(Chapter 1) An agency relationship exists when one person, the __________, acts for or on behalf of another person, the __________.
Agent,
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Which of the following is grounds for suspension or revocation of a real estate license by TREC?
Splitting a commission with a person other than a license holder
The commission can deny licensure to an applicant based on the applicant's __________.
Determination of fitness
(Chapter 2) What form must an agent provide to a potential client at the first substantive discussion of a real estate transaction?
Information About Brokerage Services (IABS)
An example of a general agent in the world of real estate would be a(n) __________.
Property manager
Which of the following would NOT be an example of the fiduciary duty of reasonable care?
Taking the buyer or seller out to dinner when the transaction closes
(Chapter 3) Seller Kristin meets with agent 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 Realty while Broker Daniel from Daniel Daniel's Properties is working with a buyer customer. Susan is representing the seller. Who is Daniel representing?
The buyer
In Texas, there is no __________ agency relationship with any party to a transaction.
Implied
(Chapter 4) 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
TREC's Advertising rules require sales agents to include the broker's name, the brokerage name, or broker's __________ in at least 50% of the largest contact information font on all forms of advertising.
Assumed name
(Chapter 5) All listing agreements must have a definite __________.
Termination date
Subagency is:
When a license holder not associated with the seller's 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
(Chapter 6) The agreement that buyers sign allowing a broker to represent them is called a __________.
Buyer/Tenant Representation Agreement
Fee-splitting arrangements between brokers are often established in the __________.
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 cause of sale
(Chapter 7) Which of the following is TRUE regarding intermediary rules for a transaction?
All of the above are true.
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?
All of these are duties and obligations of an intermediary
(Chapter 8) Which statement is CORRECT?
The IABS can be provided in the body of an email.
A broker who acts as an intermediary in a transaction:
Must treat all parties honestly
Disclosure of representation is required by the __________.
Texas Real Estate License Act
(Chapter 9) Unlicensed assistants may not:
Receive a commission on a real estate transaction
Is an unlicensed assistant permitted to open doors for prospective buyers or tenants?
No, unlicensed assistants are not permitted to show properties for licensed sales agents, this includes opening doors for prospects.
Steven, a sales agent, signed an independent contractor agreement with broker Jean-Yves. Jean-Yves is now Steven's __________.
Principal
(Chapter 10) What does the Consumer Protection Notice (CN1-2) give consumers notification of?
All of these
The __________ Approach to ethical standards is defined as ethical action that produces the best balance of good over harm.
Common Good
TREC has included __________ for real estate license holders in the Rules of the Commission.
The Canons of Professional Ethics and Conduct
(Chapter 11) __________ can suspend or revoke a sales agent's license under a DTPA violation.
TREC
__________ uses adjectives and opinions rather than details or facts and is not considered misrepresentation.
Puffing [Show Less]