ID Real Estate Agencies Quiz

What is the type of relationship between a buyer or seller and a real estate licensee called?

• Representation

• Agency

• Brokerage

• Compensation

What is required for the creation of an agency in Idaho?

• Verbal agreement

• Written agreement

• Implied agreement

• No agreement needed

Who is the individual real estate licensee who is authorized and consents to represent the interests of another person?

• Principal

• Client

• Agent

• Customer

In an agency relationship, who is the principal?

• The agent's client

• The real estate broker

• The customer

• The non-agent

What does a customer services agreement (compensation agreement) involve?

• Agreement between a real estate brokerage and a customer for compensation

• Agreement between two agents for compensation

• Agreement between a buyer and seller for compensation

• Agreement between a principal and a non-agent for compensation

What is a non-agent in a real estate transaction?

• A licensee who represents one or both parties

• A licensee who assists one or both parties without representing either party

• A licensee who represents only the buyer

• A licensee who represents only the seller

What is an express agency?

• An agency relationship created by the actions of the parties

• An agency relationship that is understood and agreed to by the parties

• An agency relationship that does not require any agreement

• An agency relationship that is implied and should be avoided

Which type of agency relationship allows the brokerage and its licensees to represent only one party as the client in any single real estate transaction?

• Non-agency

• Single agency

• Limited dual agency without assigned agents

• Limited dual agency with assigned agents

What is required for limited dual agency without assigned agents?

• No consent from the parties

• Prior written consent from all parties

• Verbal consent from the parties

• No agreement needed

In limited dual agency with assigned agents, what is the role of the assigned agent?

• To represent both the buyer and seller

• To act as the client's agent in the transaction

• To act as a non-agent in the transaction

• To represent only the brokerage