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PSI Real Estate Exam General Principles of Agency questions with right answers.
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PSI Real Estate Exam General Principles of Agency questions with right answers.

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  • September 26, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • psi real estate exam general principles of agency

Written for

  • MLBPA
  • MLBPA

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PSI Real Estate Exam General
Principles of Agency questions with
right answers.
Principal ANS -1. A person who grants another person (an agent) authority to represent him or her in
dealings with third parties.

2. One of the parties to a transaction (such as a buyer or seller), as opposed to those who are involved as
agents or employees (such as a broker or scrow agent).

3. With regard to a loan, the amount originally borrowed, as opposed to the interest.



Customer ANS -A party in a transaction to whom an agent does not have a fiduciary duty or relationship,
but to whom an agent must still be fair and honest.



General Agent ANS -An agent authorized to handle all of the principal's affairs in one area or in specified
areas.



Subagent ANS -An agent of an agent; a person that an agent has delegated authority to, so that the
_____ can assist in carrying out the principal's orders.



Fraud ANS -An intentional or negligent misrepresentation or concealment of a material fact; making
statements that a person knows, or should realize, are false or misleading.



Commingling ANS -Illegally mixing money held in trust on behalf of a client with personal funds.



Fiduciary ANS -Person in a position of trust, held by law to high standards of good faith and loyalty.



Client ANS -Person who employs a broker, lawyer or other professional. Real estate _____ can be sellers,
buyers, or both.



Puffing ANS -Superlative statements about the quality of a property that should not be considered
assertions of fact. 'The best buy in town,' or 'A fabulous location' are examples of ____

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