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Question 1 of 10
1. Question
The following are the most important members in an agency relationship except?
Correct
The single agency relationship is more embraced in real estate agency. In a single agency relationship, an individual acts in place of the buyer or the seller.
Incorrect
The single agency relationship is more embraced in real estate agency. In a single agency relationship, an individual acts in place of the buyer or the seller.
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Question 2 of 10
2. Question
Which of the following statements clearly gives the best explanation of the dual agency?
Correct
Some states prohibit the dual agency though some allow it to be practiced.
Incorrect
Some states prohibit the dual agency though some allow it to be practiced.
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Question 3 of 10
3. Question
How do we refer to an agency relationship created through a contract between the agent and the principal stating their aim?
Correct
Most buyers and sellers in real estate form various types of agreements when initiating agency relationships. Most agreements used are in the form of writing.
Incorrect
Most buyers and sellers in real estate form various types of agreements when initiating agency relationships. Most agreements used are in the form of writing.
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Question 4 of 10
4. Question
Choose the listing agreement that is not explained correctly.
Correct
In the exclusive agency listing, an engaged broker acts in place of the property’s owner when promoting a property. The broker is engaged to act as an exclusive agent.
Incorrect
In the exclusive agency listing, an engaged broker acts in place of the property’s owner when promoting a property. The broker is engaged to act as an exclusive agent.
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Question 5 of 10
5. Question
Which of the following is not an agreement for a buyer agency?
Correct
A buyer in real estate needs to enjoy all the benefits that come along with an agent representation. To enable this, a buyer agency representation was formed. Buyers with no representation in the goings-on of the real estate have to accompany others in the buyers agency development.
Incorrect
A buyer in real estate needs to enjoy all the benefits that come along with an agent representation. To enable this, a buyer agency representation was formed. Buyers with no representation in the goings-on of the real estate have to accompany others in the buyers agency development.
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Question 6 of 10
6. Question
Below are ways in which an agency relationship can be ended. Which one is not?
Correct
The broker is not guaranteed payment after the agency relationship is ended. There are factors considered to determine if the broker will be paid, for instance, the reason for the agency’s termination, the deal nature, and detailed circumstances.
Incorrect
The broker is not guaranteed payment after the agency relationship is ended. There are factors considered to determine if the broker will be paid, for instance, the reason for the agency’s termination, the deal nature, and detailed circumstances.
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Question 7 of 10
7. Question
What type of agent does a real estate broker generally act as?
Correct
A real estate agent has a specific role and mostly concentrates on one special transaction.
Incorrect
A real estate agent has a specific role and mostly concentrates on one special transaction.
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Question 8 of 10
8. Question
To whom does an agent owe his fiduciary responsibility?
Correct
There is an agency relationship existing between an agent and the principal. An agent owes the principal his fiduciary obligation since they share an agency relationship.
Incorrect
There is an agency relationship existing between an agent and the principal. An agent owes the principal his fiduciary obligation since they share an agency relationship.
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Question 9 of 10
9. Question
Sometimes a broker earns additional money after selling property only under what type of listing?
Correct
After a broker completes a selling process with a buyer, he is paid based on the exclusive agency and open listing. There is no listing known as multiple listing.
Incorrect
After a broker completes a selling process with a buyer, he is paid based on the exclusive agency and open listing. There is no listing known as multiple listing.
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Question 10 of 10
10. Question
Which section of fiduciary duty needs an agent to utilize his skills to help the client to the best?
Correct
Obedience is part of fiduciary duty that asks agents to act according to the client’s orders. Disclosure is making clients aware of any advantageous information to them. Confidentiality requires an agent to maintain the client’s information secret.
Incorrect
Obedience is part of fiduciary duty that asks agents to act according to the client’s orders. Disclosure is making clients aware of any advantageous information to them. Confidentiality requires an agent to maintain the client’s information secret.