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WorksheetsRE - Review.Fidicuary.Law
Total questions: 15
Worksheet time: 23mins
Name
Class
Date
1.
An example of a general agency relationship would be one that exists between
a)
the seller and the broker.
b)
the buyer and they broker.
c)
the sales associateds and the broker.
d)
the selling broker and the listing broker.
2.
Special agency occurs when
a)
the principals give an agent a limited authority to act on their behalf.
b)
the principals give an agent authority to act for them in the operation of a business.
c)
a person operates a real estate brokerage business.
d)
a person operates a special real estate brokerage business.
3.
Brokers can buy a property listed with them under which of the following conditions?
a)
If a family member secretly purchases the property for more than the asking price
b)
Under no circumstance
c)
Only if the prperty is listed under an open listing
d)
Only if full disclosure is made to the seller of the broker's involvement as a purchaser.
4.
Which statement is TRUE of listing agents?
a)
They must communicate every offer, oral or written, to the owner.
b)
They may refuse to present an offer if it is too low.
c)
They must tell the buyer the seller's lowest acceptable price.
d)
They may tell the buyer the terms f a counteroffer the seller made yesterday.
5.
A sales agent owes all of the following fiduciary duties EXCEPT
a)
to inform the broker and the seller of material facts.
b)
to be loyal to the best interests of the client.
c)
to prepare a power of atorney for the buyer.
d)
to obey the lawful instructions of the broker.
6.
A listing agent tells a buyer-customer that the seller is under pressure to sell because of a recent contract to purchase another house in Idaho. Such disclosure is
a)
acceptable if it results in a sale.
b)
acceptable if no details of the move to Idaho are disclosed.
c)
unacceptable because of the fiduciary duty owed the owner.
d)
unacceptable because the listing broker is the agent of the buyer.
7.
Sally, as agent for the seller, listed and subsequently sold George's town house. She did not tell George that a major zoning change in progress would allow business use in the area, thus increasing property values. Which statement is TRUE?
a)
Sally was not required to disclose the change because George never asked her.
b)
Sally was not required to disclose the change if George received his full asking price.
c)
Sally was required to disclose the change because it was a material and pertinent fact.
d)
Sally was required to disclose the change because the zoning laws require notice to all interested persons.
8.
Which is NOT a fiduciary obligation owed to a client?
a)
Obedience
b)
Confidentiality
c)
Accounting
d)
Inspection
9.
A material fact is one that
a)
the client considers important.
b)
the customer considers important.
c)
a reasonable person might feel is important.
d)
the listing broker considers important.
10.
According to TRELA Section 1101.558, the written statement must be given at what time?
a)
At the first meeting with a consumer where a substantive dialog occurs.
b)
A meeting an open house.
c)
After a contract is signed.
d)
At the time of the first substantive dialog with a party relating to a specific real property.
11.
Duties owed by agents to principals that require an agent to put the best interests of the principal ahead of his or her own.
a)
Duty of Accounting
b)
Duty of Loyalty
c)
Fiduciary Duties
d)
Commingling
12.
What is the acronym used to for fiduciary agreements?
a)
TRELA
b)
TREC
c)
OLD CAR
d)
PITI
13.
Apartment in a building that houses two separate units.
a)
duplex
b)
apartment
c)
condominium
d)
efficiency apartment
14.
A written notice provider by a seller of residential property that discloses the seller’s knowledge of the condition of their property.
a)
promulgated forms
b)
Texas Real Estate Commission
c)
Seller's disclosure notice
d)
deceptive trade practice act
15.
An agent must obey the instructions of the principal.
a)
Duty of Accounting
b)
Duty of Loyalty
c)
Duty of Authority
d)
Duty of Obedience
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