Buyer Agency

Front

In Texas, when a buyer contracts with a buyer's broker, determining which broker was the procuring cause of the sale, and therefore deserving of the commission, Mark only one oval.

Back

is generally a nonissue.

Front

According to TREC rules, what must Elena do with the retainer fee? Options: Keep the retainer fee in her operating account, Deposit the money in a trust account, Give the retainer fee to the seller’s broker, Interplead the fee to a court until closing

Back

Deposit the money in a trust account

Front

Is it permissible for a seller to pay a buyer's broker fee?

Back

Yes, it should be stated in the contract.

Front

Allisa, a licensed sales associate, transfers sponsorship of her license from Bay Area Realty to Crystal City Realty. What is TRUE regarding the buyer agency agreement Allisa signed with George while still with Bay Realty?

Back

The buyer agency agreement became null and void as soon as Allisa transferred.

Front

In regard to the property on Loch Awe Road, which of the following is the BEST answer?
- Sue cannot reveal any confidential information to Gus that was obtained during her buyer agency relationship with the current owner.
- Sue should disclose to Gus her previous agency relationship with the owner.
- Sue must disclose all of these.
- Sue has a legal and ethical responsibility to disclose her previous relationships.

Back

Sue cannot reveal any confidential information to Gus that was obtained during her buyer agency relationship with the current owner.

Front

According to its licensing law, which item is required in a buyer-representation contract in Texas? Options: Conflict-of-interest clause, Termination date, Single-property stipulation, Maximum commission fee

Back

Termination date

Front

Which of the following statements BEST describes a benefit of buyer agency to the broker? Mark only one oval. Fewer legal or ethical regulations, Easier licensing procedure, No fiduciary responsibility, No liability for acts of the listing agent

Back

No liability for acts of the listing agent

Front

Why may a buyer's broker prefer to be paid directly by the buyer?

Back

Remove control of payment from a nonclient.

Front

When must the Information About Brokerage Services Notice be given to a party in a real estate transaction?

Back

At the first substantive communication

Front

Panchito is a broker and has a buyer representation agreement with a buyer. May Panchito be compensated by both the buyer and the seller?

Back

Yes, but only with the full knowledge and consent of both parties