BROKERAGE AND CHARTERING EXAM 1 2026
AND 2027 PREMIUM TEST BANK REAL REVIEW
QUESTIONS AND 100% CORRECT SOLUTIONS.
◎ Tramp Shipping. ANSWER:- -Negotiable
-Goes where cargo goes
-Iron ore is biggest dry bulk shipment
-CHARTER PARTY
◎ Broker. ANSWER:- Mediator
not included in contract
◎ Principle. ANSWER:- Included in contract (Charterer/owner)
◎ Types of brokers: Dry Cargo Broker. ANSWER:- 1.25% commission
◎ Types of brokers: Tanker Brokers. ANSWER:- 1.25% for large parcels, 2.5% for
small parcels.
◎ Special Agent. ANSWER:- Small amount of authority within a prescribed range of
duties
◎ General Agent. ANSWER:- Large amount of authority over a variety of functions.
◎ Bill of lading. ANSWER:- Receipt of cargo.
Used to have contract of carriage on back, but it is all electronic now
◎ Charter party. ANSWER:- consists of voyage, demise, and time charters.
◎ Voyage charter. ANSWER:- Ship owner leases the vessel for the transport of the
charterer's goods on a single voyage from one port to another, at an agreed rate
◎ Demise charter. ANSWER:- ship owner leases his vessel to the charterer for a period
of time during which the use and management of the vessel passes to the charterer.
Charterer is to pay all expenses for the operation and maintenance of the vessel.
◎ time charter. ANSWER:- Allow the use of a ship for an agreed-upon time period
(carrier supplies crew and has no expenses).
◎ 5 things in writing to be enforced. ANSWER:- -real estate
-marriage
-contracts that will take more than one year to complete
AND 2027 PREMIUM TEST BANK REAL REVIEW
QUESTIONS AND 100% CORRECT SOLUTIONS.
◎ Tramp Shipping. ANSWER:- -Negotiable
-Goes where cargo goes
-Iron ore is biggest dry bulk shipment
-CHARTER PARTY
◎ Broker. ANSWER:- Mediator
not included in contract
◎ Principle. ANSWER:- Included in contract (Charterer/owner)
◎ Types of brokers: Dry Cargo Broker. ANSWER:- 1.25% commission
◎ Types of brokers: Tanker Brokers. ANSWER:- 1.25% for large parcels, 2.5% for
small parcels.
◎ Special Agent. ANSWER:- Small amount of authority within a prescribed range of
duties
◎ General Agent. ANSWER:- Large amount of authority over a variety of functions.
◎ Bill of lading. ANSWER:- Receipt of cargo.
Used to have contract of carriage on back, but it is all electronic now
◎ Charter party. ANSWER:- consists of voyage, demise, and time charters.
◎ Voyage charter. ANSWER:- Ship owner leases the vessel for the transport of the
charterer's goods on a single voyage from one port to another, at an agreed rate
◎ Demise charter. ANSWER:- ship owner leases his vessel to the charterer for a period
of time during which the use and management of the vessel passes to the charterer.
Charterer is to pay all expenses for the operation and maintenance of the vessel.
◎ time charter. ANSWER:- Allow the use of a ship for an agreed-upon time period
(carrier supplies crew and has no expenses).
◎ 5 things in writing to be enforced. ANSWER:- -real estate
-marriage
-contracts that will take more than one year to complete
