Law of Agency - Champions Test Questions With Complete Solutions, Exams of Nursing

Download Law of Agency - Champions Test Questions With Complete Solutions and more Exams Nursing in PDF only on Docsity!

Questions With Complete Solutions

A FIDUCIARY RELATIONSHIP - Correct Answers ✅A RELATIONSHIP WHERE THE AGENT ACTS ON BEHALF OF THE CLIENT A COOPERATIVE BROKER - Correct Answers ✅SELLS THE LISTING OF ANOTHER BROKER UNSCRUPULOUS LICENSE HOLDERS - Correct Answers ✅THE TEXAS REAL ESTATE COMMISSION'S MAIN PURPOSE IS TO PROTECT THE PUBLIC FROM AGENCY - Correct Answers ✅AN AGENCY RELATIONSHIP EXISTS WHEN ONE PERSON ACTS FOR OR ON BEHALF OF ANOTHER PERSON. The licensee did not know of the falsity of the misrepresentation - Correct Answers ✅The amendments in 1996 to the License Act state that an agent is not liable for a misrepresentation or concealment of material fact by a party if: PRINCIPALS HAVE DUTIES TO THEIR AGENTS - Correct Answers ✅COMPENSATION REIMBURSEMENT INDEMNIFICATION PERFORMANCE

Questions With Complete Solutions

THE COMMISSION MAY SUSPEND OR REVOKE A LICENSE -

Correct Answers ✅ACTS NEGLIGENTLY OR INCOMPETENTLY AND FAILS WITHIN A REASONABLE TIME TO PROPERLY ACCOUNT FOR OR REMIT OF MONEY THAT IS RECEIVED BY THE LICENSE HOLDER. Public Responsibility - Correct Answers ✅Honesty Integrity Fairness Disclosure of material facts Accounting of funds held Fiduciary Responsibility - Correct Answers ✅Put the interest of the of the client first Give full disclosure Exhibit trust and honesty Exercise good business judgement Be loyal Be competent Indemnification - Correct Answers ✅MEANS THAT THE PRINCIPAL WILL PROTECT THE AGENT FROM SUFFERING A MONETARY LOSS DUE TO THE AGENT'S RELIANCE ON INFORMATION RECEIVED FROM THE PRINCIPAL.

Questions With Complete Solutions

A COMMON EXAMPLE OF A GENERAL AGENT - Correct Answers ✅IS A PROPERTY MANAGER SPECIAL AGENCY - Correct Answers ✅RELATIONSHIP IS THE MOST LIMITED OF ALL THE AGENCY RELATIONSHIPS. MAY PREFORM ONLY LIMITED DUTIES. Special Agency Relationship With their principals - Correct Answers ✅Seller's agent Buyers agent Landlord's agent Tenant's agent OBEDIENCE - Correct Answers ✅MEANS TO FOLLOW ALL OF THE LAWFUL INSTRUCTIONS OF A CLIENT. LOYALTY - Correct Answers ✅PUTTING THE INTERESTS OF A CLIENT 1ST INTERMEDIARY - Correct Answers ✅IS NOT DUAL AGENY. MANY STATES USE DUAL AGENCY. WE USE INTERMEDIARY TO ADDRESS THE SAME ISSUES.

Questions With Complete Solutions

CONVERSION - Correct Answers ✅OCCURS WHEN A BROKER SPENDS HIS OR HER CLIENT'S FUNDS WITHOUT AUTHORIZATION. A BUYER - Correct Answers ✅CAN ENTER INTO MULTIPLE BUYER REP AGREEMENTS SO LONG AS THE MARKET AREA DOES NOT OVERLAP. A SUBAGENT - Correct Answers ✅LOOK AT A LISTING IN MLS YOU WILL SEE IF SUBAGENCY IS ALLOWED ON THAT LISTING. IF SO, YOU WILL BE PAID. MLS WILL DISPLAY THE COMMISSION TO BE PAID TO A BUYERS AGENT AND WHAT WILL BE PAID TO SECURE THE BUYERS AS CLIENTS - Correct Answers ✅THE GOAL OF PROSPECTING FOR BUYERS IS AGENCY MAY TERMINATE BY - Correct Answers ✅COMING TO THE END OF THE PERIOD STATED IN THE LISTING AGREEMENT. THIS IS CALLED EXPIRATION. MUTUAL AGREEMENT BANKRUPTCY OF EITHER PARTY CONFIDENTIALITY - Correct Answers ✅IS A DUTY THAT SURVIVES TERMINATION OF AGENCY.

Questions With Complete Solutions

THE LIST PRICE OF THE PROPERTY

A DEFINITE STARTING AND ENDING DATE

THE AGREEMENT TO PAY A STATED COMMISSION

AN EXCLUSIVE RIGHT TO SELL LISTING - Correct Answers ✅GRANTS THE BROKER THE EXCLUSIVE RIGHT TO SELL THE PROPERTY. THE BROKER WILL BE PAID THE COMMISSION EVEN IF THE SELLER SELLS THE PROPERTY HIMSELF OR HERSELF. IN A CMA - Correct Answers ✅THE AGENT WILL USED SALES FROM PROPERTIES THAT HAVE SOLD WITHIN THE LAST 6 MONTHS, ACTIVE LISTINGS, AND EVEN EXPIRED LISTINGS. THE BENEFITS OF SELLER AGENCY INCLUDE - Correct Answers ✅MARKETING NEGOTIATIONS ATTENTION TO FINANCIAL AND LEGAL DETAILS USING TIME EFFECTIVELY SAFETY SUBAGENCY - Correct Answers ✅TENDS TO SHOW UP MORE IN SMALL AND RURAL COMMUNITIES.

Questions With Complete Solutions

AN OPEN LISTING - Correct Answers ✅ALLOWS THE SELLER TO LIST WITH MULTIPLE COMPETING BROKERS AND TO SELL THE PROPERTY PERSONALLY WITHOUT LIABILITY FOR PAYMENT OF A COMMISSION. TO AVOID SUBAGENCY - Correct Answers ✅ALWAYS WORK WITH BUYERS WHO ARE CLIENTS. ALL LISTING AGREEMENTS - Correct Answers ✅MUST HAVE A DEFINITE TERMINATION DATE. ALL BUYERS SHOULD BE - Correct Answers ✅PROVIDED WITH AN ORAL OR WRITTEN DISCLOSURE OF REPRESENTATION AT FIRST CONTACT. ONLY A BROKER - Correct Answers ✅MAY EARN A COMMISSION, AND ONLY A BROKER MAY SUE TO COLLECT A COMMISSION. LICENSE HOLDERS - Correct Answers ✅MUST DISCLOSE ALL MATERIAL FACTS THAT HE OR SHE KNOWS OR SHOULD BE REASONABLY EXPECTED TO KNOW ABOUT A PROPERTY. PRICE FIXING - Correct Answers ✅ANY ATTEMPT BY A GROUP OF BROKERS TO SET THE COMMISSION RATES IN THEIR AREA, WHICH IS ILLEGAL.

Questions With Complete Solutions

LICENSE HOLDERS - Correct Answers ✅MUST PROVIDE A LINK TO THE IABS FORM IN A READILY NOTICEABLE PLACE ON THE HOMEPAGE OF THEIR BUSINESS WEBSITE IN AT LEAST 10-POINT FONT. INTERMEDIARY WITH APPOINTMENTS - Correct Answers ✅ONLY 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. THE INFORMATION ABOUT BROKERAGE SERVICES - Correct Answers ✅EXPLAINS THAT A LICENSE HOLDER CAN REPRESENT A PARTY IN A TRANSACTION. A BROKERAGE FIRM THAT HAS A BUYER AGENCY ONLY OR SELLER AGENCY ONLY HAS THE ADVANTAGE OF: - Correct Answers ✅NO UNINTENTIONAL DUAL REPRESENTATION NOT HAVING TO MAKE APPOINTMENTS AVOIDING CONFLICTS OF INTEREST PRESENTING THE IABS TO THE BUYER WHEN THE BUYER IS ABOUT TO WRITE AN OFFER IS THE WRONG TIME - Correct Answers ✅IT SHOULD BE PRESENTED AT FIRST SUBSTANTIVE DIALOGUE WITH THE BUYER.

Questions With Complete Solutions

SALES AGENTS - Correct Answers ✅GENERALLY GET PAID ON COMMISSION RATHER THAN A SALARY OR WAGE. GUIDELINES THE IRS USES TO DETERMINE WHETHER A SALES AGENT IS CLASSIFIED AS AN INDEPENDENT CONTRACTOR INCLUDE - Correct Answers ✅COMMISSION MUST COMPENSATE THE SALES AGENT FOLLOWING A POLICIES AND PROCEDURES MANUAL MAY NOT BE MANDATORY THE SALES AGENTS PAY HIS OR HER OWN BUSINESS EXPENSES THERE ARE NO MANDATORY MEETINGS NO MANDATORY TRAINING SEMINARS NO SET HOURS NO PARTICIPATION IN THE BROKER'S INSURANCE OR RETIREMENT PROGRAM THE TAX EQUITY AND FISCAL RESPONSIBILITY ACT - Correct Answers ✅HAS A THREE-PART TEST SPECIFYING THAT A SALES AGENT IS AN INDEPENDENT CONTRACTOR: MUST HOLD A REAL ESTATE LICENSE MUST BE PAID ON COMMISSION MUST HAVE A WRITTEN CONTRACT WITH THE BROKER SPECIFYING THAT THE SALES AGENT IS NOT AN EMPLOYEE.

Questions With Complete Solutions

owner or the owner's agent. - Correct Answers ✅Advertising Provisions A broker selling the listing of another broker. - Correct Answers ✅Cooperative Broker Does not normally count as the broker's name unless the logo contains either the broker's licensed name or assumed business name (DBA) in full (not a shortened version of it) and the printed name is 1/2 the size of the largest contact information in the ad. - Correct Answers ✅Broker's Logo Act of harming or ruining another's reputation of another person by making a false statement to a third person either by slander (spoken words) or libel (printed words). - Correct Answers ✅Defamation When the designated broker of a business entity dies, the licenses of agents sponsored by the business entity are placed on. - Correct Answers ✅Inactive Status In Texas, teams operate within the brokerage as they do not offer brokerage services that are independent of the sponsoring broker; therefore, a team must not contain any words to that effect. Do Not USE-Misleading company, brokerage, associates. - Correct Answers ✅Team name must not contain

Questions With Complete Solutions

Marketing, negotiations, legal and financial details, time and safety. - Correct Answers ✅Benefits of sellers agency There are three tests for specifying that a sales agent is an independent contractor. 1. The sales agent must hold a real estate license. 2. The sales agent must be paid on a commission basis. 3. The sales agent must have a written contract with the broker specifying the sales agent is not an employee. - Correct Answers ✅Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) Ethics are habits that enable us to act accordingly as persons who are truthful, honest courageous, compassionate, generous, tolerant, and possess integrity, fairness, self- control, and procedure. - Correct Answers ✅The Virtue Approach A license holder who represents a party in a proposed real estate transaction shall disclose, orally or in writing that representation at the time of the license holder's first contact with another party to the transaction or another license holder who represents another party to the transaction. - Correct Answers ✅TRELA, Representation disclosure Is a registered collective membership mark that identifies a real estate professional who is a member of the National

Questions With Complete Solutions

COMPETENCY

CONSUMER INFORMATION

DISCRIMINATORY PRACTICES

THE TERM REALTOR - Correct Answers ✅IS A REGISTERED COLLECTIVE MEMBERSHIP MARK. IT MAY ONLY BE USED BY MEMBERS OF THE NATIONAL ASSOCIATION OF REALTORS (NAR). UNDER THE DTPA - Correct Answers ✅BROKERAGE IS DEFINED AS A SERVICE STATUTORY DEFENSES UNDER THE DTPA ARE - Correct Answers ✅WRITTEN INFORMATION FROM GOVERNMENTAL RECORDS WRITTEN INFORMATION FROM ANOTHER SOURCE WRITTEN INFORMATION CONCERNING A TEST REQUIRED OR PRESCRIBED BY A GOVERNMENT AGENCY DEFAMATION INCLUDES - Correct Answers ✅SLANDER WHICH IS SPOKEN WORDS LIBEL WHICH IS WRITTEN WORDS DEFAMATION IS - Correct Answers ✅A FALSE STATEMENT

Questions With Complete Solutions

MADE TO SOMEONE OTHER THAN THE PERSON WHO IS

ALLEGEDLY DEFAMED

CAUSES DAMAGE TO THE PERSON ALLEGEDLY DEFAMED

VIOLATIONS UNDER THE LICENSE ACT 1101.652(B) INCLUDE -

Correct Answers ✅PUBLISHING AN ADVERTISEMENT THAT MISLEADS OR IS LIKELY TO MISLEAD OFFERING TO SELL OR LEASE A PROPERTY WITHOUT THE KNOWLEDGE AND CONSENT OF THE OWNER OFFERING A PROPERTY ON TERMS OTHER THAN THOSE TERMS AUTHORIZED BY THE OWNER OR THE OWNER'S AGENT MAKING MISREPRESENTATIONS OR FALSE PROMISES PLACING A SIGN ON A PROPERTY FOR SALE OR LEASE WITHOUT THE WRITTEN CONSENT OF THE OWNER OR THE OWNER'S AGENT. DECEPTIVE ADVERTISING INCLUDES ADVERTISEMENT THAT: - Correct Answers ✅IMPLIES A SALES AGENT IS RESPONSIBLE FOR THE BROKERAGE BUSINESS CAUSES SOMEONE TO BELIEVE A PERSON NOT AUTHORIZED TO CONDUCT BROKERAGE IS ENGAGED IN BROKERAGE IS INACCURATE IN ANY MATERIAL WAY OR MISREPRESENTS THE PROPERTY, TERMS, VALUES, SERVICES, OR POLICIES ADVERTISES ANOTHER BROKER'S LISTING WITHOUT PERMISSION AND WITHOUT DISCLOSING THE NAME OF THE LISTING BROKER