Exam (elaborations)
Law of Agency Champions Exam Latest Updated
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Law of Agency Champions Exam Latest Updated
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Law of Agency Champions Exam Latest Updated_______ means that, if a single agent in the firm is working with both buyer and seller,
another agent in the firm needs to be brought into the transaction so appointment can
be made. - ANSWER-Intermediary with appointments only
A broker has the power to terminate an agency agreement early, - ANSWER-If the
principal is not cooperating with the broker's efforts to market the property
A broker is obligated to treat which of the following fairly? - ANSWER-customers,
sellers, clients
A broker is representing both sides in an in-house transaction. In this case, the broker is
the: - ANSWER-intermediary
a broker usually establishes buyer representation through a form known as a: -
ANSWER-buyer representation agreement
A licensee has a listing with a seller and has a buyer's representation agreement signed
with a buyer who desires to purchase this agent's listing. How is the agent operating? -
ANSWER-As a non-appointed associate in an intermediary relationship
A licensee is not liable for a misrepresentation or a concealment of a material fact made
by a party to a real estate transaction if the seller did not disclose it to the agent. -
ANSWER-true
a licensee must present the information about brokerage services form: - ANSWER-at
the first substantive discussion of a possible transaction
A licensee not associated with the client's broker but who is representing the client
through a cooperative agreement with the client's broker is known as a: - ANSWER-
subagent
A listing is terminated by any of the following, EXCEPT: - ANSWER-The passage of
exactly one year since the agreement was signed
A real estate agent generally gets paid: - ANSWER-commission
A real estate brokerage firm that practices buyer agency only has a lot of intermediary
transactions. - ANSWER-false
A signed employment agreement is necessary to: - ANSWER-sue for commission
a termination date on a listing must be: - ANSWER-definite
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