NC Test Prep Unit IV

NC Test Prep Unit IV

Assessment

Flashcard

Professional Development

Professional Development

Practice Problem

Hard

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Wayground Content

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41 questions

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1.

FLASHCARD QUESTION

Front

The agency relationship is defined by

Back

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

2.

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.

3.

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.

4.

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.

5.

FLASHCARD QUESTION

Front

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

Back

confidentiality.

6.

FLASHCARD QUESTION

Front

What is necessary to earn the promised compensation?

Back

comparable to that of other practitioners in the area.

7.

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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