Missed Questions on Exam

Question 1

In a property management situation, the ____________ is the general agent of the owner

Answer 1

broker

Question 2

The sales agent cannot be made to

Answer 2

attend sales meetings

Question 3

All listing agreements must have a

Answer 3

definite termination date and the listing term should be long enough to market the property under market conditions at the time

Question 4

______________ means that the principle will protect the agent from suffering a loss due to the agents reliance on information received from the principle

Answer 4

Indemnification

Question 5

The license holder must disclose all facts that he or she knows of or should reasonably be expected to know that

Answer 5

materially affect the value of or desirability of the property

includes disclosure of agency, property condition, and environmental hazards

Question 6

When a broker spends his or her client’s funds without authorization, the broker is guilty of

Answer 6

conversion

Question 7

In Texas, most sellers prepare a Sellers Disclosure notice, and the ______________ is responsible for its accuracy

Answer 7

Seller

Question 8

Agency authority, or rights, may also be a result of “the norm”, or what is considered customary in the business. This authority is defined as

Answer 8

implied authority

Question 9

A broker selling the listing of another broker

Answer 9

cooperative broker

Question 10

Brokers name needs to __________ the size of the largest contact information

Answer 10

half

Question 11

Buyer-tenant representation agreement- there must be a _____________ termination date, and the term could be as short as _________ day or for only one or specifically selected propperties

Answer 11

definite, one

Question 12

When the designated broker of a business entity dies…..

Answer 12

the licenses of agents sponsored by the business entity are placed on inactive status