unit 4 agency/brokerage Flashcards
t/f
TREC-approved form information about brokerage services is a voluntary form containing language mandated by TRELA.
false
t/f
all disclosures of representation must be written disclosures
false
t/f
third parties are owned fiduciary duties
false
t/f
when practicing intermediary brokerage, the sales agent may disclose information about one party to the other party if appointments are made.
false
t/f
the broker must always make appointments if there are two are more associates in the brokerage
false
t/f
confidentiality is the one fiduciary duty that remains forever, even after the representation has ended
true
t/f
when representing both parties in the same transaction, the broker can choose between dual agency and intermediary
false
while working with a buyer, an associate of the listing broker gives advice and opinions to the buyer. must likely, the broker would be considered a single agent of the seller
false
intermediary brokers may appoint themselves to one of the parties if there is only one other associate in the brokerage
false
in a real estate transaction involving intermediary brokerage, if one of the parties is related to a license holder, full disclosure must be given to all parties in the transaction
true
the initial disclosure of an agency relationship may be
oral or written
to act as an intermediary, a broker must have written consent from
each party being represented on the transaction
a broker is required by TRELA to offer certain minimum services to her seller-client. minimum service does not include
telling other brokers to negotiate directly with the client
fiduciary duties demand that an agent be
scrupulous and meticulous in performing the agent’s functions
it may be most reasonably inferred that fiduciary duties demand that a real estate broker, acting as an agent for the buyer in a real estate transaction, please
no personal interest above that of the buyer
agents appointed to each of the parties by an intermediary broker may give
advice and opinions to the party to whom they are appointed
what is a fiduciary relationship?
a relationship between a principal and an agent that involves trust and confidence
which statement is true when a broker is representing the parties in an intermediary transaction?
the appointed associates of the broker may give the parties advice and opinions
a broker already representing both a buyer and a seller now seeks intermediary status. at what stage of a real estate transaction should the broker disclose the potential intermediary status?
before entering into an agency relationship with each potential client
at the first substantive dialogue with a party concerning a specific property, the license holder must
provide the mandatory written statement outlining the agency relationships allowed in brokerage services in texas
the information about brokerage services form is required to be presented
when a party is not already represented by another license holder
the information about brokerage services form is
an information brochure
the IABS form may be provided
by all of these methods of delivery
all of the following are true regarding the IABS form except
the form is mandatory in content but voluntary in form
a business website would include all of the following except
a website not used to attract or conduct real estate brokerage activity
a seller or an agent has no duty to release information related to whether a death occurred on the property if the death was due to any of the following except
an accident related to the condition of the property
which of the following is a license holder prohibited from disclosing?
a previous or current occupant had or has HIV/AIDS
all of the following are required disclosures except
a previous or current occupant had or has HIV/AIDS
with all proper disclosures having been made, intermediary status will occur if the buyer-client chooses to
make an offer on his broker’s listing
in an intermediary transaction, all of these statements are true except
the broker is an agent of the seller
in an intermediary transaction, the broker may appoint
one or more licensed associated to communicate with and carry out instruction of the parties
a listing agent has a duty to present which of the following offers to a seller?
a full-price offer
an offer at 10% below asking price
an offer written by a buyer’s agent
the language of TRELA regarding a broker’s representation of more than one party to a transaction allows for the multiple representation to commence and continue orally as long as the agreement is placed in writing before closing.
false; nothing allows an intermediary relationship to be maintained by oral agreement
which statement is true when a broker is representing the parties in an intermediary transaction?
the appointed associates of the broker may give the parties advice and opinions
the broker should disclose the “possibility” of intermediary status at the time the buyer and the seller enter into an agency relationship with the broker and get written authorization should intermediary take place. an agency responsibility that requires the agent to protect the client and place the client’s interests above that of the agent is known as
a fiduciary duty
the fiduciary relationship that arises when one person (a principal) manifests assent to another person (an agent) that the agent shall act on the principal’s behalf and is subject to the principal’s control, and the agent manifests or otherwise consents so to act is called
an agency relationship
an agent would not owe fiduciary duties to
a customer
a sales agent owes fiduciary duties to
the client
an unlicensed assistant may do all of the following except
show property for sale
an unlicensed assistant may do all of the following except
solicit listings
