Law of Agency (5)
Which of the following is typically NOT addressed in a buyer/tenant representation agreement?
Property description
Which of the following is the best practice for license holders to establish a buyer/agency relationship?
A written agreement signed and dated by all the parties to the agreement
When must the Information About Brokerage Services Notice be given to a party in a real estate transaction?
At the first substantive communication
Which of the following is the most widely accepted method of compensation for the buyer's broker in residential sales?
Commission-sharing with the listing broker
Under the TREC-promulgated Information About Brokerage Services Notice, there are blank spaces on the last page that are used for what purpose?
For the person receiving the notice to acknowledge receipt of the notice
A buyer agent provides which of the following services to a buyer?
Has fiduciary duties to the buyer
Alice, a licensed sales associate, transfers sponsorship of her license from Big Tex Realty to Bluebonnet Realty. What is TRUE regarding the buyer agency agreement Alice signed with Jerry while still with Big Tex Realty?
Jerry remains a client of Big Tex Realty.
Is an agency relationship required to work with a buyer in acquiring real estate in Texas?
No, an agency relationship is not required.
Which of the following is a benefit to the broker of having an exclusive buyer agency agreement with a buyer?
Protects the broker's investment of time with the buyer
What is the name of the form that MOST sellers must use to disclose that a property meets Texas Property Code?
Seller's Disclosure Notice
According to its licensing law, which of the following items is required in a buyer-representation contract in Texas?
Termination date
Buyer representation agreements in Texas are promulgated by which of the following entities?
The Texas Association of REALTORS®
A specific termination date is required in a buyer's representation agreement under which of the following laws or rules?
The Texas Real Estate License Act
The buyer/tenant representation agreement belongs to which of the following?
The broker
Assuming there is a valid written buyer representation agreement, what action can the buyer's agent take to receive compensation if the listing broker is never paid once a real estate transaction has closed?
The buyer's agent can request payment from the buyer.
Must a buyer's agent disclose his relationship with a buyer to an owner who is selling a property on her own?
Yes, at first contact
Brokers and agents __________ to provide representation to anyone and everyone that seeks representation.
are not required
The role of the license holder in an exclusive buyer agency agreement is to
assist the buyer in making a purchase.
The fee to be paid to a buyer's broker by a buyer-client is determined by agreement between
buyer's broker and the buyer.
For the person receiving the notice to acknowledge receipt of the notice
provide data relating to market values for properties that the buyer may be interested in purchasing.
Barbara represents Nelson under a written buyer representation agreement. Before signing the buyer representation agreement with Barbara, Nelson spoke with Jerry and explained that he was looking for a two-bedroom condo near downtown Dallas. Jerry did not sign a buyer representation agreement with Nelson, but Jerry did show Nelson the same condo Nelson eventually ended up buying with Barbara's assistance. Jerry believes that he is owed the commission because he was the first one to show Barbara the condo. Jerry is alleging that he is
the procuring cause of the sale to Barbara.
If the seller fails to provide the required Seller's Disclosure Notice by the time specified in the contract, the contract is
voidable by the buyer.
