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57 Cards in this Set
- Front
- Back
One who hires an agent is called a: |
principal |
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The agent works for or on behalf of a: |
client |
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A fiduciary relationship is based upon: |
Trust |
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Which of the following is the real estate licensing authority in Texas? |
TREC |
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Which of the following is a principal's duty to an agent? |
compensation, indemnification, performance |
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A broker must have __________ to act as an intermediary. |
written consent |
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The written document is evidence that the agency relationship exists and provides the agent with: |
express authority |
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The most limited of all the agency relationships is called: |
special agency |
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Activity which causes a third-party to believe that an agent has authority which in fact was not granted by a principal to the agent is known as: |
agency by estoppel |
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When actions lead another person to assume that one is an agent this is known as: |
ostensible agency |
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Disclosure of representation may be: |
either oral or written |
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Jerome is a licensed agent who wants to sell his mother's home. Jerome has the property listed with his brokerage firm and finds a buyer himself to buy his mother's home. Jerome should: |
disclose to the buyer in writing that the seller is his mother |
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Confidential information between client and agent should be: |
kept confidential forever |
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An exemption to using the Information About Brokerage Services form is: |
a lease for not more than 1 year with no sale anticipated |
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Real estate agents owe certain non-fiduciary duties to customers, such as: |
honesty and fairness |
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A broker is obligated to treat which of the following fairly? |
customers, sellers, clients |
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A licensee is not liable for a misrepresentation of a concealment of a material fact made by a party to a real estate transaction if the seller did not disclose it to the agent. |
true |
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Which of the following events that happened, or is believed to have happened, on a property can "stigmatize" it? |
suicide on the premises, paranormal activity, death on the property |
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The listing agreement should contain: |
the legal description of the property |
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Sam listed his property with three different real estate brokers at the same time. In each agreement he reserved the right to sell the property himself without paying a commission. The type of listing that Same signed with each broker was an: |
open listing |
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Data used for a CMA should be no older than: |
6 months |
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The report used to give a seller or buyer an indication of market value is called a: |
Comparative Market Anaysis |
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What is an element of a listing? |
the broker's fee |
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A termination date in a listing agreement must be: |
definite |
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A licensee is not required to provide the IABS when the licensee meets with a party who is: |
represented by another licensee |
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If a broker sells a property on behalf of a seller without a signed listing agreement, the courts will most likely declare that the broker is: |
a volunteer, an agent in a listing agreement that is un-enforceable against the seller, unable to enforce payment of the commission |
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Commission rates are set by? |
client and broker |
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The TAR Buyer Representation Agreement in our textbook: |
authorizes intermediary, is limited to the market area designated in the agreement, authorizes the agent to show properties to competing buyers |
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Listings may be terminated by: |
death, either part - broker or client, mutual agreement |
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When the broker is given notice of termination by the principal, the broker must: |
terminate the listing in the MLS, remove signage and lockbox, if any, and cease all marketing activities |
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A broker has the power to terminate an agency agreement early, |
is the principal is not cooperating with the broker's efforts to market the property |
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If a broker dies what happens to the listing with the seller? |
It automatically terminates |
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Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to purchase Joe's listing. The buyer that Agent Sean is working with has chosen not to enter into an agency relationship with City Realty. In this transaction, who is representing the buyer? |
nobody, because the buyer is a customer |
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Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to purchase Joe's listing. The buyer that Agent Sean is working with has chosen not to enter into an agency relationship with City Realty. In this transaction, who is City Realty representing? |
the seller, because City Realty is a subagent of ABC Realty in this transaction |
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Agent Joe at ABC Realty has a listing. Agent Sean at City Realty has a buyer who wishes to purchase Joe's listing. The buyer that Agent Sean is working with has chosen not to enter into an agency relationship with City Realty. What type of transaction is this? |
cooperative (co-op) |
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A licensee not associated with the client's broker but who is representing the client through a cooperative agreement with the client's broker is known as a: |
subagent |
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Broker Steve, having no agents, is a solo practitioner. He has a buyer client that wants to purchase one of his listings. The process that Broker Steve must use is: |
intermediary without appointments |
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Broker Bob is the broker/owners 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 this transaction, Agents Bill and Sue will most likely be acting as: |
Appointed associated in an intermediary relationship |
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Broker Bob is the broker/owners 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 this transaction, Broker Bob will be the: |
intermediary |
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Broker Bob is the broker/owners 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 this transaction, Broker Bob will: |
remain neutral and refrain from providing advice and opinions to either party |
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A licensee has a listing with a seller and has a buyer's representation agreement signed with a buyer who desires to purchase this agent's listing. How is the agent operating? |
as a non-appointed associate in an intermediary relationship |
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In some states other than Texas, the most common method of dealing with in-house transactions between client buyers and sellers is: |
dual agency |
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A real estate brokerage firm that practices buyer agency only has a lot of intermediary transaction. |
false |
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__________ means that, if a single agent in the firm is working with both buyer and seller, another agent in the firm needs to be brought into the transaction so appointments can be made. |
intermediary with appointments only |
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The IABS should be presented as the buyer is about to write an offer. |
false |
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A licensee must present the Information About Brokerage Services form: |
at the first substantive discussion of a real estate transaction |
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If a broker's agents are independent contractors, there can be policies and procedures manual for the agents, however, |
the broker cannot require mandatory compliance |
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Real estate agents who are independent contractors generally get paid: |
commission |
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Your company sends out a memo that there is a mandatory sales meeting this week for the sales agent. |
the IRS rule on independent contractor status could be violated |
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In Texas, Worker's Compensation must be paid for real estate agents by brokers: |
false |
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The Tax Equity and Fiscal Responsibility Act has which of the following tests for independent contractor status? |
the salesperson signs a written contract with the broker stating the salesperson is not an employee |
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Sally is an unlicensed assistant to Agent Bill at ABC Realty. In her role as a transaction coordinators, Sally recently called a buyer and discussed some minor title issues that turned up in the title search. She also mentioned to the buyer that rates are down, and that, considering the buyer's situation, an FHA loan might be more attractive than a conventional loan. Based on this conversation, we can say that Sally: |
is dealing with issues that should only be discussed by a licensed assistant |
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A business practice may not be ethical, even if it is legal. |
True |
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All of the following are in the Canons of Professional Ethics for real estate licensees |
competency, integrity, consumer information form 1-1 |
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All licensees are Realtors |
false |
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Which of the following is a statutory defense for a lawsuit brought about by DTPA? |
written information obtained from a government record |
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Usually a defamation claim requires evidence of: |
a false statement made to someone other than the person who is allegedly defamed, a false statement, damage to the person allegedly defamed by a false statement |