LAW OF AGENCY CHAMPIONS EXAM, PRACTICE EXAM AND STUDY GUIDE LATEST 2024 ACTUAL EXAM 400 QUESTIONS AND CORRECT DETAILED ANSWERS WITH RATIONALES (VERIFIED ANSWERS) |ALREADY GRADED A+

LAW OF AGENCY CHAMPIONS EXAM, PRACTICE

EXAM AND STUDY GUIDE LATEST 2024 ACTUAL

EXAM 400 QUESTIONS AND CORRECT DETAILED

ANSWERS WITH RATIONALES (VERIFIED ANSWERS)

|ALREADY GRADED A+

LAW OF AGENCY CHAMPIONS EXAM

Which of the following is NOT prohibited by the Texas Real

Estate License Act?

(a) Commingling

(b) Conversion

(c) Confidentiality

(d) Undisclosed Intermediary - ANSWER- (c) Confidentiality

Which of the following would NOT be an example of

Reasonable Care?

(a) Helping the client meet contract deadlines

(b) Assisting the seller to arrive at a reasonable listing price

(c) Recommending the use of independent advisers when

appropriate

(d) Not making the buyer client aware of new listings coming on

the market so that he can focus on one listing at a time -

ANSWER- (d) Not making the buyer client aware of new

listings coming on the market so that he can focus on one listing

at a time

What form must an agent provide to a potential client at the first

substantive discussion of a real estate transaction?

a. Buyer's Representation Agreement

b. IABS

c. Canons of Professional Ethics for Real Estate Agents

d. The VAMA - ANSWER- b. IABS

In real estate, an example of a general agent would be a(n)

_____________.

a. Property manager

b. Escrow agent

c. Cooperative Broker

d. Intermediary - ANSWER- a. Property manager

When an agent and potential party enter into a ____________

discussion of a real estate transaction, the party must be

provided with a TREC-prescribed agency information form.First

contact / orally or written

a. "written-only"

b. "orally only"

c. "face-to-face"

d. "substantive" - ANSWER- (d) "substantive"

The duties of the agent to the principal can be remembered by

using the acronym:

(a) PETE

(b) NEWCAR

(c) OLDCAR

(d) HOTROD - ANSWER- (c) OLDCAR

means that an agent must disclose if he or she is representing his

or her parents or children. - ANSWER- consanguinity

What are two other important laws impact the real estate

brokerage business? - ANSWER- 1. Texas Deceptive Trade

Practices Act

2. Fraud in Real Estate and Stock Transactions

Fraud in a transaction involving real estate or stock in a

corporation or joint stock company consists of a - ANSWER-

(1) false representation of a past or existing material fact,

(2) false promise to do an act,

Under Paragraph (b) of Chapter 23 Fraud, an individual who

misrepresents a property under this section could be liable

for ______________________________ - ANSWER- actual

damages.

Exemplary damages are often referred to as

_______________________ - ANSWER- punitive damages.

Each advertisement must include the following in a readily

noticeable location in the advertisement these 2 thing -

ANSWER- (1) the name of the license holder or team placing

the advertisement; and

(2) the broker's name in at least half the size of the largest

contact information for any sales agent,