A subagent is the agent of

a broker who has an agency relationship with a client.

Which of the following is a dual agency situation? Options: Two agents share the exclusive right to represent the same client on all transactions., One agent represents both sides in a transaction., A selling agent from one brokerage works with a listing agent from another brokerage to complete a transaction., One agent represents two sellers at the same time.

One agent represents both sides in a transaction.

The duties of a transaction broker or facilitator include

preserving the confidentiality of information received from either party.

In which of the following contact situations would a seller's agent be expected to disclose his agency relationships? The agent is showing the client's property to a prospective buyer. The agent tells an acquaintance at a party about the client's property. The agent answers questions about the client's property for a telephone caller responding to a newspaper ad. The agent is showing a potential buyer houses in a certain price range in the multiple listing book.

The agent is showing the client's property to a prospective buyer.

The essential foundation of the agency relationship consists of

good faith, trust and confidence.

Implied agency arises when

an agent accepts an oral listing.

A principal discloses that she would sell a property for $500,000. During the listing period, the house is listed and marketed for $530,000. No offers come in, and the listing expires. Three weeks later, the agent confides to a customer that the seller would have sold for less than the listed price. Which of the following is true?

The agent has violated the duty of confidentiality.

A principal instructs an agent to market a property only to families on the west side of the university campus. The agent refuses to comply. In this case,

the agent has not violated fiduciary duty.

The meaning and salient characteristics of the agency relationship should be disclosed to the client

prior to completing a listing agreement.

When must a listing agent disclose his or her agency relationship to prospective tenants or buyers?

Whenever substantive communication is made beyond casual conversation.

An agent is operating as a disclosed dual agent on a transaction. In this case, the agent

may not represent one party's interests to the detriment of the other.

An agent informs a buyer that a provision in a contract is very commonplace. After explaining the clause, the agent assures the buyer that the clause does not mean anything significant. If something goes wrong with the transaction, the agent could be liable for

practicing law without a license.

When a broker enters into a listing agreement, the broker has agreed to accept which of the following?

Fiduciary and contractual obligations with the client.

The degree of authority granted by a residential brokerage listing agreement generally allows the agent to

market, sell and show the property.

A salesperson, without an oral or written listing agreement, brings potential buyers to the seller. The seller says, "You can bring me buyers if you want, but I'm not paying you a commission." The salesperson then continues to direct buyers to the property. Which of the following is true about this situation?

An implied agency may have been created, with obligations to perform for both seller and agent.

An agent enters into a listing agreement with a homeseller, but then becomes too busy to professionally fulfill the terms of the agreement. To solve the dilemma, the agent assigns the agreement to another licensee in the office. Which of the following is true about this situation?

The agent cannot assign the listing agreement.

Which of the following conditions is necessary for a customer to qualify as “ready, willing, and able” in the context of a commissionable transaction? The customer must be legally competent to undertake the transaction.

The customer must be legally competent to undertake the transaction.

Although a listing broker may delegate listing tasks to an employed licensee, the broker may not delegate the authority to

obtain and distribute compensation.

Who is most likely to be compensated in the scenario where Agent Peter has an open listing with Frank, Paul is Peter's broker, Agent Perry's customer buys Frank's house, and Patrick has a commission agreement with Frank?

Perry, since he found the customer.

If an agent has an exclusive listing to sell a property, and the property is then taken by eminent domain, what is the status of the listing?

It may be terminated against the agent's will.

A broker obtains an exclusive listing to sell a house, but after two months, he abandons the listing because the seller is too demanding and hot-tempered. What can the seller do in this situation?

Sue the broker for money damages.

A multiple listing authorization gives a broker what authority?

To list the owner's property in a multiple listing service.

Which of the following relationships characterizes a designated agency relationship? A broker assigns a preferred subagent from other firms to represent each party. There is no such duty as maintaining confidentiality. The broker primarily represents the seller. The broker assigns who is to represent the buyer and seller.

The broker assigns who is to represent the buyer and seller.

NC Test Prep Unit IV

Flashcard

•

Professional Development

•

Professional Development

•

Practice Problem

•

Hard

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FLASHCARD QUESTION

Front

The agency relationship is defined by

Back

the laws of agency, or in some states, by statute.

FLASHCARD QUESTION

Front

Which of the following is true of the connection between compensation and the agency relationship? Options: An agreement to give and receive compensation creates an agency relationship. If an agency relationship exists, the principal must provide valuable consideration to the agent. The relationship is independent of any compensation arrangement. If an agency relationship exists, the agent is entitled to compensation.

Back

The relationship is independent of any compensation arrangement.

FLASHCARD QUESTION

Front

One of the parties to an agency relationship defaults, and the agreement terminates. Which of the following is true?

Back

The defaulting party may have a financial consequence.

FLASHCARD QUESTION

Front

Among the fiduciary duties imposed on a real estate agent is the requirement to: present all offers to the principal regardless of their amount.

Back

present all offers to the principal regardless of their amount.

FLASHCARD QUESTION

Front

One of the agent's fiduciary duties that continues even after a listing agreement expires is

Back

confidentiality.

FLASHCARD QUESTION

Front

What is necessary to earn the promised compensation?

Back

comparable to that of other practitioners in the area.

FLASHCARD QUESTION

Front

Agent Michael is showing his new listing to a buyer who informs him that he has just inherited five million dollars. Michael is now bound by fiduciary duty to

Back

disclose the information to the seller.

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