Modern Real Estate 21st Edition - Real Estate Agency Quiz - Uni

What is the primary duty of a real estate agent when representing a client?

• a) Loyalty

• b) Honesty

• c) Fairness

• d) Impartiality

Which of the following is an essential fiduciary duty of a real estate agent?

• a) Disclosure

• b) Negotiation

• c) Marketing

• d) Appraisal

A real estate agent who represents both the buyer and the seller in the same transaction is called a:

• a) Dual agent

• b) Exclusive buyer's agent

• c) Listing agent

• d) Designated agent

In a real estate transaction, what does "fiduciary duty" refer to?

• a) The agent's duty to maintain confidentiality

• b) The agent's duty to act in the client's best interest

• c) The agent's duty to receive compensation

• d) The agent's duty to market the property

What is the primary source of an agent's authority to act on behalf of their client?

• a) A real estate license

• b) A written agreement or contract

• c) A verbal agreement

• d) The agency's reputation

Which of the following is NOT a common form of agency relationship in real estate?

• a) Single agency

• b) Dual agency

• c) Transaction brokerage

• d) Subagency

When does an agency relationship typically begin in a real estate transaction?

• a) When the property is listed

• b) When the contract is signed

• c) When the buyer makes an offer

• d) When the buyer and seller agree on the price

Which type of agency relationship allows an agent to represent the buyer and seller in the same transaction with their informed consent?

• a) Dual agency

• b) Single agency

• c) Transaction brokerage

• d) Exclusive buyer's agency

In a transaction where the seller's agent also represents the buyer, what must both parties be aware of and agree to?

• a) The seller's net proceeds

• b) The commission structure

• c) The dual agency relationship

• d) The property appraisal

Which type of agency relationship is often used in property management?

• a) Dual agency

• b) Single agency

• c) Transaction brokerage

• d) Subagency