Agency Disclosure Quiz

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Question 1 of 12

1. Question
Which is the correct definition of a fiduciary?
- A real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests
- An individual who is authorized to represent the interest of a buyer or seller in a transaction
- A principal in a real estate transaction
- A person who holds a legal and ethical position of confidence and owes trust and loyalty to another
- None of the above
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Question 2 of 12

2. Question
Which form of agency is best described as an in-house sale where two agents of the same broker represent the seller and buyer individually
- Dual Agency
- Undisclosed Dual Agency
- Single Agency
- Designated Agency
- None of the above
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Question 3 of 12

3. Question
Which of the following is Not a reason why an agency can be terminated ?
- Client goals are met
- Client revokes the agreement prior to expiration
- Destruction or condemnation of the property
- Mutual agreement to terminate contract
- None of the above
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Question 4 of 12

4. Question
Which of the following is not a reason on why an owner would hire a broker as a property manager ?
- To market the property
- To sell the property
- To lease the property
- To manage the property
- Both A and B
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Question 5 of 12

5. Question
What is the correct definition of a special agent or limited agent?
- Has unlimited authority being that they are permitted to do anything the principal could do personally
- Empowered to represent the principal in a single transaction
- Authorized to act on behalf of the principal for a broad range of business matters.
- Person who hold legal and ethical position of confidence and owes trust and loyalty to another
- None of the above
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Question 6 of 12

6. Question
What is the correct definition for a universal agent?
- None of the above
- Person who hold legal and ethical position of confidence and owes trust and loyalty to another
- Authorized to act on behalf of the principal for a broad range of business matters.
- Empowered to represent the principal in a single transaction
- Has unlimited authority being that they are permitted to do anything the principal could do personally
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Question 7 of 12

7. Question
What is the correct definition of a general agent?
- Has unlimited authority being that they are permitted to do anything the principal could do personally
- Empowered to represent the principal in a single transaction
- Authorized to act on behalf of the principal for a broad range of business matters.
- Person who hold legal and ethical position of confidence and owes trust and loyalty to another
- None of the above
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Question 8 of 12

8. Question
What is the correct definition of a principal?
- A real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests
- A person who holds a legal and ethical position of confidence and owes trust and loyalty to another
- An individual who hires the agent to represent their interests
- Third party consumer that is not represented by an agent but deserving a particular level of service, fairness and honesty.
- An individual who is authorized to represent the interest of a buyer or seller in a transaction
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Question 9 of 12

9. Question
What is the definition of an agent?
- A real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests
- An individual who is authorized to represent the interest of a buyer or seller in a transaction
- A principal in a real estate transaction
- A person who holds a legal and ethical position of confidence and owes trust and loyalty to another
- None of the above
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Question 10 of 12

10. Question
What is the definition of a client?
- A real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests
- An individual who is authorized to represent the interest of a buyer or seller in a transaction
- Authorized to act on behalf of the principal for a broad range of business matters
- A person who holds a legal and ethical position of confidence and owes trust and loyalty to another
- A principal in a real estate transaction
Correct

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Question 11 of 12

11. Question
Which is the correct definition of a customer?
- A real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests
- A third party consumer that is not represented by an agent but is still deserving of a particular level of service, fairness, and honesty.
- Authorized to act on behalf of the principal for a broad range of business matters
- A person who holds a legal and ethical position of confidence and owes trust and loyalty to another
- A principal in a real estate transaction
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Question 12 of 12

12. Question
Which is the correct definition of a non-agent?
- A real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests
- An individual who is authorized to represent the interest of a buyer or seller in a transaction
- A principal in a real estate transaction
- A person who holds a legal and ethical position of confidence and owes trust and loyalty to another
- None of the above
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