Types of Agency Relationships Quiz Attempt #4

Types of Agency Relationships Quiz Attempt #4

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You must review the material for this section and reattempt the Agency Disclosure Quiz to proceed to the next section.

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Question 1 of 25

1. Question
The legal but unethical exaggeration of a property benefits best describes which one?
- Disclosure
- Seller’s Agency
- Meghan’s Law
- Fraud
- Puffing
Correct

Incorrect
Question 2 of 25

2. Question
Designated agency is also known as
- Appointed agency
- Assigned agency
- A & B
- Dual agency
- All of the above
Correct

Incorrect
Question 3 of 25

3. Question
If any of the following occurs, an agency may be terminated if
- Bankruptcy of the principal
- Death or incapacity of either party
- Client revokes the agreement prior to expiration
- Agent renounces the agreement prior to expiration date
- All the above
Correct

Incorrect
Question 4 of 25

4. Question
Property managers job is to
- To lease the property
- To manage the property
- To sell the property
- To market the property
- All of the above
Correct

Incorrect
Question 5 of 25

5. Question
What is the correct definition for a universal agent
- Authorized to act on behalf of the principal for a broad range of business matters.
- Empowered to represent the principal in a single transaction
- Person who hold 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
Correct

Incorrect
Question 6 of 25

6. Question
A non-agent can be either
- Facilitator and Transaction coordinator
- Contract broker and transaction broker
- A & B
- None of the above
Correct

Incorrect
Question 7 of 25

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
- 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.
Correct

Incorrect
Question 8 of 25

8. Question
Who is an individual that hires an agent to represent their interests?
- Client
- Customer
- General agents
- Universal agent
- Principal
Correct

Incorrect
Question 9 of 25

9. Question
___is an 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 25

10. Question
___ is also used when a broker represents someone outside of an agency.
- Client
- Universal agent
- Agent
- Principal
- Customer
Correct

Incorrect
Question 11 of 25

11. Question
___ is a third party consumer that is not represented by an agent is still deserving of a particular level of service, fairness, and honestly
- Client
- Universal agent
- Agent
- Principal
- Customer
Correct

Incorrect
Question 12 of 25

12. 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.
- Customer
- Principal
- Agent
- Non-agent
- Client
Correct

Incorrect
Question 13 of 25

13. Question
The legal but unethical exaggeration of a property benefits best describes which one?
- Disclosure
- Seller’s Agency
- Meghan’s Law
- Fraud
- Puffing
Correct

Incorrect
Question 14 of 25

14. Question
Designated agency is also known as
- Appointed agency
- Assigned agency
- A & B
- Dual agency
- All of the above
Correct

Incorrect
Question 15 of 25

15. Question
Property managers job is to
- To lease the property
- To manage the property
- To sell the property
- To market the property
- All of the above
Correct

Incorrect
Question 16 of 25

16. Question
What is the correct definition for a universal agent
- Authorized to act on behalf of the principal for a broad range of business matters.
- Empowered to represent the principal in a single transaction
- Person who hold 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
Correct

Incorrect
Question 17 of 25

17. Question
A non-agent can be either
- Facilitator and Transaction coordinator
- Contract broker and transaction broker
- A & B
- None of the above
Correct

Incorrect
Question 18 of 25

18. 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
- 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.
Correct

Incorrect
Question 19 of 25

19. Question
Who is an individual that hires an agent to represent their interests?
- Client
- Customer
- General agents
- Universal agent
- Principal
Correct

Incorrect
Question 20 of 25

20. Question
___is an 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 21 of 25

21. Question
___ is a third party consumer that is not represented by an agent is still deserving of a particular level of service, fairness, and honestly
- Client
- Universal agent
- Agent
- Principal
- Customer
Correct

Incorrect
Question 22 of 25

22. 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.
- Customer
- Principal
- Agent
- Non-agent
- Client
Correct

Incorrect
Question 23 of 25

23. Question
If any of the following occurs, an agency may be terminated if
- Bankruptcy of the principal
- Death or incapacity of either party
- Client revokes the agreement prior to expiration
- Agent renounces the agreement prior to expiration date
- All the above
Correct

Incorrect
Question 24 of 25

24. Question
___ is also used when a broker represents someone outside of an agency.
- Client
- Universal agent
- Agent
- Principal
- Customer
Correct

Incorrect
Question 25 of 25

25. Question
If a broker has listed a house with a seller, and a buyer who is a broker’s client wants to purchase that same house. What is TRUE?
- The broker should refer the buyer to another broker to negotiate the sale.
- An illegal dual agency is created.
- The buyer should not have been shown a house listed by the broker.
- The broker may proceed with the transaction if both parties give informed, written consent
Correct

Incorrect

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