TREES REAL ESTATE ACTUAL PAPER QUESTIONS AND SOLUTIONS GRADED A PLUS PROPERTY INDUSTRY CORE REVIEW

TREES REAL ESTATE ACTUAL
PAPER QUESTIONS AND
SOLUTIONS GRADED A PLUS
PROPERTY INDUSTRY CORE
REVIEW
◉ Agency
Answer: Where the broker represents the best interest of a party in
a real estate transaction. Requires a written agreement.


◉ Independent Contractor
Answer: A real estate licensee (self employed) pays own taxes


◉ Employee
Answer: Works under a hourly or salary fee but does not sell real
estate.


◉ Single Agency
Answer: Broker only represent 1 party in a real estate transaction
either seller or buyer


◉ Dual Agency

, Answer: Where a broker represents BOTH buyer and seller. Legal to
do in TN if it is disclosed with consent from both parties but not
often done. Undisclosed is illegal


◉ Sub agent
Answer: A separate broker working for another agency that
represents the best interest of the seller


◉ Imputed knowledge
Answer: The broker representing the best interest of the buyer must
know EVERYTHING about the property.


◉ Designated Agency
Answer: Where the Broker designates one of his/her licensed agents
to represent the best interest of either the seller or buyer . Limits
liabilities and is not subject to Imputed Knowledge.


◉ Facilitator
Answer: Also called a transaction broker, where a licensed agent
does not represent either the seller or the buyer in a real estate
transaction.


◉ Principle Broker
Answer: The Clients agent is called the ..