Chapter 15- Study Guide

What is the relationship between a real estate licensee and the parties represented by the agent in a real estate transaction called?

• Agency

• Brokerage

• Partnership

• Contract

Who is the individual that hires the agent and delegates to that agent the responsibility of representing their interests?

• Agent

• Principal

• Customer

• Nonagent

In real estate, what is the term for a fiduciary relationship between the principal and the agent?

• Client relationship

• Customer relationship

• Fiduciary relationship

• Nonagency relationship

Fill in the blank: The client is the principal to whom the agent gives ______ and counsel.

• advice

• orders

• commands

• instructions

Fill in the blank: A nonagent is an intermediary between a buyer and a seller, or a landlord and a tenant, who assists one or both parties with a transaction without ______ either.

• representing

• negotiating

• advising

• contracting

What is a customer in the context of real estate services?

• A person who hires an agent

• A person who is a consumer of real estate services, not a client

• A person who acts on behalf of another

• A person who is a licensed real estate broker

What does the first 'C' in COAL CD stand for in fiduciary responsibilities?

• Care

• Confidentiality

• Conversion

• Commingle

What does the 'O' in COAL CD stand for in fiduciary responsibilities?

• Obedience

• Ownership

• Obligation

• Observation

What does the 'A' in COAL CD stand for in fiduciary responsibilities?

• Accounting

• Agreement

• Assurance

• Assistance

What does the 'L' in COAL CD stand for in fiduciary responsibilities?

• Loyalty

• Liability

• Legality

• Leadership