NATIONAL EXAM PORTION REAL ESTATE
EXAM QUESTIONS AND 100% CORRECT
ANSWERS|LATEST 2025/2026|GRADED A+
agency - ANSWER a consensual fiduciary relationship authorizing a broker to act on
the behalf of a client
Fiduciary Relationship - ANSWER a relationship in which one party places special trust,
confidence, and reliance in a trusted person
Principal - ANSWER a person (client) who empowers another (agent) to act as his or
her representative in a real estate transaction
client - ANSWER those which have entered into a written agency agreement with an
agent
agent - ANSWER one empowered to act for another in a real estate transaction
(broker)
subagent - ANSWER an agent who is appointed by the broker to work directly with a
client. All listings technically belong to the broker in charge
customer - ANSWER one who desires the services of an agent but opts not to establish
an agency relationship through the signing of a contract/agreement
attorney in-fact - ANSWER an attorney or agent who may or may not be a lawyer who
is given written authority to act on another's behalf as specified by a power of attorney
common law - ANSWER body of law that is based on custom and general principles
and embodied in case law. Serves as precedent and applies to situations not covered by
statute
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,statutory law - ANSWER laws that are created through written legislation
dual agency - ANSWER when the agent represents two clients in the same real estate
transaction (buyer and seller)
Seller/buyer agency - ANSWER when the agent only represents one client in a single
transaction; i.e. the buyer or the seller
designated agency - ANSWER an example of dual agency where the BIC is the dual
agent and he/she selects two subagents: one to represent the buyer, one to represent the
seller.
transactional broker - ANSWER only perform ministerial acts for both parties. No
agency relationship. They serve as a facilitator in an attempt to bring the buyer and seller to
agree on terms of the purchase
Multiple Listing Service - ANSWER agent doing the MLS and agree to cooperate with
other agents by listing all properties for sale in the MLS, making the homes available to
cooperating agents
Seller/Buyer Agency Responsibilities - ANSWER 1) perform the terms of the written
brokerage agreement
2)promote the interest of the seller by performing agency duties
Seller Agency Duties - ANSWER 1) Seek a sale at the price and terms stated in the
agreement, or at a term accord the acceptable to the client
2) present, in a timely manner all offers and counteroffers
3) disclose to the seller all relevant facts concerning the transaction
4) advise the seller to obtain expert advice on matters the are beyond the expertise of the
agent
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,5) accounting, in a timely manner, for all money and property received in which the seller
has an interest
Buyer Agency Duties - ANSWER 1) seeking property at the price and terms stated in
the agreement, or at a price and terms acceptable to the buy
2) present, in a timely manner, all offers and counteroffers to the buyer
3) disclose to the buyer all relevant facts concerning the transaction which are known, or
should have been known, to the agent
4) advise the buyer to obtain expert advice on material that is beyond the expertise of the
agent
5) accounting, in a timely manner, for all money and property received that the buyer has an
interest in
Non-disclosable information in dual agency situation - ANSWER 1) the willingness or
ability of the seller to accept less than asking
2) the willingness or ability of the buyer to pay more than asking
3) confidential negotiating strategy not disclosed in an offer as terms of a sale
4) the motivation ballet seller for selling property or the motivation of a buyer for buying
property
Joint Liability - ANSWER Means the agent in the sub agent are fully liable for all of
their obligations
Several liability - ANSWER Means the agent and the sub agent are only liable for their
proportionate share of the obligation
Vicarious liability - ANSWER Secondary liability that arises under the common law
doctrine of agency. Basically, anything the sub agent, knows or should know, the agent
should know also.
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Wicky
, Universal agent - ANSWER One authorized to conduct business on behalf of a client
with a very broad authority. They find the property, negotiate a deal, and purchase the
property for the client.
General agent - ANSWER One authorized to represent a client on behalf of another
agent (BIC)
Special agent - ANSWER Typically the broker in charge. The client will hire this agent
and tell them which level of authority they possess
Disclose principal - ANSWER When the agent represents a buyer or seller whose
identity is known.
Undisclosed principal - ANSWER When an agent represents a client without disclosing
who that client is. Ex. Mason's and Jay Sean's house.
Fiduciary duties (OLDCAR) - ANSWER 1) obedience
2) loyalty
3) disclosure
4) confidentiality
5) accounting
6) reasonable care, knowledge and diligence
Three times an agent may disclose confidential info - ANSWER 1) when the principal
grants permission
2) when it is required by law
3) when disclosure is required to defend oneself against accusations of wrongdoing before a
legal hearing
clients obligations to the agent - ANSWER 1) compensation
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Wicky
EXAM QUESTIONS AND 100% CORRECT
ANSWERS|LATEST 2025/2026|GRADED A+
agency - ANSWER a consensual fiduciary relationship authorizing a broker to act on
the behalf of a client
Fiduciary Relationship - ANSWER a relationship in which one party places special trust,
confidence, and reliance in a trusted person
Principal - ANSWER a person (client) who empowers another (agent) to act as his or
her representative in a real estate transaction
client - ANSWER those which have entered into a written agency agreement with an
agent
agent - ANSWER one empowered to act for another in a real estate transaction
(broker)
subagent - ANSWER an agent who is appointed by the broker to work directly with a
client. All listings technically belong to the broker in charge
customer - ANSWER one who desires the services of an agent but opts not to establish
an agency relationship through the signing of a contract/agreement
attorney in-fact - ANSWER an attorney or agent who may or may not be a lawyer who
is given written authority to act on another's behalf as specified by a power of attorney
common law - ANSWER body of law that is based on custom and general principles
and embodied in case law. Serves as precedent and applies to situations not covered by
statute
1
Wicky
,statutory law - ANSWER laws that are created through written legislation
dual agency - ANSWER when the agent represents two clients in the same real estate
transaction (buyer and seller)
Seller/buyer agency - ANSWER when the agent only represents one client in a single
transaction; i.e. the buyer or the seller
designated agency - ANSWER an example of dual agency where the BIC is the dual
agent and he/she selects two subagents: one to represent the buyer, one to represent the
seller.
transactional broker - ANSWER only perform ministerial acts for both parties. No
agency relationship. They serve as a facilitator in an attempt to bring the buyer and seller to
agree on terms of the purchase
Multiple Listing Service - ANSWER agent doing the MLS and agree to cooperate with
other agents by listing all properties for sale in the MLS, making the homes available to
cooperating agents
Seller/Buyer Agency Responsibilities - ANSWER 1) perform the terms of the written
brokerage agreement
2)promote the interest of the seller by performing agency duties
Seller Agency Duties - ANSWER 1) Seek a sale at the price and terms stated in the
agreement, or at a term accord the acceptable to the client
2) present, in a timely manner all offers and counteroffers
3) disclose to the seller all relevant facts concerning the transaction
4) advise the seller to obtain expert advice on matters the are beyond the expertise of the
agent
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,5) accounting, in a timely manner, for all money and property received in which the seller
has an interest
Buyer Agency Duties - ANSWER 1) seeking property at the price and terms stated in
the agreement, or at a price and terms acceptable to the buy
2) present, in a timely manner, all offers and counteroffers to the buyer
3) disclose to the buyer all relevant facts concerning the transaction which are known, or
should have been known, to the agent
4) advise the buyer to obtain expert advice on material that is beyond the expertise of the
agent
5) accounting, in a timely manner, for all money and property received that the buyer has an
interest in
Non-disclosable information in dual agency situation - ANSWER 1) the willingness or
ability of the seller to accept less than asking
2) the willingness or ability of the buyer to pay more than asking
3) confidential negotiating strategy not disclosed in an offer as terms of a sale
4) the motivation ballet seller for selling property or the motivation of a buyer for buying
property
Joint Liability - ANSWER Means the agent in the sub agent are fully liable for all of
their obligations
Several liability - ANSWER Means the agent and the sub agent are only liable for their
proportionate share of the obligation
Vicarious liability - ANSWER Secondary liability that arises under the common law
doctrine of agency. Basically, anything the sub agent, knows or should know, the agent
should know also.
3
Wicky
, Universal agent - ANSWER One authorized to conduct business on behalf of a client
with a very broad authority. They find the property, negotiate a deal, and purchase the
property for the client.
General agent - ANSWER One authorized to represent a client on behalf of another
agent (BIC)
Special agent - ANSWER Typically the broker in charge. The client will hire this agent
and tell them which level of authority they possess
Disclose principal - ANSWER When the agent represents a buyer or seller whose
identity is known.
Undisclosed principal - ANSWER When an agent represents a client without disclosing
who that client is. Ex. Mason's and Jay Sean's house.
Fiduciary duties (OLDCAR) - ANSWER 1) obedience
2) loyalty
3) disclosure
4) confidentiality
5) accounting
6) reasonable care, knowledge and diligence
Three times an agent may disclose confidential info - ANSWER 1) when the principal
grants permission
2) when it is required by law
3) when disclosure is required to defend oneself against accusations of wrongdoing before a
legal hearing
clients obligations to the agent - ANSWER 1) compensation
4
Wicky
