Third 30 Hours
Before any appointments of licensees can be made, the broker who is acting as the intermediary must receive... A) the written permission of the buyer to appoint licensees B) the written permission of the both the buyer and seller to appoint licensees C) nothing; being granted permission to act as an intermediary also grants permission to appoint licensees D) the written permission of the seller to appoint licensees
B
Real estate commissions are: A) negotiable, and widely varied even within an area B) negotiable, though every are has a common standard ranges C) set by the local real estate commission D) set by law
B
The DTPA is another name for... A) the Deceptive Trades and Products Act B) the Deceptive Trade Practices and Consumer Protection Act C) The Discriminatory Tort Prevention Act D) the Douglas-Tyler-Parkinson Act
B
The fiduciary duties of an agent do NOT apply to: A) agreements between family members where one is the fiduciary B) negotiations over the agency contract C) clients who are terrible people D) agreements where the agent works for a reduced compensation
B
Under standard contract law, a court will normally interpret any unclear clauses in favor of... A) the person who benefited most from the contract B) the person who did not write the contract C) the principal party to the contract D) the person who wrote the contract
B
What is private information? A) Information which could result in identity theft if revealed B) Information about a person which is not public knowledge but which will most likely not result in identity theft if it is revealed C) Social security numbers and bank account numbers D) Information that is protected by a variety of state and federal laws
B
Apparent authority is expressly detailed in the contract that establishes the agency relationship. A) False B) True
A
Brokers have which of the following with a client? A) Privity of contract B) All of these are correct C) Connection of contract D) Contract association
A
Which of these was NOT outlawed by the Sherman Antitrust Act of 1890? A) Taking a commission below market rate B) Group boycotting C) Allocation of markets D) Price fixing
A
The principal may not owe compensation to the agent, if: A) the principal is not happy with the results of the agent's work B) the agent was negligent and caused damages to the principal C) the principal did not fully understand the agency arrangement D) the agent didn't meet the principal's expectations
B
There is only one method for creating an agency relationship. A) True B) False
B
What is the term for a transaction in which licensees from the same brokerage represent both the buyer and seller? A) Cooperative sale B) In-house sale C) Contained transaction D) Insider agreement
B
A broker licensed in a state other than Texas may receive a share of the compensation from a real estate transaction, as long as the broker does not conduct any of the negotiations for which the commission is paid. A) True B) False
A
A broker who fails to make it clear to all parties to a real estate transaction which party he or she is representing is normally punished through which of the following means? A) A suspension of the broker's license B) None of these are correct C) A maximum of 3 months in jail D) A $50,000 fine
A
A non-exclusive right to represent buyer-broker agreement requires the buyer to pay commission to the broker for services rendered. A) True B) False
A
The Real Estate License Act forbids which of the following with regard to advertising? A) Advertising that is purposefully deceptive B) Performance of a broker's price opinion by someone who is not licensed as an appraiser C) Concealment of information regardless of whether it is material to the transaction D) Disclosure of the fact that either the seller or buyer is a real estate licensee
A
A brokerage policy should be regularly updated. A) False B) True
B
A former agent does not owe any duties to a former principal. A) True B) False
B
A licensee inadvertently representing more than one party is normally also... A) a disclosed agent B) an undisclosed agent C) a special agent D) a general agent
B
A real estate licensee is obligated to provide which of the following on a property when negotiating a listing? A) Neither of these are correct B) Both of these are correct C) A comparative market analysis D) A broker price options
B
According to Section 5.008 of the Texas Property Code, a seller's agent does not have a duty to make a disclosure related to whether a death that occurred on the property was caused by _, if it is unrelated to the condition of the property. A) Accident B) All of these are correct C) Natural Causes D) Suicide
B
All real estate contracts (with the exception of property management contracts) are required to contain a... A) continuation option B) termination date C) rescission option D) closure clause
B
An agent does not need to make a disclosure of agency relationship if the property being transacted is commercial property. A) True B) False
B
An independent contractor is more closely monitored by an employer than an employee is. A) True B) False
B
In Texas, a subagent must be associated with the broker he or she is acting as a subagent for. A) True B) False
B
In Texas, buyer representation: A) must be in writing B) does not need to be in writing C) is enforceable by the court if the agreement is oral D) is not typically done
B
In Texas, must a subagent be affiliated with the broker he or she is acting as a subagent for? A) No, unless the subagent is an associate broker B) No C) Yes, unless the subagent is an emancipated sales agent D) Yes
B
Net listings are allowed to be used in Texas, but the listing agreement must: A) not last for more than one month (30 days) B) limit the broker to a specified maximum commission C) specify a minimum commission amount D) contain an advisory that net listings are not advised
B
What is the traditional form of real estate agency? A) Buyer's agency B) Seller's agency C) Dual agency D) Cooperative agency
B
A contract is terminated because the agent neglected to file all of the necessary paperwork to make the contract legal. This contract was terminated by which of the following? A) Completion B) Destruction of the property C) Operation of Law D) Acts of the Parties
C
A misrepresentation: A) is an untrue statement that the person making the statement believes is true B) an untrue statement with fabricated evidence to support it C) is any untrue statement whether or not the person making it is aware it is untrue D) is an untrue statement that the person making knows is untrue
C
A principal becomes disabled and gives authority to an agent to act on behalf of the principal in nearly all circumstances. This type of agent is... A) a unique agent B) a general agent C) a universal agent D) a special agent
C
A subagent is... A) a person who acts on behalf of another B) a single broker employed to represent both the buyer and seller in negotiating the property transaction C) an unaffiliated broker working for the seller's agent who assists the seller's agent with a real estate transaction D) a broker who takes over the listing contract when the original listing broker is unable to continue acting as the seller's agent
C
According to Rule 531.3 of the Texas Administrative Rules, a real estate agent should be informed on which of the following? A) Market conditions affecting the real estate business B) State developments in the real estate industry C) All of these are correct D) National real estate issues
C
Can a broker who is defendant in a lawsuit brought under the DTPA mount a defense by claiming that he or she relied on information provided by another source? A) No B) Yes C) Yes, if the broker shows that he or she received the information in writing, he or she gave the prospective defendant a notice, before consummation of the sales that stated that the outside information was being relied on, and he or she could not have known that the outside information was false or inaccurate D) No, unless the broker can prove that the plaintiff in the lawsuit knew that the information was false
C
Claiming to be a tax professional when you do not actually hold the appropriate professional license can be considered an example of... A) a felony misrepresentation B) negligence C) fraud D) a criminal mistake
C
Exclusive seller agency refers to: A) An arrangement where the agent only works with one selling client at a time B) An arrangement where the agent only represents the seller, and another agent represents the buyer C) A brokerage who only represents sellers D) An agency who works only with luxury properties
C
If an agent has a vested interest in a property transaction: A) They may not only act as an agent in the transaction, but they have extra leeway since it is personal B) They must inform the real estate commission, but may act as an agent in the transaction after that C) They may act as an agent in the transaction, but are required to inform all parties of their personal conflict of interest D) they may not act as an agent in the transaction
C
Real estate advertising must be... A) discriminatory B) efficient C) completely truthful D) interesting
C
Which of the following parties acts as an agent of a sponsoring broker? A) A party selling an apartment building B) An unaffiliated broker C) A sponsored licensee D) An unaffiliated licensee
C
Who does a buyer representation agreement drafted by a sales agent belong to? A) The buyer being represented by the sales agent B) The sales agent who drafted the agreement C) The broker who sponsors that sales agent D) All of these are correct
C
A licensee may have his or her license revoked if he or she does which of the following? A) All of these are correct B) Describe the basic duties and obligations a broker has to a party to a real estate transaction that the broker represents C) Provides the name, license number, and contact information of the license holder's supervisor and broker D) Fails to make clear to all parties to a real estate transaction the party for whom the license holder is acting
D
A non-exclusive buyer-broker agreement: A) is not a type of agreement ever used B) is always not for compensation C) always includes compensation D) can be either for compensation or not for compensation
D
If a broker or sales agent discloses that their client will accept less than asking price: A) they will lose their license, since this is never allowed B) they are betraying the client, but this isn't strictly against the rules C) the are working within the rules of the administrative code D) they must have instruction form the client to do so in writing
D
When setting up a buyer representation agreement, the licensee must make sure that he or she does not do which of the following? A) None of these are correct B) Explain the purpose of the retainer fee to the buyer C) Fail to establish a split commission with the seller's agent D) Promise to do things that are outside their area of expertise
D
Which one of the following is not one of the commonly recognized fiduciary duties? A) Obedience B) Loyalty C) Disclosure D) Punctuality
D
The term "fiduciary" originated from a Latin term which means: A) trust B) truth C) liberty D) justice
A
What duties does a real estate agent have, with regard to the material facts? A) A real estate agent should inform all parties of the material facts B) A real estate agent is responsible for discovering all material facts about a property C) A real estate agent is not responsible for sharing any material facts of which they become aware D) A real estate agent must only inform their own client of the material facts
A
Customer service duties are owed to clients and customers by the agent. The consequences of not performing these well is: A) loss of the agent's license B) customers and clients refusing to work with the agent C) discipline by the Real Estate Commission D) being charged fines by the MLS
B
Which of these provide guidelines to ethical practices for licensees: A) TRELA B) all of these C) NAR D) TREC Rules
B
A person contacts a licensee and expresses an interest to buy real estate. The licensee provides a written document that details the duties of the licensee while acting as an agent and the compensation the licensee expects to receive in return. The persons signs the document. What kine of agency relationship was formed? A) An agency relationship created by estoppel B) A ratified agency relationship C) An agency relationship created by necessity D) An expressed agency relationship
D
A personal assistant without a valid broker's license is allowed to do which of the following? A) Negotiate the lease of real estate B) Auction real estate C) Control deposit of rent from a resident of a single-family residential real property unit D) None of these are correct
D
According to Section 1101.558 of TRELA, which of the following parties must be provided with a disclosure when the first instance of contact occurs? A) Another party to the transaction B) Another licensee who represents another party to the transaction C) Neither of these are correct D) Both of these are correct
D
How are violations of the Real Estate License Act punished? A) Punitive damages B) All of these are correct C) A court ordered injunction D) Suspension or revocation of a license
D
What is the term for someone who possesses a valid broker's license but who is sponsored by another broker? A) A sales agent associate B) A sales broker C) A licensee associate D) A broker associate
D
What is the term for the type of agreement that is formed when the parties didn't establish an expressed agreement but act on all ways as if an expressed agreement exists? A) Implied-expressed B) Implied-in-law C) Implied-by-consent D) Implied-in-fact
D
When filling in a form approved by the Texas Real Estate Commission, the license holder may make changes to the printed contract language: A) under no circumstances B) any time the agreement varies from printed contract language C) only with the approval of their supervising broker D) as is necessary to conform the instrument to the intent of the parties
D
Which of the following is a type of listing agreement? A) Open B) Net C) Exclusive Right-to-Sell D) All of these are correct
D
Which of the following is not a common way in which the buyer's commission can be paid? A) Paid by the buyer B) Paid by the seller C) paid through a retainer fee D) Paid by the financial institution financing the transaction
D
An agent who decides not to continue representing a client may: A) renounce the relationship B) issue a principal revocation C) breach their duties D) abandon the contract
A
In a court case, damages are: A) monetary awards intended to compensate the plaintiff for losses that were suffered due to the actions of the defendant B) the amount of time the court takes to resolve the case C) the defendant's crime D) the exact harm suffered by the plaintiff
A
What is the name of the form created by TREC to help sellers meet requirements of Section 5.008 of the Property Code? A) The Seller's Disclosure of Property Condition B) Disclosure and Property Conditions Report C) Buyer's Information D) The General Disclosure Notice
A
What is the term for a broker who is employed to negotiate a transaction between the parties to a transaction? A) An intermediary B) A dual agent C) A coordinating agent D) A joint agent
A
What is the term for a person or organization that a person interacts with while acting as an agent for a principal party? A) Third party B) Ancillary party C) Non-fiduciary party D) Second party
A
When one or both parties to a transaction are represented by the same agent, it may create a situation of: A) undisclosed dual agency B) intermediary representation C) fraud D) designated agency
A
Which of the following prohibits credit discrimination on the basis of nationality? A) The Community Reinvestment Act B) The Equal Credit Opportunity Act C) The Fair Credit and Equal Opportunity Act D) The Credit Expansion and Improvement Act
B
Which of the following is a reason to study the aspects of agency and agency law? A) Agents who follow the law have a better reputation with the public B) Agents who follow the law are less prone to being held liable for harm suffered by clients or customers C) All of these are correct D) Agents who are well versed in the aspects of the agency roles can project an aura of confidence that can calm a nervous client
C
Which of the following is the only way in the State of Texas to represent more than one party in a real estate transaction? A) Common law brokerage B) Statutory dual agency C) Intermediary brokerage D) Common law dual agency
C
Which of the following is something the broker should do before there is any substantive discussion of seller's agency or listing agreements? A) Advise the seller on the right way to stage his or her property for showings B) Give the seller the Information About Brokerage Services notice C) Contact a broker representing interested buyers D) Request a payment of the brokerage fee from the prospective seller
B
Which of these is NOT a common way of dividing Ethics/Morals? A) Social/Personal B) Reasonable/Unreasonable C) Regulated/Unregulated D) Secular/Religious
B
Which of these is NOT listed as a topic for a brokerage policy to address? A) Agency relationships B) Disciplinary measures C) Management of records D) Advertising
B
The single most important fair housing legislation passed in the last 60 years is the Fair Housing Act, also known as: A) Title X of the Minority Rights Act B) Title XIV of the Accommodation Fairness Act of 1972 C) Title VIII of the Civil Rights Act of 1968 D) Title II of the Protected Classes Act
C
What is the term for a duty owed by an agent to someone who is not the principal party? A) Excess duty B) Non-contractual duty C) Non-fiduciary duty D) Fiduciary duty
C
When considering multiple offers made as a seller's agent, the first offer received: A) should never be accepted, as subsequent offers are usually higher B) should be accepted in the absence of a compelling reason not to C) must be accepted if it is full price and the buyers qualify D) should be given no extra preference over other offers
D
Which of the following is a term that describes the relationship between brokers who are from different brokerages? A) Subordinate B) Cooperative C) Neutral D) Adversarial
D
Which of the following is something that an intermediary is allowed to disclose? A) The maximum price the buyer will pay B) The lowest price the seller will accept C) Both of these are correct D) Neither of these are correct
D
If a broker is also the principal in a sales transaction: A) the other parties to the transaction should be made aware of this B) none of these are true C) they are acting illegally D) they do not need to disclose this unless a problem occurs
A
If a client asks about a topic in which the real estate licensee is not an expert, that licensee should answer: A) that the area lies outside of their expertise as a real estate professional and recommend that the client seek out the advice of a licensed professional B) by giving an educated guess C) by changing the subject D) that real estate is an art, not an exact science, and while they can give advice they can't predict the future
A
Title IX prohibits discrimination by educational programs and activities that receive federal funds on the basis of which of the following? A) Sex B) Race C) Nationality D) Religion
A
Which of the following is not a duty that a broker owes to a sponsored licensee? A) Indemnification B) Disclosure C) Performance D) Reimbursement
B
A real estate syndication: A) is an illegal method of using real estate to profit B) is a network of real estate holdings belonging to one person C) is a group of investors who poll resources to invest in an opportunity D) is another term for a real estate brokerage
C
When a person or organization acted for another person or organization without the official agreement of the principal person or organization, but the principal accepts the actions of the apparent agent, it is called: A) agency by estoppel B) express agency C) agency by ratification D) implied agency
C
An agency relationship may be terminated by: A) incapacity of the agent or principal B) an operation of las C) destruction of the property D) any of these
D
Rule 535.2 of the TREC Rules states that, at minimum, a broker who sponsors sales agents will maintain written policies and procedures to ensure which of the following? A) Each sponsored sales agent complies with TREC's advertising rules B) Each sponsored sales agent maintains their license in active status at all times while they are engaging in activities subject to the TRELA C) Each sponsored sales agent is provided on a timely basis, before the effective date of the change, notice of any change to TREAL, the TREC Rules, or TREC promulgated contract forms D) All of these are correct
D
The most common way that real estate agency relationships end is through: A) rescission B) abandonment C) time expiration D) completion
D
Which of the following should be included in the buyer agent's profile of the buyer? A) All of these are correct B) The maximum monthly loan payment the buyer can afford C) How far away from their place of employment the buyer is willing to live D) The date when the buyer wants to take possession of the property he or she purchases
A
Who has the right to choose whether to disclose non-material stigmas related to a property being sold? A) The seller B) The intermediary broker overseeing the transaction C) The seller's agent D) The buyer
A
With a listing, the listing agent becomes an actual agent of the seller at what point? A) When the listing agreement is signed B) When the agent and seller first begin to discuss strategies for selling C) When the Information About Brokerage Services disclosure is discussed D) When the property goes onto the market
A
According to Section 17.46 of the DTPA, a real estate licensee is forbidden from doing which of the following? A) All of these are correct B) Causing confusion with regard to the licensee's affiliation with a broker C) Advertising buyer brokerage with no intent to actually represent buyers D) Failing to disclose information about a piece of real estate which was known by the licensee at the time of the transaction, if the failure to disclose the information was intended to induce the consumer into a transaction that the consumer would not have entered had the information been disclosed
A
If multiple agents work with a buyer or seller on a transaction, what ultimately determines who receives the commission? A) Whichever agent was the procuring cause of the sale B) Whichever agent worked with the client last C) Which agent put in the most time D) Whoever worked with the client first
A
The Information About Brokerage Services (IABS) form is a disclosure that is required to be given to a potential client: A) at the time of the first substantive dialogue B) at the time the written agreement is signed C) before an offer is written D) before the close of escrow
A
The major differences that determine whether an agent is an employee or an independent contractor are: A) the amount of supervision they receive and the way they are compensated B) whether they work alone or with others C) the amount of hours they work and the way they are scheduled D) whether they receive work-related benefits or not
A
Which of these duties of an agent lasts past the conclusion of the agency relationship? A) Loyalty B) Obedience C) Disclosure D) Confidentiality
D
Which of these is NOT a type of agent discussed? A) Special B) Universal C) General D) Limited
D
Before performing any actions for the principal party, a licensee must make sure that: A) a compensation agreement exists B) an agency relationship exists C) the client can finance the transaction D) they can close the transaction
B
Does a former agent owe any duties to a former principal A) Yes B) No, if agency relationship was terminated by an operation law C) No D) Yes, if the agency relationship was terminated by a mutual decision on the part of the agent and the principal
B
Frank is a real estate broker representing a buyer. When must Frank disclose this fact to the party selling the property the buyer is interested in? A) Never; disclosure of buyer's agency is voluntary B) The first time Frank makes contact with the selling party C) At the closing D) When the buyer submits the initial offer to buy the property
B
If a licensee fails to give a disclosure at the correct time: A) they will be guilty of a crime B) they can be penalized C) the contract will not be valid D) they will not receive their commission
B
Loans covered by the Truth In Lending Act allow the borrower: A) the right change the brokerage's commission rate B) the right of rescission for three days C) the right to change the terms of a loan during the whole escrow period D) the right of first refusal for seven days
B
The _ has been used in the past by courts as a means of identifying an appropriate standard of conduct. A) golden rule B) NAR code of ethics C) TRELA rules D) Fair Treatment Standards
B
The buyer's agent is responsible for ensuring a smooth transaction by seeing that: A) the buyer gets everything they want in the transaction B) no deadlines are missed C) the sellers are cooperative D) the house has no issues requiring repair
B
The duty of a seller's agent to be loyal to the _ trumps the duty to be forthright with the _. A) buyer/buyer B) seller/buyer C) buyer/seller D) seller/seller
B
When a broker employs another broker: A) this arrangement shouldn't happen B) the employing broker is held responsible for the behavior of the employed broker C) they are responsible for each other's behavior D) each broker is responsible for their own behavior
B
Which of the following is NOT a reliable defense against negligence? A) Intervening cause B) Innocent ignorance C) Contributory negligence D) Assumption of risk
B
Which of these is not a common element of a listing agreement? A) Term of the listing B) Seller's reason for selling C) The broker's scope of authority D) The broker's commission and fees
B
With a few exceptions, Texas law prohibits sharing commission with: A) principal brokers B) parties who do not possess a valid real estate license C) agents who worked with the same clients D) agents working on opposite sides of a transaction
B
A broker can reduce and manage their risk by: A) not taking listings B) by implementing a disciplinary scale for agents C) developing a robust and thorough brokerage policy with regard to agency relationships D) keeping a lawyer on staff
C
A buyer-broker agreement will normally charge the broker with the following duties: A) Find properties that the buyer may be willing to purchase B) Review paperwork C) all of these are basic buyer's agent duties D) Conduct a visual inspection of properties the buyer is interested in buying
C
TRELA's primary responsibility is to: A) neither of these B) regulate the actions for members of the Texas Real Estate Commission C) both of these D) provide the basic framework for the behavior of licensees
C
The DTPA is: A) designed to protect consumers from inflated home insurance premiums B) a law updating the requirements of a lender to issue a loan estimate and closing disclosure C) designed to address deceptive trade practices and consumer protections D) meant to require consumers to perform their end of a real estate contrcact
C
The difference between expressed authority and implied authority is: A) Nothing, these terms mean the same thing B) Expressed authority is actually exercised, while implied authority exists but is not used C) Expressed authority is authority that is clearly and specifically granted to an agent, while implied authority is authority not specifically granted to an agent but assumed to be necessary to carry out duties D) Expressed authority is written into an agreement, while implied authority is an oral agreement
C
When determining exactly what constitutes a misleading or prejudicial advertisement: A) if any person of a protected class is offended, the ad is considered prejudicial B) a panel of experts must rule on it C) the "reasonable individual" standard is used D) the intention of the ad's creator is the determinant
C
One of the most important pieces of information a buyer's agent needs about their client is: A) the buyer's geographical preferences B) the buyer's showing schedule C) the buyer's "wants" in a property D) the buyer's financial ability to actually purchase a home
D
Personal assistants in real estate professions _ hold a real estate licnese A) shouldn't B) may never C) must D) may or may not
D
The purpose of the Information About Brokerage Services Form is to: A) to entice customers to work with brokerages B) to encourage people not to use professional real estate representation C) to explain the advantages of working with a real estate professional D) inform the public about how real estate agency works in the state of Texas, so that buyers, sellers, landlords, and tenants can make informed decisions about representation
D
What is the term for a offer that is submitted after a seller has already signed a purchase contract with a buyer? A) A re-offer B) A backup offer C) A contingency D) A counteroffer
B
If a risk can result in a positive outcome, a neutral outcome, or a negative outcome, it is considered to be which of the following? A) A substantial risk B) A pure risk C) An adjustable risk D) A speculative risk
D
A 1031 exchange: A) allows a taxpayer to defer taxes on a real estate transaction in certain circumstances B) allows a taxpayer to escape property taxes C) does not do any of these things D) allows a taxpayer to put aside pre-tax college money
A
A designated agency arrangement must involve: A) two agents with the broker supervising the designated agencies as an intermediary B) designated agency is illegal in Texas and cannot by practiced C) two agents working both as intermediaries D)two separate brokerages working together as intermediaries
A
An employing broker may also be called: A) a sponsoring broker B) a principal broker C) a designated broker D) any of these
D
Do the policies of a brokerage need to be regularly updated? A) No B) No, unless it is mandated by the state C) Yes, if more than one licensee in the brokerage is disciplined by the Texas Real Estate Commission D) Yes
D
A licensee who is representing a buyer is required to treat which of the following in an honest and fair manner? A) the seller B) all of these are correct C) the buyer D) the seller's agent
B
At minimum, the notice that the prospective plaintiff to a lawsuit filed under the DTPA must give to the prospective defendant must be delivered _ before the lawsuit is commenced. A) 1 month B) 60 days C) 1 year D) 90 days
B
The fiduciary duty of "no profit" means that: A) the agent is required to share any profit with the principal B) the agent cannot profit from the principal-agent arrangement in any way C) the agent is barred from making decisions which will specifically benefit the agent, especially at the expense of the principal D) the principal cannot profit from the relationship
C
What is a method a sponsoring broker can employ to make his or her sponsored licensees feel more comfortable when dealing with customers or clients? A) None of these are correct B) Having licensees work with customers and clients as early as possible C) Role-playing exercises that simulate real life encounters between licensees and customers and clients D) Restricting licensee access to customers or clients for a set period of time
C
When is a licensee required to provide a seller with a written statement which contains the disclosure describing services which may be expected from an agent of a seller? A) When the listing contract is signed B) When the seller receives the initial offer from a buyer C) At the time of first substantive dialogue D) Never; this disclosure statement must only be given to buyers
C
Which of the following BEST describes a "stigmatized property"? A) an otherwise nice property in an undesirable area B) none of these C) A property that is considered undesirable or less desireable by some buyers because of a "psychological" event, such as a murder, on or associated with the property. D) a property that has been priced suspiciously low and will not sell
C
When was statutory dual agency in Texas fully replaced by intermediary brokerage? A) 1996 B) 1983 C) 2005 D) 1993
A
Which of the following is one of the primary forms of real estate agency in Texas? A) Buyer's agency B) Strict agency C) Cooperative agency D) Limited agency
A
Which type of damages is intended to punish someone for committing an action? A) Punitive B) General C) Special D) Compensatory
A
A seller who has established a listing contract with a broker benefits from the broker's... A) All of these are correct B) access to resources possessed by the brokerage C) knowledge D) experience
A
What is the term for a termination of an agency relationship that is agreed to by both parties to the relationship? A) Mutual rescission B) Incapacity of the agent and principal C) Ostensible rescission D) Mutual breach
A
Acting as which of the following is a violation of The Real Estate License Act? A) All of these are correct B) Acting as a broker without possessing a valid license issued by the Texas Real Estate Commission C) Acting as an intermediary for more than one party in a transaction D) Participating in a real estate transaction without being affiliated with the listing broker
B
In Texas, the seller's disclosure of property condition: A) is not used at all, since it is the buyer's responsibility to investigate B) is illegal for use in a real estate transaction C) is an optional form D) is legally required in a real estate transaction
C
Real estate agents are commonly which of the following with regard to their clients? A) General agents B) Universal agents C) Special agents D) Secret agents
C
Real estate agents are considered to have which kind relationship with clients? A) a regulated relationship B) an investment relationship C) a fiduciary relationship D) a mutual benefit relationship
C
In Texas real estate, an intermediary is best described by which of the following? A) is a legal advisor in the real estate transaction B) is a coordinator between all parties to a transaction C) is a person or entity who holds title to the house during the real estate transaction D) is a broker who is employed to negotiate a transaction between parties to a transaction in an impartial manner
D
What does the administrative code in Texas say regarding oral and written listing agreements? A) Oral listing are not legal, listing must be written B) Whether an agreement is oral or written is not addressed by the administrative code C) The parties to an agreement may make any kind of agreement they wish to D) They are both legal, but a person may not pursue legal action to collect a commission unless there is a written and signed agreement
D
Which of the following is one of the primary intentions of a law? A) Creating and maintaining order B) Protecting individual rights and freedoms C) Providing people with a reasonable expectation of safety and protection from harm D) All of these are correct
D
Which of these does the IABS NOT list as a standard broker duty? A) Inform client of any pertinent property information that is available to the broker B) Treat all parties to a transaction fairly and honestly C) Put client's interests ahead of brokers D) Provide a legal appraisal of the property to the lender
D