SC Real Estate Vocabulary Exam Questions
and Answers 100% Correct Answers
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QUESTIONS AND ANSWERS
Agency. ANSWER -Legal relationship-one represents another in legal matter
Attorney-in-fact. ANSWER -the person receiving the power of attorney
Buyer's broker. ANSWER -agent who takes a buyer as the principal
Cooperating broker. ANSWER -A real estate broker who finds a buyer for a property that
another broker has listed.
Disclosed principal. ANSWER -A principal whose existence and identity are known to the
third party
Express agency. ANSWER -An agency relationship based on a written agreement.
Express authority. ANSWER -The authority that the principal specifically grants to the
agent in writing
Fiduciary. ANSWER -A person who holds a position of trust and confidence in relation to
another person
Fiduciary relationship. ANSWER -trust and confidence between parties, always with the
BIC
, General agent. ANSWER -One who is authorized by a principal to represent the principal
in a specific range of matters. Me, continues for a long time period
Implied agency. ANSWER -arises from facts and circumstances which lead the parties to
believe an agency relationship exists
Implied authority. ANSWER -The authority of an agent that arises by inference from the
words and actions of the principal
Indemnify. ANSWER -Compensate for loss, damage, or injury; reimburse; repay
Listing broker. ANSWER -Agent hired by the seller has listing contract
Partially-disclosed principal. ANSWER -An agent reveals agency relationship, but not
identity of principal
Power of attorney. ANSWER -a legal document authorizing someone to act on someone's
behalf
Principal. ANSWER -The one who hires, client or BIC
Real Estate Brokerage. ANSWER -The business of bringing people together in a real estate
transaction.
Real Estate Brokerage Firm. ANSWER -Business licensed to conduct activities under
authority of real estate broker's license.
Selling Broker. ANSWER -Brings the buyer
Special Agent. ANSWER -an agent that is given the authority to perform specific tasks
Subagent. ANSWER -Agent of an agent -ME!
and Answers 100% Correct Answers
Already Graded A+
QUESTIONS AND ANSWERS
Agency. ANSWER -Legal relationship-one represents another in legal matter
Attorney-in-fact. ANSWER -the person receiving the power of attorney
Buyer's broker. ANSWER -agent who takes a buyer as the principal
Cooperating broker. ANSWER -A real estate broker who finds a buyer for a property that
another broker has listed.
Disclosed principal. ANSWER -A principal whose existence and identity are known to the
third party
Express agency. ANSWER -An agency relationship based on a written agreement.
Express authority. ANSWER -The authority that the principal specifically grants to the
agent in writing
Fiduciary. ANSWER -A person who holds a position of trust and confidence in relation to
another person
Fiduciary relationship. ANSWER -trust and confidence between parties, always with the
BIC
, General agent. ANSWER -One who is authorized by a principal to represent the principal
in a specific range of matters. Me, continues for a long time period
Implied agency. ANSWER -arises from facts and circumstances which lead the parties to
believe an agency relationship exists
Implied authority. ANSWER -The authority of an agent that arises by inference from the
words and actions of the principal
Indemnify. ANSWER -Compensate for loss, damage, or injury; reimburse; repay
Listing broker. ANSWER -Agent hired by the seller has listing contract
Partially-disclosed principal. ANSWER -An agent reveals agency relationship, but not
identity of principal
Power of attorney. ANSWER -a legal document authorizing someone to act on someone's
behalf
Principal. ANSWER -The one who hires, client or BIC
Real Estate Brokerage. ANSWER -The business of bringing people together in a real estate
transaction.
Real Estate Brokerage Firm. ANSWER -Business licensed to conduct activities under
authority of real estate broker's license.
Selling Broker. ANSWER -Brings the buyer
Special Agent. ANSWER -an agent that is given the authority to perform specific tasks
Subagent. ANSWER -Agent of an agent -ME!
