Law of Agency Champions Real Estate
Exam: Questions With Complete
Solutions This person hires an agent - Correct Answers ✅The Principal The agent works on behalf of this person - Correct Answers ✅the client (principal) This type of agency allows for the greatest range of authority
- Correct Answers ✅Universal
This is provided to the agent when there is written documentation that the agency relationship exists. - Correct Answers ✅Express authority This is the most limited of all the agency relationships - Correct Answers ✅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 - Correct Answers ✅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) - Correct Answers ✅Ostensible Agency 1 / 4
Law of Agency Champions Real Estate
Exam: Questions With Complete
Solutions If a buyer hasn't signed a buyer's rep agreement, then who is representing the buyer? - Correct Answers ✅No one This establishes a relationship with a broker - Correct Answers ✅The Buyer/Tenant Representation agreement This can be written or oral - Correct Answers ✅Disclosure of Representation These are required to place their own selfish interests behind that of their clients. - Correct Answers ✅Fiduciaries A licensee isn't required to provide the IABS when... - Correct Answers ✅the licensee meets with a party that is already represented A broker is obligated to treat who honestly? - Correct Answers ✅client, customer, and agents Broker must have written consent to act as... - Correct Answers ✅an intermediary IABS form is the property of... - Correct Answers ✅TREC 2 / 4
Law of Agency Champions Real Estate
Exam: Questions With Complete
Solutions 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: - Correct Answers
✅Remain neutral and refrain from providing advice and opinion to either party The IABS should contain - Correct Answers ✅How the broker will be compensated Broker Steve, having no agents, is a solo practitioner. He has a client buyer that wants to purchase one of his listings. The
process that Broker Steve must use is: - Correct Answers
✅Intermediary without appointments A fiduciary relationship is based on - Correct Answers ✅trust 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 to not enter into an agency relationship with City Realty. 3 / 4
Law of Agency Champions Real Estate
Exam: Questions With Complete
Solutions In the above transaction, who is representing the buyer? - Correct Answers ✅No body because the buyer is a customer.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 to not enter into an agency relationship with City Realty.In the above transaction, who is City Realty representing? - Correct Answers ✅The seller, because City Realty is a subagent of ABC Realty in this transaction 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 to not enter into an agency relationship with City Realty.What type of transaction is this? - Correct Answers ✅cooperative (co-op) An exemption to using the Information About Brokerage
Services form is: - Correct Answers ✅a lease for less than
- year with no sale anticipated
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