - Answer 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? - Answer 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. - Answer TRUE Who does a buyer representation agreement drafted by a sales agent belong to? - Answer The broker who sponsors that sales agent All real estate contracts (with the exception of property management contracts) are required to contain a... - Answer 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? - Answer Promise to do things that are outside their area of expertise Which of the following is not a common way in which the buyer's commission can be paid? - Answer Paid by the financial institution financing the transaction The Real Estate License Act forbids which of the following with regard to advertising? - Answer Advertising that is purposefully deceptive When was statutory dual agency in Texas fully replaced by intermediary brokerage?

• Answer 1996
• / 2