Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

texas real estate exam prep workbook > unit 4 agency/brokerage > Flashcards

unit 4 agency/brokerage Flashcards

1
Q

t/f

TREC-approved form information about brokerage services is a voluntary form containing language mandated by TRELA.

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

t/f

all disclosures of representation must be written disclosures

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

t/f

third parties are owned fiduciary duties

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

t/f
when practicing intermediary brokerage, the sales agent may disclose information about one party to the other party if appointments are made.

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

t/f

the broker must always make appointments if there are two are more associates in the brokerage

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

t/f

confidentiality is the one fiduciary duty that remains forever, even after the representation has ended

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

t/f

when representing both parties in the same transaction, the broker can choose between dual agency and intermediary

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

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

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

intermediary brokers may appoint themselves to one of the parties if there is only one other associate in the brokerage

A

false

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

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

A

true

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

the initial disclosure of an agency relationship may be

A

oral or written

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

to act as an intermediary, a broker must have written consent from

A

each party being represented on the transaction

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

a broker is required by TRELA to offer certain minimum services to her seller-client. minimum service does not include

A

telling other brokers to negotiate directly with the client

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

fiduciary duties demand that an agent be

A

scrupulous and meticulous in performing the agent’s functions

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

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

A

no personal interest above that of the buyer

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

agents appointed to each of the parties by an intermediary broker may give

A

advice and opinions to the party to whom they are appointed

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

what is a fiduciary relationship?

A

a relationship between a principal and an agent that involves trust and confidence

18
Q

which statement is true when a broker is representing the parties in an intermediary transaction?

A

the appointed associates of the broker may give the parties advice and opinions

19
Q

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?

A

before entering into an agency relationship with each potential client

20
Q

at the first substantive dialogue with a party concerning a specific property, the license holder must

A

provide the mandatory written statement outlining the agency relationships allowed in brokerage services in texas

21
Q

the information about brokerage services form is required to be presented

A

when a party is not already represented by another license holder

22
Q

the information about brokerage services form is

A

an information brochure

23
Q

the IABS form may be provided

A

by all of these methods of delivery

24
Q

all of the following are true regarding the IABS form except

A

the form is mandatory in content but voluntary in form

25
Q

a business website would include all of the following except

A

a website not used to attract or conduct real estate brokerage activity

26
Q

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

A

an accident related to the condition of the property

27
Q

which of the following is a license holder prohibited from disclosing?

A

a previous or current occupant had or has HIV/AIDS

28
Q

all of the following are required disclosures except

A

a previous or current occupant had or has HIV/AIDS

29
Q

with all proper disclosures having been made, intermediary status will occur if the buyer-client chooses to

A

make an offer on his broker’s listing

30
Q

in an intermediary transaction, all of these statements are true except

A

the broker is an agent of the seller

31
Q

in an intermediary transaction, the broker may appoint

A

one or more licensed associated to communicate with and carry out instruction of the parties

32
Q

a listing agent has a duty to present which of the following offers to a seller?

A

a full-price offer
an offer at 10% below asking price
an offer written by a buyer’s agent

33
Q

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.

A

false; nothing allows an intermediary relationship to be maintained by oral agreement

34
Q

which statement is true when a broker is representing the parties in an intermediary transaction?

A

the appointed associates of the broker may give the parties advice and opinions

35
Q

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

a fiduciary duty

36
Q

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

A

an agency relationship

37
Q

an agent would not owe fiduciary duties to

A

a customer

38
Q

a sales agent owes fiduciary duties to

A

the client

39
Q

an unlicensed assistant may do all of the following except

A

show property for sale

40
Q

an unlicensed assistant may do all of the following except

A

solicit listings

texas real estate exam prep workbook (4 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions