Texas Law of Agency - Chapter 1
Intermediary
A broker who represents both the buyer and seller in the same transaction operates as a/an...? Intermediary Partner Associate Exclusive broker
Common law
A law that is made by a judge's decision in a court case is known as...? Statutory law Real estate law Common law Civil law
Statutory law
A law that is written by a legislating body is known as...? Statutory law Real estate law Common law Civil law
Associate broker
A licensed real estate broker who chooses to work under the name and supervision of another licensed broker is known as a/an...? Real estate salesperson Associate broker Trustee Broker partner
T (True)
A real estate broker owes fiduciary duties to his/her principal...? T (True) F (False)
The principal
A real estate broker works for which of the following in a transaction...? All of the above The lender The principal The customer
A sponsoring broker
If an individual works as an associate broker, who must they work under...? An associate licensee A sponsoring broker An associate broker does not work under anyone A real estate salesperson
Client
Prior to signing a listing agreement, a party in a real estate transaction who will employ an agent is known as a/an...? Independent contractor Partner Client Associate
Texas Real Estate License Act
The acronym TRELA stands for which of the following...? Texas Real Estate License Association Texas Real Estate License Act Texas Real Estate Legal Act Texas Real Estate Legislation Act
Principal
The party that the listing contract is with is referred to as the...? Principal Partner Associate Subordinate
Customer
The party the agent brings to the principal as a seller or buyer of the property is known as a/an...? Customer Client Partner Associate
Texas Real Estate License Act
The rules and regulations regarding real estate licenses in Texas are described in which of the following...? Texas Real Estate License Act Texas Real Estate Law Texas Bureau of Real Estate Article 12-A of the State Real Estate Law
Agency
This refers to the relationship between a principal and the principal's agent which arises out of a contract, either expressed or implied, written or oral, wherein the agent is employed by the principal to do certain acts dealing with a third party..? Agency Brokerage Joint venture Partnership
A real estate broker
Which of the following can legally employ a real estate salesperson to work on their behalf...? Another real estate salesperson A real estate broker An associate broker A real estate associate
All of the above
Which of the following can serve as a principal...? Seller Buyer Lessor All of the above
TREC
Which of the following is responsible for enforcing TRELA...? NAR TAR TREC Texas Attorney General
The lender
Which of the following orders the appraisal for a transaction...? The broker The lender The agent The seller
A principal
Which of the following receives advice, or an opinion, from a real estate broker...? A principal A customer A neutral third party All of the above
Real estate broker
A person acting as the agent for others in negotiating the purchase and sale of real property for a fee is known as a/an...? Real estate broker Client Customer Attorney
Fiduciary
A person in a position of trust and confidence is known as a/an...? Partner Associate Fiduciary Subordinate
Listing contract
Agency between a broker and principal is created through a/an...? Listing contract Independent contractor agreement Any of the above Purchase contract
Fiduciary duties
Ely is a real estate broker who represents that seller in a transaction. Ely owes which of the following to the seller...? Intermediary duties Common duties Fiduciary duties All of the above
Agent
One who acts for and with authority from another, called the principal, is known as a/an...? Agent Partner Attorney Employee
Independent contractor
Real estate agents operate as a/an ................to their sponsoring broker? Partner Independent contractor Client Employer
1949
The Texas Real Estate Commission was created in what year...? 1949 1963 1988 2001
Fiduciary Duty
The duty to not to obtain any advantage over a principal by the slightest misrepresentation, concealment, duress or pressure is known as a...? Common duty Fiduciary duty Statutory duty Professional duty
F (False)
The real estate broker is responsible for ordering the appraisal for a transaction...? T (True) F (False)
