Law of Agency- 2

Information About Brokerage Services must always be printed in ___ point type

12

Jones v Alfred H. Mayer Company occurred in:

1968

The ___ amendments to the fair housing laws protect families with children. Anyone under the age of __ is considered to be a child.

1988-18

The core real estate course, Law of Agency, was established by an amendment to the TRELA in:

1993

How many companies are required in a subagency relationship?

2

All licenses are required to renew their license every ___ years and ____ hours of ethics and ____ hours of legal is required in order to renew a license.

2, 3, 3

Information About Brokerage Services must be given to potential buyers, sellers, tenants, and landlords at the:

After the listing is taken

After the agency relationship has been established, the broker is the agent of the ___, and the sponsored salesperson is the agent of the ____.

Client --- Broker

Representing that goods are new if they are not, representing that something is of a particular brand if it is not, or advertising goods with the intent to sell them as advertised is a violation of:

DTPA

In the TAR Residential Real Estate Listing Agreement Exclusive Right to Sell from the broker is authorized to execute documents in the name of or on the behalf of Seller concerning the property.

False

"The whole system or set of rules made by the government of a town, state, or country" is the definition of:

Law

The listing broker may cooperate with the buyer's broker or a subagent. Often the commission for all brokers in the transaction are paid by the:

Seller

The listing agreement most used in Texas is the:

TAR Residential Real Estate Listing Agreement Exclusive Right to Sell

The listing broker agrees to pay the other broker in the:

TREC sales contract

In open listing:

The only listing broker who receives a commission is the broker who produces a buyer that closes on the property

In a net listing:

The seller states the amount he/she wishes to net from the sale ad the broker is allowed to keep anything above that amount.

Who is responsible for the acts of the salesperson?

The sponsoring broker

All parties to the transaction must be treated honestly and fairly, but only the client is owed a fiduciary relationship.

True

Express agency may be created by an oral or written agreement in this agreement the duties of the broker are stated.

True

The Broker may never accept or reject an offer for the seller.

True

The broker or his sponsored salesperson must always discuss the types of agency offered by the company with the seller or buyer so the seller or buyer can make a decision about how they wish to be represented.

True

An offer made by a buyer who would like to buy the property if the first contract does not close is:

a backup offer

A broker with a buyer's representation agreement in place is more likely to show all properties that meet the needs of the buyer. These include:

a) FISBOs b) foreclosures c) property not yet on the market ALL OF THE ABOVE

What advice would an agent give to the seller?

a) advice about market conditions and financing options b) advice about preparing the property for sale and negotiating contracts BOTH A & B

The clients duties include:

a) compensation and cooperation b) indemnification c) information ALL OF THE ABOVE

Examples of employment agreements are the:

a) listing agreement b) buyer's representation agreement

The amount of commission is set in the:

a) listing agreement b) property management agreement c) buyer's agreement ALL OF THE ABOVE

The TRELA does not require disclosure if a death occurred on a property by:

a) natural causes b) suicide c) accident unrelated to the condition of the property ALL OF THE ABOVE

TRELA states that a broker may act as an intermediary between parties to a real estate transaction if:

a) the broker obtains written consent from each party for the broker to act as intermediary in the transaction b) the written consent of the parties states the source of the expected compensation to the broker BOTH A & B

The agency relationship will terminate if:

a) the broker or the client dies b) the agreement has completed c) the agency agreement expires ALL OF THE ABOVE

The One to Four Residential Contract (Resale) is the form used to make an offer on a property. It becomes the contract when:

all the parties have signed

A listing broker is not required to:

allow subagency

A salesperson's licenses must:

be kept in the sponsoring broker's custody and control

When the buyer is represented as a client, a fiduciary duty is owed to the

buyer

Brokers often act as intermediary and are involved in extensive negotiations between an owner and a tenant in

commercial listing

Most lawsuits involve issues of who did or did not represent whom. The number of lawsuits are:

decreasing

When a broker is working with a buyer customer, the broker can:

deliver the offer to the seller's broker

Honesty and _____ are owed to the customer and all ____ latent defects must be disclosed to the buyer customer.

disclosure --- material facts

Intermediary is not limited to residential transactions. It will also be applied to:

farm and ranch and commercial and industrial leasing transactions when both parties are represented by the same broker

The Code of Ethics requires the buyer's agent to disclose to the seller's agent that they represent the buyer at the:

first contact

In order for the agent to sue for a commission in a court of law, the agent must

have a written agreement with the principal

In most companies, the salespeople are

independent contractors

When the broker is aware of the agency relationship and has disclosed the relationship to all parties to the transaction

intentional duel representation

A personal assistant

is not required to be licensed by TREC

A defect that is known to the seller and hidden from the buyer is a:

latent defect

Something that affects the property or the health of the residents of the property is called a:

physical stigma

The practice of several brokers agreeing to all charge the same amount of commission is called

price fixing

To praise extravagantly is the definition of:

puffing

The Civil Rights Act of 1968 was amended in 1974 to include:

race

When the salesperson leaves the sponsorship of the broker, the buyer's agreement:

remains with the broker

______ is the chance of something going wrong and the danger that injury, damage, or loss will occur.

risk

Commissions are paid to the salespersons and the broker associates by the:

sponsoring broker

In 1993 the legislature created:

statutory dual agency

The broker working with a buyer customer and representing the seller through the sellers broker is a:

subagent?

When the listing broker shows the listing to someone and implies that the broker is representing that person, it is

unintended dual representation

An agent who performs any acts or transactions the principal may perform is a:

universal agent

Confidential information is confidential forever or

until the principal gives the agent written permission to release the information.

A listing broker is considered to have earned the commission:

when the broker procures a ready, willing, and able buyer