Brokerage

Brokerage

Professional Development

42 Qs

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Brokerage

Brokerage

Assessment

Quiz

Professional Development

Professional Development

Medium

Created by

Debo Cornett

Used 4+ times

FREE Resource

42 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

general agent

special agent

secret 007 agent

universal

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

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

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