Real Estate: Chapter 12 Test
Questions and Answers 2026 Updated.
gross or total - Answer Most commonly, brokers are compensated by a commission that is a
percentage of the ______________ sale price.
general - Answer An agent who is empowered to make commitments or contracts obligating
a person or firm within a specific sphere of activity is a _________ agent.
accounting
confidentiality
disclosure
obedience
loyalty
skill and care - Answer Traditional duties of a fiduciary include:
1: ready
2: willing
3: able - Answer A listing broker normally is presumed to earn a commission upon finding a
buyer who is "________,________ ,__________," or upon closing of the transaction.
1: subagent
2: fiduciary or agency - Answer Among MLS members, a broker selling a listing of another
broker traditionally became a ____________ of the listing broker which implies
______________ duties to the seller of the property.
-prospective buyers and their needs
-legal obligations of buyer and seller
-price and terms of recent market transactions.
-properties available and their features and terms
-most effective marketing procedures - Answer A well-prepared broker has knowledge in
numerous, valuable areas, including:
1: loyalty or loyal
2: more, higher, or greater
3: terms
, 4: lower, less, or smaller - Answer A dual agent owes equal ____________ to both parties of
a transaction. In this situation the broker cannot reveal to the seller that the buyer will pay
________ than the listing price, nor to the buyer that the seller will accept financing
___________ different than are listed or a ___________ price than is listed.
universal - Answer An agent who is empowered to act in all matters for a person, personal
and financial, is called a_________ agent.
loyalty - Answer If a broker recommended a price for a listing that the broker believed was
below market in order to get a quick sale, and was not candid about it, this would violate the
fiduciary duty of:
1: buyer
2: listing, seller's, or selling - Answer In a ___________ agency agreement, the broker agrees
to use his or her best efforts to find properties meeting the requirements of a person seeking a
property. Commonly this broker, if successful, will share a commission with the _________
broker.
designated - Answer The problem of dual agency can arise within a single brokerage firm if a
transaction involves both a listing and a buyer's agency within that firm. One solution that has
been attempted is to appoint a separate ___________ agent for each party who are to work at
"arms length."
1: multiple
2: listing
3: service - Answer In a conventional ___________ __________ ___________ (MLS),
member brokers are empowered to show a buyer properties listed by all or any of the member
brokerages. If a broker obtains a sale of another broker's listing, the two brokers will share the
listing commission.
1: disclosures
2: consent - Answer Driven by concern about dual agency, states have imposed strict
requirements of explicit _________ and written ____________ concerning whom a broker or
salesperson represents.
loyalty - Answer Dual agency is inherently problematic because of the divided __________
special - Answer An agent who is empowered to act on behalf of a person or firm for one
specific event or transaction is a ________ agent.
loyalty
Questions and Answers 2026 Updated.
gross or total - Answer Most commonly, brokers are compensated by a commission that is a
percentage of the ______________ sale price.
general - Answer An agent who is empowered to make commitments or contracts obligating
a person or firm within a specific sphere of activity is a _________ agent.
accounting
confidentiality
disclosure
obedience
loyalty
skill and care - Answer Traditional duties of a fiduciary include:
1: ready
2: willing
3: able - Answer A listing broker normally is presumed to earn a commission upon finding a
buyer who is "________,________ ,__________," or upon closing of the transaction.
1: subagent
2: fiduciary or agency - Answer Among MLS members, a broker selling a listing of another
broker traditionally became a ____________ of the listing broker which implies
______________ duties to the seller of the property.
-prospective buyers and their needs
-legal obligations of buyer and seller
-price and terms of recent market transactions.
-properties available and their features and terms
-most effective marketing procedures - Answer A well-prepared broker has knowledge in
numerous, valuable areas, including:
1: loyalty or loyal
2: more, higher, or greater
3: terms
, 4: lower, less, or smaller - Answer A dual agent owes equal ____________ to both parties of
a transaction. In this situation the broker cannot reveal to the seller that the buyer will pay
________ than the listing price, nor to the buyer that the seller will accept financing
___________ different than are listed or a ___________ price than is listed.
universal - Answer An agent who is empowered to act in all matters for a person, personal
and financial, is called a_________ agent.
loyalty - Answer If a broker recommended a price for a listing that the broker believed was
below market in order to get a quick sale, and was not candid about it, this would violate the
fiduciary duty of:
1: buyer
2: listing, seller's, or selling - Answer In a ___________ agency agreement, the broker agrees
to use his or her best efforts to find properties meeting the requirements of a person seeking a
property. Commonly this broker, if successful, will share a commission with the _________
broker.
designated - Answer The problem of dual agency can arise within a single brokerage firm if a
transaction involves both a listing and a buyer's agency within that firm. One solution that has
been attempted is to appoint a separate ___________ agent for each party who are to work at
"arms length."
1: multiple
2: listing
3: service - Answer In a conventional ___________ __________ ___________ (MLS),
member brokers are empowered to show a buyer properties listed by all or any of the member
brokerages. If a broker obtains a sale of another broker's listing, the two brokers will share the
listing commission.
1: disclosures
2: consent - Answer Driven by concern about dual agency, states have imposed strict
requirements of explicit _________ and written ____________ concerning whom a broker or
salesperson represents.
loyalty - Answer Dual agency is inherently problematic because of the divided __________
special - Answer An agent who is empowered to act on behalf of a person or firm for one
specific event or transaction is a ________ agent.
loyalty
