Real Estate Agency Relationships Quiz

Which of the following BEST describes a universal agent?

• Authorized to represent a client in one specific transaction only

• Authorized to perform any act the principal could perform

• Manages property on behalf of an owner

• An unlicensed assistant

In a typical listing agreement, the relationship is between:

• Agent and Buyer

• Agent and Seller

• Broker and Seller

• Agent and Client

A general agent in real estate typically refers to:

• An attorney

• A home inspector

• A salesperson working under a broker

• A special agent representing a seller

Which of the following duties is NOT part of POLAND (fiduciary duties)?

• Loyalty

• Accountability

• Negligence

• Obedience

Which of the following is TRUE regarding dual agency in Georgia?

• It is always illegal

• It is legal if disclosed and agreed upon in writing

• It only applies to commercial transactions

• It can occur without the client’s knowledge

What is the primary difference between a client and a customer in agency relationships?

• Customers pay commissions, clients do not

• Clients receive fiduciary duties, customers do not

• Customers sign listing agreements

• Clients cannot be sued by agents

A net listing in Georgia is:

• A preferred compensation method

• Permissible under certain circumstances

• Illegal due to conflict of interest

• Used for rental properties only

When does a broker owe fiduciary responsibility to a client?

• Only during negotiation

• Only after closing

• Only when a contract is signed

• When an agency relationship is established

If an agent tells a potential buyer, “This is the best house in the neighborhood,” it is an example of:

• Misrepresentation

• Fraud

• Puffing

• Disclosure

Tags

CCSS.RI.3.5

CCSS.RI.4.5

CCSS.RI.5.5

CCSS.RI.6.5

CCSS.RI.7.5

Which of the following is NOT required in advertising by a licensee in Georgia?

• Broker’s name

• Broker’s phone number

• Physical address of the property

• Supervision by the broker