A license holder is not required to provide the iabs

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Terms in this set (82)

One who agent is acting on the behalf of.

Principal

One who is authorized to act for or in the place of another.

Agent

Founded in trust or confidence. A relationship in trust.

Fiduciary

Seller Kristin meets with angel and likes his plan for marketing her home. She decides to sign a listing agreement with him, thereby creating a _______ relationship.

Special Agency

Broker Susan is representing the seller at we sell it fast Reality while broker Daniel from Daniel Daniels's properties is working with a buyer customer. Susan is representing the seller. Who is Daniel representing?

The Seller

In Texas there is no ____ agency relationship with any party to a transaction.

Implied

The commission charged is negotiated between the ____ and the ____

Seller, broker

A broker's responsibility for disclosure is limited to areas:

Accessible for visual inspection

According to TREC's advertising rules which of the following terms MUST be used in a real estate team name?

Group

License holder must not disclose whether or not a former tenant had ____ to potential buyers

AIDS or an HIV related disease

TREC'S advertising rules require agents to include the broker's name, the brokerage name or the broker's _____ in at least 50%of the largest contact information font on all forms of advertising.

Assumed Name

Any stigma that relates to a material defect in a property must be______

Disclosed

Subagency is:

When a license holder not associated with the sellers broker is representing the seller through a cooperative agreement with the seller's broker.

A license holder is not required to provide the IABS when the license holder meets with a party who is:

Represented by another license holder

Exclusive agency agreements:

Allow the seller to sell the property himself without paying the broker a commission.

All listing agreements must have a definite:

Termination date

The shared information from MLS can used by agents to prepare

Comparative Market Analysis

Who often uses exclusive agency agreements?

Builders who list their properties with a broker for exposure in the MLS

The arguments that buyers sign allowing a broker to represent them is called?

Buyer/Tenant representation agreement

Fee splitting arrangements between brokers are often established in the______

Multiple listing service

What is MLS?

Multiple Listing Service (MLS)

The individual who, through a series of uninterrupted activities or actions brought about the completion of a contract is also known as___

The procuring case of sale

Which of the following is TRUE regarding intermediary rules for a transaction?

* The transaction must be an in house sale
* Both parties to the transaction must be clients of the broker
* The broker must have written consent from both parties

Broker Steve, having no agents is a solo practitioner in the state of Texas.He has a buyer-client who wants to purchase one of his listings. The process that Broker Steve must use is:

Intermediary without appointments

What are the duties and obligations of an intermediary?

*To treat all parties fairly
* To decide whether or not to appoint associates
* To obtain written consent from both parties to act

When a broker In Texas represents both the buyer and the seller the broker is a ___

intermediary

One of the advantages of practicing intermediary is:

The brokerage collects both the listing and selling commission

Which of the following best defines a brokerage policy of no intermediary?

The broker may represent buyers and/or sellers, but will not do so in the same transaction

If one agent in the firm is working with both the buyer and seller, another agent in the firm must be brought into the transaction for ______

Intermediary with appointments

According to the information about brokerage service, a license holder acts as an _____ when aiding a buyer in a transaction without an agreement to represent the buyer.

Subagent

A broker must have _______ to act as an intermediary.

written consent

Your company sends out a memo that there is a mandatory sales meeting this week for the sales agents.

The IRS rule on independent contractor status could be violated.

Confidential information between client and agent should be:

kept confidential forever

In some states other than Texas, the most common method of dealing with in-house transactions between client buyers and sellers is:

Dual Agency

Which of the following is an element of a listing?

The broker's fee.

Commission rates are set by?

client and broker

A termination date in a listing agreement must be:

definite

A broker has the power to terminate an agency agreement early:

if the principal is not cooperating with the broker's efforts to market the property

A fiduciary relationship is based upon:

Trust

A real estate brokerage firm that practices buyer agency only, has a lot of intermediary transactions.

False

All licensees are Realtors. T/F

False

The written document is evidence that the agency relationship exists and provides the agent with:

Express authority

A business practice may not be ethical, even if it is legal.T/F

True

One who hires an agent is called a:

Principal

Actual awareness of a falsity, deception, or unfairness of an act under DTPA is known as:

knowingly

A licensee not associated with the client's broker, but who is representing the client through a cooperative agreement with the client's broker is known as a:

subagent

An exemption to using the Information About Brokerage Services form is:

a lease for not more than 1 year with no sale anticipated

A licensee must present the Information About Brokerage Services form:

at the first substantive discussion of a real estate transaction

A licensee is not required to provide the I.A.B.S. when the licensee meets with a party who is:

represented by another licensee

The IABS should be presented as the buyer is about to write an offer. T/F

False

All of the following are included in the Canons of Professional Ethics for real estate licensees, EXCEPT:

Patience

The agent works for or on behalf of a:

client

The most limited of all the agency relationships is called:

special agency

When actions lead another person to assume that one is an agent this is known as:

ostensible agency

The report used to give a seller or buyer an indication of market value is called an:

Comparative Market Analysis

An agent is not liable for a misrepresentation or concealment of material fact by a party if:

the licensee did not know of the falsity of the misrepresentation

Which of the following is NOT a principal's duty to an agent?

obedience

The listing agreement should contain:

the legal description of the property

Activity which causes a third-party to believe that an agent has authority which in fact was not granted by a principal to the agent is known as:

agency by estoppel

__________ 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.

Intermediary with appointments only

A licensee is not liable for a misrepresentation or a concealment of a material fact made by a party to a real estate transaction if the seller did not disclose it to the agent. T/F

True

If both the listing agent and the buyer's agent work for the same realty in a transaction, they are most likely be acting as:

appointed associates in an intermediary relationship

It is always a good idea to have:

the seller fill out the Seller's Disclosure Notice

If a broker dies, what happens to the listing with the seller?

It automatically terminates.

If a broker represents the buyer's agent and the listing agent, the broker will:

remain neutral and refrain from providing advice and opinions to either party

jerome is a licensed agent who wants to sell his mother's home. Jerome has the property listed with his brokerage firm and finds a buyer himself to buy his mother's home. Jerome should:

Disclose to the buyer in writing that the seller is his mother.

Agent Sean is working with a buyer that has chosen not to enter into an agency relationship with him. If the buyer bought a house through Sean, who is representing the buyer?

Nobody, because the buyer is a customer.

A property is sold by LMNOP Realty. The buyer worked through XYZ Realty, but decided not to enter into an agency relationship with XYZ Realty. What type of transaction is this?

Cooperative (co-op)

Broker Steve, having no agents, is a solo practitioner. He has a buyer client that wants to purchase one of his listings. The process that Broker Steve must use is:

intermediary without appointments

If an unlicensed assistant acting as a transaction coordinator called a buyer to discuss some title issues and also to mention that rates are down and that they should consider an FHA loan versus a conventional loan, we could say that she:

is dealing with issues that should only be discussedby a licensed assistant

A buyer working through XYZ Realty decides not to enter into an agency relationship with them. In a transaction, who would XYZ Realty represent?

The seller, because XYZ Realty is a subagent of the listing realty.

Which of the following is a statutory defense for a lawsuit brought about by DTPA?

Written information obtained from a government record.

Real estate agents owe certain non-fiduciary duties to customers, such as:

honesty and fairness

In Texas, Worker's Compensation must be paid for real estate agents by brokers. T/F

False

If a broker's agents are independent contractors, there can be a policies and procedures manual for the agents, however,

the broker cannot require mandatory compliance

The Tax Equity and Fiscal Responsibility Act has which of the following tests for independent contractor status?

The salesperson signs a written contract with the broker stating the salesperson is not an employee.

Disclosure of representation may be:

either oral or written

Data used for a CMA should be no older than:

6 months

A licensee has a listing with a seller and has a buyer's representation agreement signed with a buyer who desires to purchase this agent's listing. How is the agent operating?

as a non-appointed associate in an intermediary relationship

Sam listed his property with three different real estate brokers at the same time. In each agreement he reserved the right to sell the property himself without paying a commission. The type of listing that Sam signed with each broker was an:

open listing

Real estate agents who are independent contractors generally get paid:

commission

If a broker represents the buyer's agent and the listing agent, the broker will be the:

intermediary

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