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Law of Agency – Practice Test

May 11, 2017 Leave a Comment Written by MrBeeToe

Law of Agency – Practice Test

Welcome to your Law of Agency - Practice Test

Sam listed his property with three different real estate brokers at the same time. In each agreement he reserved the right to sell the property himself without paying a commission. The type of listing that Sam signed with each broker was an:
Commission rates are set by?
The most limited of all the agency relationships is called:
A licensee is not required to provide the I.A.B.S. when the licensee meets with a party who is:
The agent works for or on behalf of a:
If an unlicensed assistant acting as a transaction coordinator called a buyer to discuss some title issues and also to mention that rates are down and that they should consider an FHA loan versus a conventional loan, we could say that she:
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 a:
Which of the following events that happened, or is believed to have happened, on a property can "stigmatize" it?
Real estate agents owe certain non-fiduciary duties to customers, such as:
Broker Steve, having no agents, is a solo practitioner. He has a buyer client that wants to purchase one of his listings. The process that Broker Steve must use is:
Confidential information between client and agent should be:
In Texas, Worker's Compensation must be paid for real estate agents by brokers.
Disclosure of representation may be:
The IABS should be presented as the buyer is about to write an offer.
If a broker sells a property on behalf of a seller without a signed listing agreement, the courts will most likely declare that the broker is:
Listings may be terminated by:
When actions lead another person to assume that one is an agent this is known as:
Which of the following is a statutory defense for a lawsuit brought about by DTPA?
The Tax Equity and Fiscal Responsibility Act has which of the following tests for independent contractor status?
A termination date in a listing agreement must be:
Which of the following is NOT a principal's duty to an agent?
A broker has the power to terminate an agency agreement early:
Jerome is a licensed agent who wants to sell his mother's home. Jerome has the property listed with his brokerage firm and finds a buyer himself to buy his mother's home. Jerome should:
If a broker dies, what happens to the listing with the seller?
If a broker's agents are independent contractors, there can be a policies and procedures manual for the agents, however,
If both the listing agent and the buyer's agent work for the same realty in a transaction, they are most likely be acting as:
A business practice may not be ethical, even if it is legal.
A broker is obligated to treat which of the following fairly?
__________ means that, if a single agent in the firm is working with both buyer and seller, another agent in the firm needs to be brought into the transaction so appointments can be made.
The TAR Buyer Representation Agreement in our textbook:
Actual awareness of a falsity, deception, or unfairness of an act under DTPA is known as:
A broker must have _______ to act as an intermediary.
The written document is evidence that the agency relationship exists and provides the agent with:
One who hires an agent is called a:
Real estate agents who are independent contractors generally get paid:
Data used for a CMA should be no older than:
Your company sends out a memo that there is a mandatory sales meeting this week for the sales agents.
A buyer working through XYZ Realty decides not to enter into an agency relationship with them. In a transaction, who would XYZ Realty represent?
If a broker represents the buyer's agent and the listing agent, the broker will be the:
An agent is not liable for a misrepresentation or concealment of material fact by a party if:
Activity which causes a third-party to believe that an agent has authority which in fact was not granted by a principal to the agent is known as:
A real estate brokerage firm that practices buyer agency only, has a lot of intermediary transactions.
Usually, a defamation claim requires evidence of:
The report used to give a seller or buyer an indication of market value is called an:
An exemption to using the Information About Brokerage Services form is:
It is always a good idea to have:
Agent Sean is working with a buyer that has chosen not to enter into an agency relationship with him. If the buyer bought a house through Sean, who is representing the buyer?
Which of the following is the real estate licensing authority in Teas?
A licensee has a listing with a seller and has a buyer's representation agreement signed with a buyer who desires to purchase this agent's listing. How is the agent operating?
A property is sold by LMNOP Realty. The buyer worked through XYZ Realty, but decided not to enter into an agency relationship with XYZ Realty. What type of transaction is this?
A fiduciary relationship is based upon:
When the broker is given notice of termination by the principal, the broker must:
A licensee must present the Information About Brokerage Services form:
All of the following are included in the Canons of Professional Ethics for real estate licensees, EXCEPT:
The listing agreement should contain:
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.
Which of the following is an element of a listing?
If a broker represents the buyer's agent and the listing agent, the broker will:
All licensees are Realtors.
In some states other than Texas, the most common method of dealing with in-house transactions between client buyers and sellers is:

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