Types of Agency Relationships Quiz Attempt #2

Types of Agency Relationships Quiz Attempt #2

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*Types of Agency Relationships Quiz #3*
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*Customer-Level Service*

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Question 1 of 15

1. Question
A principal broker authorizes one agent in her firm to represent the seller and another to represent the buyer in the same real estate transaction. What is each agent?
- both designated agent and representative
- both single and designated agents
- designated agent
- representative
- single agent
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Question 2 of 15

2. Question
A real estate agent acting as a single agent owes either fiduciary or statutory agency duties to any of the following:
- a landlord.
- a seller.
- a buyer.
- All of the above
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Question 3 of 15

3. Question
Option contract is defined as
- unilateral contract binding on the seller with an obligation to sell for a set price if the buyer decides to buy
- lateral contract nonbinding on the seller with an obligation to sell for a flexible price if the buyer decides to buy
- a bilateral contract with an obligation to sell for a set price if the buyer decides to buy
- none of the above
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Question 4 of 15

4. Question
What is an exclusive-agency buyer agency contract?
- An agency agreement that allows someone to purchase a property on their own and not pay the buyers agent.
- an agreement that states the buyers agent also has to be the sellers agent
- an agreement that allows someone to purchase a property on their own, but they still have to pay the buyers agent
- an agency agreement that states the buyer has to be exclusive specifically to that agency
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Question 5 of 15

5. 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
- A principal in a real estate transaction
- An individual who is authorized to represent the interest of a buyer or seller in a 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 6 of 15

6. Question
A(n) ______ is created by establishing a fiduciary relationship between an owner and property manager.
- Agency
- contract
- deal
- none of the above
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Question 7 of 15

7. Question
__ a person who holds a legal and ethical position of confidence and owes trust and loyalty to another.
- Non-agent
- Fiduciary
- Client
- Principal
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Question 8 of 15

8. Question
___ is a real estate licensee that works with the buyer and seller in a transaction but does not represent either party or their interests.
- Agent
- Non-agent
- Client
- Principal
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Question 9 of 15

9. Question
The general agent
- Empowered to represent the principal in a single transaction
- is a person who holds legal and ethical position of confidence and owes trust and loyalty to another
- Has unlimited authority being that they are permitted to do anything the principal could do personally
- is authorized to act on behalf of the principal for a broad range of business matters.
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Question 10 of 15

10. Question
What is the other name for designated agency?
- Assigned agency
- Single Agency
- Dual agency
- Disclosed dual agency
- None of the above
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Question 11 of 15

11. Question
A ____ is an individual who is authorized to represent the interest of a buyer or seller in a transaction.
- customer
- agent
- client
- principal
- universal agent
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Question 12 of 15

12. Question
A broker may require a salesperson to:
- work a specified amount of hours each day as instructed by the broker.
- only advertise properties in their name.
- deposit earnest money into a personal account.
- refuse to have federal income tax withheld.
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Question 13 of 15

13. Question
Which of the following is the best way to desscibe an universal agent?:
- Has unlimited authority being that they are permitted to do anything the principal could do personally
- 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
- None of the above
Correct

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Question 14 of 15

14. Question
A special agent can best be described as:
- 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
Correct

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Question 15 of 15

15. Question
A ______ fact is a fact a party does not know but would reasonably want to know under Georgia agency law.
- material
- accumulated
- transaction
- snapshot
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