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LAW OF AGENCY – CHAMPIONS
EXAM QUESTIONS WITH
CORRECT ANSWER S
Question: Which Of The Following Has The Authority
To Suspend Or Revoke A Texas Real Estate License?Correct Answer:: TREC
Question: 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: 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: 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: 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: One Who Hires An Agent To Represent Him Is
Called A:
Correct Answer:: principal
Question: It Is Always A Good Idea To Have: Correct Answer:: The seller fill out the Seller's Disclosure Notice
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Question: A Real Estate Brokerage Firm That Practices
Buyer Agency Only Has A Lot Of Intermediary Transactions.Correct Answer:: false
Question: 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: 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: Actual Awareness Of A Falsity, Deception, Or
Unfairness Of An Act Under DTPA Is Known As:
Correct Answer:: knowingly
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Question: The TREC Was Established In: Correct Answer:: 1949
Question: An Exemption To Using The Information
About Brokerage Services Form Is:
Correct Answer:: a lease for not more than 1 year
Question: Listings Can Be Terminated At Any Time By
Mutual Agreement Correct Answer:: true
Question: 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: According To TREC Advertising Rules, The
Definition Of Advertisement Includes All Of The