Texas Principles of Real Estate 1: Chapter 4 Quiz

Listing Contract

A contract in which a property owner employs a real estate broker to market the property described in the contract is referred to as the....? Listing Contract Purchase Contract Exclusive Contract Agency Contract

Express Agency

An agency relationship created by oral or written agreement between the principal and the agent is known as...? Express Agency Implied Agency Brokerage General Agency

All of the above

As a seller's agent in a transaction, the agent is required to do which of the following...? All of the above Inform the seller of any material information Present all offers to the seller Answer to the seller

Fiduciary

Real estate brokers have a ................... relationship with the principal? Fiduciary General Universal Special

Principal

The employer of an agent is referred to as the...? Principal Customer Fiduciary Partner

C.O.A.L.D.

Which of the following acronyms summarizes the fiduciary duties a broker owes to his/her principal...? C.O.A.L.D. O.L.D.C.A W.B.V.A. C.A.T.T.L.

Seller

The listing agreement is a contract between the real estate broker and the...? Seller Buyer Agent Customer

Buyer Representation Agreement

When a real estate broker represents a buyer in a transaction, the broker and buyer are bound by which of the following contracts...? Buyer Representation Agreement Listing Agreement Purchase Agreement All of the above

Loyalty

The 'L' in the acronym C.O.A.L.D. stands for which fiduciary duty...? Loyalty License Litigation Listing

Puffing

The Deceptive Trade Practices Act discourages agent from which of the following acts...? Puffing Exclusive agency Indemnification All of the above