Law of Agency Exam ch. 1-4

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  1. Broker Bentley, while acting as an agent for another is a:
    fiduciary
  2. The duty to employ prudence and caution so as to avoid misrepresentation, in anywise, by acts of commission or omission, is mandated by the duty of:
    integrity
  3. There has been an increased emphasis on professionalism in the real estate industry. Professionalism is a term that generally indicates:
    high levels of education
  4. Salesperson Sally has agreed to show her next door neighbor's house while the neighbor is in Europe, but would not consider charging her neighbor a fee.  This would be an example of:
    gratuitous agency
  5. Which of the following would create the most liability for the real estate agent?
    Dual agent
  6. Bobbie broker helps her best friend sell her house but of course charges no fees.  What would be true regarding this "gratuitous" agency?
    Bobbie would still owe fiduciary duties to her friend
  7. When the conduct on the part of the principle would lead a reasonably prudent person to believe that the agent had the authority he or she purports to exercise, the agency created would be called:
    all of the above: agency by ostensible authority, agency by estoppel, apparent authority
  8. Broker Bruce, without Harvey's knowledge, brings Harvey an offer to purchase his office building.  Harvey likes the offer and accepts it, and in so doing has established what agency relationship with Bruce?
    Agency by ratification
  9. After completing all her required real estate courses with flying colors, Sara Beth is ready to get to work.  She may legally do which of the following?
    Sublease real estate as a principle for profit
  10. Hagen, a broker, frequently employs an answering service or unlicensed clerical personnel who, identified as such, confirms information concerning size, price and terms of advertised property.  This activity:
    is not prohibited by License Act
  11. Which of the following statements best describes a net listing?
    a listing agreement in which the broker's commission is the difference (net) between the sales proceeds and an amount desired by the owner
  12. As set out in 1101.005 of the license act, which of the following would be exempt from licensure?
    all of the above: a public official in the conduct of his official duties, an on-site manager of an apartment complex, a person acting under court order or under the authority of a will or written trust instrument
  13. Justin has agreed to sell the Blakely's house. Justin's role, resulting from the agreement, can be best described as:
    a special agency
  14. In the concept of real estate brokerage, one may think of the sponsoring broker-salesperson relationship as being:
    a general agency
  15. Under new rules of the Commission regulations, each sponsoring broker must deliver or otherwise provide correspondence on:
    all of the above; all TREC activities, all proposed rules, new rules adopted by TREC
  16. Paige has discovered that her seller has intentionally neglected to disclose a latent defect in the property she has just listed. Paige should:
    have a long, careful conversation with the seller and keep notes and backup information
  17. Representing Sammy Seller, Barney Broker has the primary duty of obtaining for Sammy the highest price then obtainable and know to Barney.  This duty is called the duty of:
    performance

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Author:
Blue2xa88
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315954
Filename:
Law of Agency Exam ch. 1-4
Updated:
2016-03-01 12:37:16
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Law Agency Exam
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Law of Agency Exam ch. 1-4
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