Brokerage

The agent relationship of a real estate broker and their principal/client is

• general agent

• special agent

• secret 007 agent

• universal

Which duty is not required of a broker and their principal/client?

• loyalty

• full disclosure

• disclosure of all their broker's personal finances

• honesty and fairness

What type listing agreement guarantees the listing agency will receive their commission no matter who is responsible for finding the buyer?

• open listing

• net listing

• exclusive listing

• exclusive right to sell listing

Which of the following events won't terminate an agency relationship between a broker and their principal/client?

• Contract between buyer and seller is signed

• Completing the assignment

• Expiration of the terms of the agency

• Mutual agreement by parties

How does a broker verify their right to a commission?

• they have a valid active license throughout the transaction

• they have a contract of employment with a client/principal of the transaction

• they were the procuring cause of the sale

• all of the above

Which best describes a net listing?

• the broker is to get a net price for the property

• it is so popular, it's legal in every state

• it's the choice of most brokers as there's no conflict of interests for the broker

• The broker receives anything above the agreed net sales price the seller will accept.

Per a listing agreement, the seller is obligated to

• compensate the broker for their service once a ready, willing & able buyer is found

• give the broker full authority to accept or reject any offers

• provide their financial statement to the broker

• all of the above

A broker

• must always represent the seller

• may represent a buyer if this relationship is disclosed to all parties of a transaction involving this buyer

• may not take any listings if they represent any buyers

• does not need to disclosure their relationship with this buyer if they are also representing a seller in a transaction with this buyer

A special agent

• is one whose ability to do certain things on behalf of a principal/client are limited

• is one who can perform any duty on behalf of a principal/client without their approval

• is one who can't be disclosed to any other principal/client

• is one who is better than all other agents and is entitled to special treatment

One thing a broker is required to do is

• Protect the client/principal's best interests as long as they don't conflict with their own interests

• account for all money they handle in a transaction

• never shares their agency relationship to anyone

• represent only one client/principal at a time