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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

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

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