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Real Estate Exam: Law Of Agency With Answers

Real Estate Exam: Law Of Agency With Answers

This person hires an agent - The Principal

The agent works on behalf of this person - the client (principal)

This type of agency allows for the greatest range of authority - Universal

This is provided to the agent when there is written documentation that the agency relationship exists. - Express authority

This is the most limited of all the agency relationships - Special agency

This type of agency is created when a 3rd party believes that an agent has authority that has NOT been granted by a principal - Agency by Estoppel

This type of agency is created when actions lead another person to assume that one is an agent (Example- you have a key to neighbors home and show the property) - Ostensible Agency

If a buyer hasn't signed a buyer's rep agreement, then who is representing the buyer? - No one

This establishes a relationship with a broker - The Buyer/Tenant Representation agreement

This can be written or oral - Disclosure of Representation

These are required to place their own selfish interests behind that of their clients. - Fiduciaries

A licensee isn't required to provide the IABS when... - the licensee meets with a party that is already represented

A broker is obligated to treat who honestly? - client, customer, and agents

Broker must have written consent to act as... - an intermediary

IABS form is the property of... - TREC

Broker Bob is the broker/owner of ABC Realty. Agent Bill at ABC Realty is a listing agent. Agent Sue, also at ABC Realty, is working with a buyer who is being represented by the firm. Agent Sue's buyer wants to purchase Agent Bill's listing

In the above transaction, Broker Bob will: - Remain neutral and refrain from providing advice and opinion to either party

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I am a student like you, I create notes to help my fellow students excel amidst tight deadlines and never ending responsibilities. Hope the study materials that you will find here will help reduce your college workload.

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