Types of Agency Relationships Quiz Attempt #4

Types of Agency Relationships Quiz Attempt #4

Time limit: 0

Quiz Summary

0 of 15 Questions completed

Questions:

Information

You have already completed the quiz before. Hence you can not start it again.

Quiz is loading…

You must sign in or sign up to start the quiz.

You must first complete the following:

Results

Quiz complete. Results are being recorded.

Results

0 of 15 Questions answered correctly

Your time:

Time has elapsed

You have reached 0 of 0 point(s), (0)

Earned Point(s): 0 of 0, (0)
0 Essay(s) Pending (Possible Point(s): 0)

Average score
Your score

Categories

Not categorized 0%

You must review the material for this section and reattempt the quiz to proceed to the next section.
Congrats!! You may now proceed to the next Unit!

*Customer-Level Service*

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15

Current
Review
Answered
Correct
Incorrect

Question 1 of 15

1. Question
Which of the following is true about designated agents?
- A designated agent or representative is a person authorized by a real estate brokerage to act as the agent of a specific principal.
- The designated agent has a fiduciary relationship toward the principal, and the brokerage is a dual agent in the transaction.
- In a designated agent, a brokerage represents only the buyer or the seller in a transaction.
- both A and B
Correct

Incorrect
Question 2 of 15

2. Question
A real estate agent acting as a single agent owes fiduciary or statutory agency to_____
- a seller.
- a buyer.
- a customer.
- All of the above
Correct

Incorrect
Question 3 of 15

3. Question
An option contract:
- a bilateral contract 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
- unilateral contract binding on the seller with an obligation to sell for a set price if the buyer decides to buy
- none of the above
Correct

Incorrect
Question 4 of 15

4. Question
When in an exclusive agency buyer agency contract, if someone purchases a property on their own, they _____ have to pay the buyers agent.
- always
- do not
- sometimes
Correct

Incorrect
Question 5 of 15

5. Question
What type of relationship is it when two parties enter in to an oral or written formal agency agreement?
- express agency relationship with the buyers
- implied agency relationship with the buyers
- univeral agency relationhsip with the buyers
- general agency relationship witht the buyers
Correct

Incorrect
Question 6 of 15

6. Question
Once a general agency has been established, what may a property manager do on behalf of the owner?
- Charge rent
- rent the property out
- ensure all codes are followed
- All of the above
Correct

Incorrect
Question 7 of 15

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

Incorrect
Question 8 of 15

8. Question
Designated agency is also known as
- Appointed agency
- Disclosed dual agency
- Dual agency
- All of the above
- None of the above
Correct

Incorrect
Question 9 of 15

9. Question
The individual who is authorized to represent the interest of a buyer or seller in a transaction:
- Universal agent
- Principal
- Customer
- Client
- Agent
Correct

Incorrect
Question 10 of 15

10. Question
Who is an individual that hires an agent to represent their interests?
- Broker
- General Agent
- Universal agent
- Principal
- None of the above
Correct

Incorrect
Question 11 of 15

11. Question
What may a salesperson be required to do?
- deposit earnest money into a personal account.
- only advertise properties in their name.
- work a specified amount of hours each day as instructed by the broker.
- refuse to have federal income tax withheld.
Correct

Incorrect
Question 12 of 15

12. Question
When must a written agency disclosure be made:
- when an counteroffer is made
- an open house
- at earliest convenience
- when an offer is made
Correct

Incorrect
Question 13 of 15

13. Question
A universal agent can best be described as:
- 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

Incorrect
Question 14 of 15

14. Question
A special 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
Correct

Incorrect
Question 15 of 15

15. Question
Which is NOT a duty of an agent?:
- Agents have the fiduciary duty of the reasonable care to their client.
- The duty of confidentiality requires that the agent not disclose the maximum price the buyer is willing to pay.
- The agent is required to present to the seller all offers from the buyer, even if the agent believes the seller will not accept the offer.
- none. All of the above ARE duties of an agent.
Correct

Incorrect

Login

Accessing this course requires a login. Please enter your credentials below!

Username or Email Address

Password

Remember Me

Lost Your Password?