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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

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:
The agent works for or on behalf of a:
A broker has the power to terminate an agency agreement early:
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:
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:
Actual awareness of a falsity, deception, or unfairness of an act under DTPA 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?
Usually, a defamation claim requires evidence of:
The TAR Buyer Representation Agreement in our textbook:
A business practice may not be ethical, even if it is legal.
Which of the following is NOT a principal's duty to an agent?
The report used to give a seller or buyer an indication of market value is called an:
Real estate agents who are independent contractors generally get paid:
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?
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:
When actions lead another person to assume that one is an agent this is known as:
A licensee must present the Information About Brokerage Services form:
Which of the following is a statutory defense for a lawsuit brought about by DTPA?
All of the following are included in the Canons of Professional Ethics for real estate licensees, EXCEPT:
In Texas, Worker's Compensation must be paid for real estate agents by brokers.
Your company sends out a memo that there is a mandatory sales meeting this week for the sales agents.
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:
A broker is obligated to treat which of the following fairly?
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:
The Tax Equity and Fiscal Responsibility Act has which of the following tests for independent contractor status?
Which of the following is an element of a listing?
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 listing agreement should contain:
The IABS should be presented as the buyer is about to write an offer.
Listings may be terminated by:
Confidential information between client and agent should be:
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 is not required to provide the I.A.B.S. when the licensee meets with a party who is:
A termination date in a listing agreement must be:
A fiduciary relationship is based upon:
Which of the following is the real estate licensing authority in Teas?
The most limited of all the agency relationships is called:
One who hires an agent is called a:
An agent is not liable for a misrepresentation or concealment of material fact by a party if:
In some states other than Texas, the most common method of dealing with in-house transactions between client buyers and sellers is:
If a broker dies, what happens to the listing with the seller?
Commission rates are set by?
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:
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?
Disclosure of representation may be:
If a broker represents the buyer's agent and the listing agent, the broker will be the:
If a broker's agents are independent contractors, there can be a policies and procedures manual for the agents, however,
A real estate brokerage firm that practices buyer agency only, has a lot of intermediary transactions.
The written document is evidence that the agency relationship exists and provides the agent with:
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.
When the broker is given notice of termination by the principal, the broker must:
An exemption to using the Information About Brokerage Services form is:
__________ 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.
Which of the following events that happened, or is believed to have happened, on a property can "stigmatize" it?
All licensees are Realtors.
It is always a good idea to have:
Real estate agents owe certain non-fiduciary duties to customers, such as:

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