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Question 1 of 15

1. Question
A fiduciary is
- Agent’s relationship to the principal
- A listing agreement
- Person who pays someone else to act on their behalf
- Person who acts on behalf of another
Question 2 of 15

2. Question
Designated agency is most likely to occur when
- The buyer and seller are represented by the same company.
- There is a customer buyer and a client seller.
- The seller designates a specific agent to work for her.
- Both the buyer and seller are customers.
Question 3 of 15

3. Question
If an agency has terminated, which of the following could have occured?
- If an agency has terminated, which of the following could have occured?
- The owner declares bankruptcy.
- The seller designates a specific agent to work for her.
- The broker discovers that he won't earn as big a commission
Question 4 of 15

4. Question
An expressed agency relationship between a buyer and an agent is called
- Buyer representation agreement
- Purchase contract
- A & B
- Listing agreement
Question 5 of 15

5. Question
Rules and regulations created by real estate commissions and departments as authorized by the legislature is known as
- Statutory law
- Administrative laws
- Common law
- Civil rights law
Question 6 of 15

6. Question
What is a real estate commissioner?
- someone that represents the seller
- person that represents the buyer
- conducts day to day operations of department but has NO voting interest in decisions made by commission members
- Has Voting power within the commission to make decisions.
Question 7 of 15

7. Question
Which of the following is true of the connection between compensation and the agency relationship
- An agreement to give and receive compensation creates an agency relationship
- If an agency relationship exists, the prinicipal must provide valuable consideration to the agent
- The relationship is independent of any compensation arrangement
- If an agency relationshop exist, the agent is entitled to compensation
Question 8 of 15

8. Question
An agency may be terminated if any of the following occurs
- Client revokes the agreement prior to expiration
- Client goals are met
- Mutual agreement to terminate contract.
- All the above
Question 9 of 15

9. Question
The agency relationship is defined by
- the Realtor Code of Ethics.
- the laws of agency, or in some states, by statute.
- the law of real estate contracts.
- the agreement between a principal and an agent.
Question 10 of 15

10. Question
A principal
- is a real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests
- is a third party consumer that is not represented by an agent but deserving a particular level of service, fairness and honesty.
- is an individual who hires the agent to represent their interests
- is a person who holds a legal and ethical position of confidence and owes trust and loyalty to another
Question 11 of 15

11. 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
Question 12 of 15

12. Question
Agent michael is showing his new listing to a buyer who informs him that he has just inherited five million dollars. Michael is now bound by fiduciary duty to
- keep information in confindence
- disclose the information to the buyer's agent
- disclose the information to the seller
- verify the byer's statements before disclosing them to the client
Question 13 of 15

13. Question
Nick signed a seller’s agency agreement with Brie. Three weeks later, and a few days before closing, a large oak tree in the backyard fell over and destroyed the property. What happens to Nick and Brie’s agreement?
- An extension is placed on the agreement , while the seller rebuilds the home.
- The agreement terminates by force of law
- They go through with closing, as long as the seller agrees to rebuild the property
- none of these are correct
Question 14 of 15

14. 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
Question 15 of 15

15. Question
Which is the correct definition of a customer?
- A third party consumer that is not represented by an agent but is still deserving of a particular level of service, fairness, and honesty.
- A real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests
- 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

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