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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

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:
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 fiduciary relationship is based upon:
Listings may be terminated by:
A licensee must present the Information About Brokerage Services form:
Your company sends out a memo that there is a mandatory sales meeting this week for the sales agents.
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:
In some states other than Texas, the most common method of dealing with in-house transactions between client buyers and sellers is:
All of the following are included in the Canons of Professional Ethics for real estate licensees, EXCEPT:
An exemption to using the Information About Brokerage Services form is:
A termination date in a listing agreement must be:
If a broker dies, what happens to the listing with the seller?
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:
Real estate agents owe certain non-fiduciary duties to customers, such as:
The agent works for or on behalf of a:
Which of the following is a statutory defense for a lawsuit brought about by DTPA?
When the broker is given notice of termination by the principal, the broker must:
Disclosure of representation may be:
Which of the following is NOT a principal's duty to an agent?
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.
A broker must have _______ to act as an intermediary.
A buyer working through XYZ Realty decides not to enter into an agency relationship with them. In a transaction, who would XYZ Realty represent?
The most limited of all the agency relationships is called:
A business practice may not be ethical, even if it is legal.
If a broker's agents are independent contractors, there can be a policies and procedures manual for the agents, however,
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:
A real estate brokerage firm that practices buyer agency only, has a lot of intermediary transactions.
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:
Confidential information between client and agent should be:
Actual awareness of a falsity, deception, or unfairness of an act under DTPA is known as:
All licensees are Realtors.
The report used to give a seller or buyer an indication of market value is called an:
A broker is obligated to treat which of the following fairly?
In Texas, Worker's Compensation must be paid for real estate agents by brokers.
When actions lead another person to assume that one is an agent this is known as:
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:
The written document is evidence that the agency relationship exists and provides the agent with:
Real estate agents who are independent contractors generally get paid:
Which of the following is the real estate licensing authority in Teas?
The IABS should be presented as the buyer is about to write an offer.
The TAR Buyer Representation Agreement in our textbook:
The listing agreement should contain:
Which of the following events that happened, or is believed to have happened, on a property can "stigmatize" it?
If a broker represents the buyer's agent and the listing agent, the broker will:
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?
The Tax Equity and Fiscal Responsibility Act has which of the following tests for independent contractor status?
__________ 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.
Commission rates are set by?
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:
A licensee is not required to provide the I.A.B.S. when the licensee meets with a party who is:
It is always a good idea to have:
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:
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:
Data used for a CMA should be no older than:
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?
A broker has the power to terminate an agency agreement early:
Which of the following is an element of a listing?
Usually, a defamation claim requires evidence of:
One who hires an agent is called a:

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