STUDY GUIDE -- AGENCY BASICS – QUIZ I
(Chapters 1,2, & 4)
1.
What is an agent:
2.
What does “representation” mean:
3.
What is a fiduciary relationship:
4.
Does the broker or the salesperson have the agency relationship with a
buyer or seller:
5.
What is the source of law that governs agency relationships:
6.
Are the duties delegated to an agent assignable by the agent:
7.
Distinguish between a general and a special agency:
8.
Who are the parties to an agency relationship:
9.
What is the difference between a “client” and a “customer”;
10.
State the different agency relationships that can exist in a real estate
transaction:
11.
If you sell a house to a buyer, do you automatically represent the buyer:
12.
Explain the ways an agency relationship can be created:
13.
List several situations in which an implied agency can arise:
14.
What is the danger of an implied agency:
15.
Is a written agreement necessary to create agency:
is compensation necessary:
16.
List persons or situation in which there should be representation in a real
estate transaction:
17.
What is the minimum level of service an agent may give in a real estate
transaction:
6/06
18.
What are the duties of:
The agent to the principal:
The subagent to the principal:
The principal to the agent:
The agent to third parties;
19.
How can an agency relationship be terminated:
20.
What is the difference between “renunciation” and “revocation”:
21.
In a Texas transaction can a licensee be a non-agent:
22.
What is an attorney in fact:
23.
Describe and are they practiced in Texas:
Single agent:
Subagent:
Common Law Dual agent:
24.
Discuss undisclosed dual agency, is it ever legal:
25
When is a broker responsible for the misrepresentations of a sub-agent:
26.
What are the agency educational requirements for licensure:
27.
What type of agency is created by a listing agreement:
28.
What is the Texas Administrative Code (TAC):
29.
When do an agent’s fiduciary duties terminate:
30.
What are the two essential elements of an agency relationship:
31.
Does the Broker represent the party that pays the commission:
32.
What does TRELA require regarding the termination of a listing or buyer
representation agreement.:
33.
Define ostensible agency and agency by estoppel:
STUDY GUIDE – INTERMEDIARY PRACTICE – QUIZ 2
(Chapters 8, 9, and Appendix B)
1.
What is the source if the Intermediary relationship law:
2.
What is the danger in the “in house” transaction:
3.
What law has been passed to deal with the problems raised by the “in
house” transaction:
4.
Who is the “intermediary” – the broker, the salesperson, or both:
5.
Must a buyer be represented in order to buy a house:
6.
What is the danger if a buyer is not represented:
7.
Is there any way that a broker can represent both the buyer and the seller
in an “in house” transaction:
8.
What is an in-house transaction:
9.
Discuss single agency and the duties for:
Seller’s agent:
Seller’s subagent:
Buyer’s agent:
10.
If you are showing / selling property from another firm, what type of
agency could be practiced:
What type of agency should be practiced:
11.
When should common law dual agency be practiced:
12.
Does Texas have a statutory dual agency, is common law dual agency the
same thing, is common law dual agency legal in Texas:
13.
In what ways may an “in house” transaction be handled, what is the
preferable way and why:
14.
What are the two types of Intermediary practice:
15.
What is the main importance to the consumer of having a licensee
appointed by the Intermediary broker:
16.
What are the duties and level of service in each type of Intermediary
relationship:
17.
Does the listing agreement, or the buyer representation agreement create
the Intermediary relationship, or is more required, If so what:
18.
How is the Intermediary relationship created:
19.
What information must be contained the the intermediary consent:
20.
Who can make appointments, and how are they made:
21.
Must a broker make appointments, or is it optional with the broker to do
so:
22.
If a broker only has one salesperson, may the broker act as an
intermediary and may the broker make appointments:
23.
To what type of transactions does agency / intermediary law apply:
24.
What precautions should be taken when a salesperson purchases an
in-house listing for herself:
25:
A licensee selling or buying property for himself must disclose:
STUDY GUIDE - AGENCY DISCLOSURE AND INFORMATION – QUIZ 3
(Chapters 10, 11, and Appendix B)
1.
What is the “written information” referred to in TRELA:
2.
What is the “Information About Brokerage Services”:
3.
What information has to appear in the “Information About Brokerage
Services”:
4.
Must the TREC form for the “Information About Brokerage Services” be
used:
5.
To whom should the written information about brokerage services be
presented:
6.
What are the exceptions to presenting the written information:
7.
When should the written information be presented:
8.
In what format must the written information be presented;
9.
What is a “substantive dialogue”:
10.
Must the information about brokerage services be presented in writing
only, or can it be presented orally:
11.
Must the written information or the “Information about Brokerage Services”
be signed, if so, by whom:
12.
Can the “Information About Brokerage Services” be used to authorize an
Intermediary , or any other agency relationship.
13.
To whom are you required to disclose who you represent:
14.
Is disclosure of representation the same as presenting the written
information about brokerage services;
15.
Are there any exceptions to the disclosure of representation:
16.
When should you disclose your representation:
17.
Should the disclosure of representation be done orally or in writing:
18.
What is the penalty for failing to disclose your representation:
19.
What is the penalty for failing to present the written information:
20.
What is the difference between an independent contractor and an
employee. Who determines the status:
21.
Who may broker’s split a fee with – when can a broker pay a referral fee;
22.
Are salespersons general or special agents of the sponsoring broker:
23.
Who is a “foreign broker” :
24.
What are the rules for an associate to advertise his listings;
25.
May a salesperson receive a referral fee;
26.
Does the status of employee or independent contractor affect the agency
status:
27.
May a salesperson be paid a commission directly by a buyer or seller:
STUDY GUIDE – LISTINGS AND BUYER REPRESENTATION – QUIZ 4
(Chapters 5,6, & 7)
1.
Is the agency relationship between the broker and seller or buyer a
general or special agency
2.
Who determines the amount of commission to be paid by the seller:
3.
Who are the principals to the listing and to the buyer rep agreement:
4
Distinguish between an open listing, an exclusive agency and an exclusive
right to sell listing:
5.
Is a listing or buyer rep agreement assignable:
6.
What effect does the death of the sales associate have on the listing:
7.
What effect does the death of the broker have on the buyer rep
agreement:
8.
What is a “net” listing, is it legal, when should it be used:
9.
What is the MLS, discuss its purposes and restrictions:
10.
How may listings and buyer rep agreements be terminated:
11.
How is a buyer’s broker paid:
12.
What are the requirements to collect a commission in Texas:
13.
Which offers must be submitted to the seller:
14.
Who decides the listing price for a house – what is the role of a CMA:
15.
Who does the sub-agent owe fiduciary duties to:
16.
Who owns the listings and the buyer rep agreements:
17.
May an agent take his listings or buyer rep agreements when moving to
another firm:
18.
What is exclusive seller or buyer agency:
19.
What is the seller’s and the broker’s liability for misrepresentations of the
agent and sub-agents:
STUDY GUIDE - DTPA, FRAUD, DISCLOSURE – QUIZ 5
(Chapters 3, 12, & 13)
1.
Distinguish between fraud and misrepresentation:
2.
Distinguish between a latent and a patent defect:
3.
Name five laws that are intended to protect the consumer, and state what
each one covers:
4.
What activities and property does the DTPA act apply to:
5.
Which services rendered by a salesperson/broker are exempt from DTPA:
6.
Does DTPA always cover a personal residence:
7.
Under what circumstances is a licensee exempt from the DTPA
8.
What activities does the DTPA prohibit:
9.
What is the notice provision in the DTPA, what is it for:
10.
Does the DTPA require mediation:
11.
What penalties can a court impose for a DTPA violation:
12.
Distinguish between “knowingly” and “intentionally” and what are the
consequences of each:
13.
What are some defenses to DTPA:
14.
What are some practical ways to protect yourself from a DTPA action;
15.
What does TRELA require the licensee to disclose:
16.
Can a court take the agent’s license:
17.
Can TREC assess damages for the consumer in a DTPA case:
18.
What items is a seller or agent not under a duty to disclose:
19.
Should the presence of AIDS be disclosed:
20
Who must complete the Disclosure Notice
21.
When must the Disclosure Notice be used:
22.
What are the exceptions to the use of the Notice
23.
When does the Notice have to be delivered
24.
What are the consequences of late or non-delivery of the Notice
25.
Who signs the Notice and what do the signatures indicate:
26.
What should the seller do if the information required by the Notice is
not known:
27.
Can the Notice be altered or added to:
28.
What is an “as is” sale and what are the requirements:
29
What is Megan’s law:
30.
Must a death on the property be disclosed: