Real Estate Principles Final Exam With Solutions 2024 | 2025 Update

Real Estate Principles Final Exam With Solutions 2024 | 2025 Update Agent - Answer -the party authorized to conduct business on the principal's behalf Agency - Answer -a legal relationship between a principal and an agent Blockbusting - Answer -the illegal practice of encouraging property owners to sell their homes when minorities begin moving into an area Broker - Answer -an intermediary who brings together buyers and sellers, assists in negotiating agreements between them, executes their orders, and receives compensation for services rendered Buyer Representation Agreement - Answer -the legal agreement between a buyer and a broker hired to represent the buyer's interest Buyer's Agent - Answer -a broker who is legally obligated to represent a buyer's interest Commission Agreement - Answer -an agreement between a seller and broker for the payment of a commission if the broker is successful in locating a buyer for the seller's property Dual Agent - Answer -an agent who attempts to work in the best interest of two parties on opposing sides of a transaction Exclusive-Brokerage Listing - Answer -an agreement between a property owner and a single broker authorizing that broker to seek a buyer for the property in exchange for compensation Fair Housing Laws - Answer -laws that protect the rights of certain citizens in housing transactions Fiduciary - Answer -a person who is obligated to act in the best interest of another Fraud - Answer -a false statement made with the intention to mislead, that is material to a transaction, that is justifiably relied on by a client, and that results in injury to the client Limited-service listing - Answer -an agreement between a property owner/seller that aut