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LAW OF AGENCY CHAMPI ONS
EXAM NEWEST ACTUAL EXAM
COMPLETE 100 QUESTIO NS AND
CORRECT DETAILED ANS WERS
(VERIFIED ANSWERS) |ALREADY
GRADED A+||BRAND NEW !!
Question 1: Which of the following has the authority to
suspend or revoke a Texas real estate license?
CORRECT ANSWER : TREC
Question 2: Which of the following is an element of a
listing agreement?
CORRECT ANSWER : the agreement to pay a stated
commission, usually a percentage of the sales price
Question 3: The IRS considers which of the following a
violation of independent contractor status?
CORRECT ANSWER : salesperson is told to work set
hours, guaranteed a monthly minimum wage, has his licensing fees paid by the broker
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Question 4: The TAR buyer representation agreement in
our textbook:
CORRECT ANSWER : authorizes intermediary,
authorizes the buyer to give the agent complete loyalty, establishes an exclusive market area
Question 5: The amendments in 1996 to the License Act
state that an agent is not liable for a misrepresentation or
concealment of material fact by a party if:
CORRECT ANSWER : The licensee did not know of the
falsity of the misrepresentation
Question 6: One who hires an agent to represent him is
called a:
CORRECT ANSWER : principal
Question 7: It is always a good idea to have:
CORRECT ANSWER : The seller fill out the Seller's
Disclosure Notice
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Question 8: A real estate brokerage firm that practices
buyer agency only has a lot of intermediary transactions.
CORRECT ANSWER : false
Question 9: Which of the following is a statutory defense
for a lawsuit brought about by DTPA?
CORRECT ANSWER : Written information obtained
from a government record
Question 10: A licensee is not liable for a
misrepresentation or a concealment of a material fact made by a party to a real estate transaction if the seller did not disclose it to the agent.
CORRECT ANSWER : true
Question 11: Actual awareness of a falsity, deception, or
unfairness of an act under DTPA is known as:
CORRECT ANSWER : knowingly
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Question 12: The TREC was established in:
CORRECT ANSWER: 1949
Question 13: An exemption to using the Information
About Brokerage Services form is:
CORRECT ANSWER : a lease for not more than 1 year
Question 14: Listings can be terminated at any time by
mutual agreement
CORRECT ANSWER : true
Question 15: Fiduciaries are:
CORRECT ANSWER : Held to the highest degree of
good faith, Required to exclude selfish interest, Require to make disclosures of all relevant facts
Question 16: According to TREC advertising rules, the
definition of advertisement includes all of the following,