Texas Law of Agency - Chapter 4
All of the above
A broker must disclose which of the following to their principal...? How the commission is being split with other brokers The broker's opinion of value All of the above If the broker is receiving an additional commission from another party
Express contract
A contract that has been put into words, either spoken or written, is known as a/an...? Express contract Implied contract Statutory contract Substantial contract
Special agency
A listing contract creates what type of agency...? Special agency Specific agency General agency Universal agency
Seller
A listing contract is signed by a broker and a/an...? Seller Buyer Agent Customer
F (False)
A net listing is illegal in Texas...? T (True) F (False)
Sub-agent
A person upon whom the powers of an agent have been conferred, not by the principal, but by an agent as authorized by the agent's principal, is known as a/an...? Exclusive agent Sub-agent Intermediary Prime agent
All of the above
According to a listing contract, a broker agrees to do which of the following...? Put the seller's interests above any others Market the property Represent the property and the seller All of the above
All of the above
How does a broker benefit from an exclusive agency relationship with the seller...? An exclusive agency relationship prevents a conflict of loyalty The broker's liability is limited with the buyer's broker The broker is ensured a commission if they sell the property All of the above
All of the above
How does a seller benefit from an agency relationship...? The seller's property is broadly marketed The seller can receive advice from the broker The seller can receive assistance from the broker when negotiating with a prospective buyer All of the above
Confidentiality
If a broker brings a buyer to a seller, but did not sign a buyers representation agreement with the buyer, which of the following duties is NOT owed to the buyer...? Honesty Fairness Confidentiality Full disclosure
Fairness
If a broker brings a buyer to a seller, but did not sign a buyers representation agreement with the buyer, which of the following duties is still owed to the buyer...? Confidentiality Loyalty Fairness All of the above
Paragraph 5
In an Exclusive Right to Sell Agreement, the broker's fee is listed in which of the following paragraphs...? Paragraph 1 Paragraph 2 Paragraph 5 Paragraph 6
Paragraph 4
In an Exclusive Right to Sell Agreement, the contract term is described in which of the following paragraphs...? Paragraph 1 Paragraph 2 Paragraph 4 Paragraph 6
Paragraph 3
In an Exclusive Right to Sell Agreement, the listing price is listed in which of the following paragraphs...? Paragraph 1 Paragraph 2 Paragraph 3 Paragraph 4
Paragraph 6
In an Exclusive Right to Sell Agreement, the listing services are listed in which of the following paragraphs...? Paragraph 2 Paragraph 5 Paragraph 6 Paragraph 9
Paragraph 2
In an Exclusive Right to Sell Agreement, the property is listed in which of the following paragraphs...? Paragraph 1 Paragraph 2 Paragraph 3 Paragraph 4
A ready, willing, and able buyer
In order to earn a commission, a broker must secure which of the following...? An interested buyer A ready, willing, and able buyer An offer from a buyer A letter of intent from a buyer
Paragraph 1
The parties to an Exclusive Right to Sell Agreement are listed in which of the following paragraphs...? Paragraph 1 Paragraph 2 Paragraph 3 Paragraph 4
Listing contract
This is a contract in which a property owner employs a real estate broker to market the property described in the contract...? Independent contractor agreement Listing contract Purchase contract Sales contract
Net Listing
This is a listing contract which provides that the agent may retain as compensation for agent's services, all sums received over and above a net price to the owner...? Exclusive Right to Sell Agreement Exclusive Agency Agreement Open Listing Net Listing
Express agency
What type of agency relationship is created through a listing contract...? Substantial agency Implied agency Partial agency Express agency
Open Listing
Which of the following is a listing contract given to one or more brokers in which the broker procuring a sale is entitled to the commission, but imposes no commission obligation on the owner when the owner sells the property...? Exclusive Right to Sell Agreement Exclusive Agency Agreement Open Listing Net Listing
Exclusive Right to Sell Agreement
Which of the following listing agreements offers the most amount of protection for the broker...? Net Listing Open Listing Exclusive Agency Agreement Exclusive Right to Sell Agreement
Open Listing
Which of the following listing contracts offers the least amount of protection to the broker...? Open Listing Exclusive Agency Agreement Net Listing Exclusive Right to Sell Agreement
