CH6

Statutory dual agency was revoked in what year...?

1996

In order to become a real estate broker in Texas, a real estate salesperson must be active for ...........out of the previous five years?

4

A real estate salesperson must work under...?

A sponsoring broker

TRELA considerers which of the following as a fair and impartial act by a broker when acting as an intermediary...?

Appointing separate associate licensees to represent the seller and buyer

John is a real estate broker who is looking to act as an intermediary in a transaction. John gives the parties the Intermediary Relationship Notice form. Which of the following parties needs to sign the form...?

Both the buyer and seller

Daniel is a real estate salesperson in a transaction. Daniel serves as a fiduciary to which of the following parties...?

Both the principal and Daniel's sponsoring broker

Section 1101.559 of the Texas Real Estate License Act describes which of the following...?

Broker acting as an intermediary

When an agent represents both sides to a transaction, which of the following parties is responsible for the agency relationship...?

Common law

Which of the following practices are prohibited in an intermediary brokerage transaction...?

Disclosing to the buyer that the seller will accept an offer below the asking price Disclosing to the seller that the buyer is willing to pay more than the asking price Disclosing confidential information about either party

Agency can be implied or...?

Express

By signing the Intermediary Relationship Notice, what type of agency is created...?

Express

An agency relationship created by oral or written agreement between the principal and the agent is known as...?

Express agency

A broker must appoint associate licensees to represent the seller and buyer in an intermediary brokerage...?

F (False)

A real estate salesperson serves as a ............to their sponsoring broker?

Fiduciary

A real estate salesperson operates as a ..............to their sponsoring broker?

General agent

Abraham was assigned to represent a buyer in an intermediary brokerage. What fiduciary duties does Abraham owe to the seller...?

Honesty

Agency that exists as a result of actions of the parties is known as...?

Implied agency

If a broker serving as an intermediary in a transaction needs to appoint separate licensees to represent both the buyer and seller, what form may be used to satisfy the requirement of written consent...?

Intermediary Relationship Notice

What was created in place of statutory dual agency...?

Intermediary brokerage

Errors and omissions insurance typically does not cover an agent for which of the following...?

Negligent acts

Which of the following sections of TRELA requires written consent for a broker to act as an intermediary...?

Section 1101.559

A real estate salesperson operates as a ..............to their client?

Special agent

Law that is set down by a body of legislation or by a singular legislator is known as...?

Statutory law

Which of the following produces the Intermediary Relationship Notice...?

TAR

If a broker acting as an intermediary assigns licensees to represent both the buyer and seller, who becomes responsible for the agency relationships...?

The broker is always responsible for the actions of the licensees

Who serves as the 'prospect' on the Intermediary Relationship Notice form...?

The buyer

A real estate salesperson who represents a seller owes a fiduciary duty to which of the following parties...?

The real estate salesperson's sponsoring broker and the principal

An associate licensee who was appointed by their broker to represent the seller in an intermediary brokerage can offer opinions and advice to which of the following parties...?

The seller only

Tim is a real estate salesperson who's broker is serving as an intermediary in a transaction. Tim was assigned by his broker to represent the seller in the transaction, while another licensee in the office represented the buyer. Tim is allowed to give advice to which of the following parties...?

The seller only

According to TRELA, a broker may act as an intermediary if he/she obtains written consent from all parties, which states...?

The source of any expected compensation to the broker

TRELA allows a broker to act as an intermediary if which of the following is provided...?

Written consent from all parties

Which of the following is needed in order to allow a broker to appoint associate licensees to represent the seller and buyer in an intermediary brokerage...?

Written consent from all parties