ABR - ACCREDITED BUYER'S REPRESENTATIVE VERIFIED
EXAM SOLUTIONS - COMPREHENSIVE QUESTIONS AND
ANSWERS - CURRENT VERSION
Accredited Buyer's Representative (ABR)
What does ABR stand for? Accredited Buyer’s Representative.
What organization grants the ABR designation? The Real Estate Buyer’s
Agent Council (REBAC), a subsidiary of NAR.
Who can use the ABR designation? Only active members of the National
Association of REALTORS® (NAR) who have completed the
requirements.
What are the three main requirements to earn the ABR? Complete the
ABR course, pass the exam, and provide documentation of five
completed buyer-side transactions.
Is the ABR course available online? Yes, it is offered in both classroom
and online formats.
What is the primary focus of REBAC? To provide education and
resources specifically for real estate buyer’s representatives.
Does the ABR designation expire? No, but NAR membership must be
maintained to use the trademarked designation.
How many electives are required for the ABR? None, but taking
electives counts toward maintaining NAR membership and continuing
education.
Can a non-U.S. real estate agent earn the ABR? Yes, if they are a
member of an international NAR-affiliated association.
,What is the ABRM designation? Accredited Buyer’s Representative
Manager (for brokers/managers).
Does the ABR course cover legal issues? Yes, it covers agency,
contracts, and liability.
What is a key benefit of the ABR for consumers? It assures the buyer
that the agent has specialized training in buyer representation.
Do you have to pass a background check to get the ABR? No, but you
must be in good standing with NAR.
Can a new agent with zero transactions take the ABR course? Yes, but
they cannot use the designation until they document five transactions.
What happens if an agent fails the ABR exam? They can retake it
according to REBAC’s retake policy.
Is the ABR recognized nationwide? Yes, it is recognized across the
United States.
Does the ABR course include role-playing? Yes, the classroom version
heavily features interactive scenarios and role-playing.
What is the Code of Ethics’ relationship to the ABR? ABR holders must
adhere to the NAR Code of Ethics.
Can an appraiser or lender earn the ABR? No, it is specifically for
licensed real estate agents/brokers.
Where can you verify an agent’s ABR status? On the REBAC website or
via the agent's local MLS/Association.
Section 2: Agency Law & Fiduciary Duties (21-60)
What is a fiduciary relationship? A relationship based on trust and
confidence where one party owes specific duties to another.
What are the six common fiduciary duties? Loyalty, Obedience,
Disclosure, Confidentiality, Accounting, and Reasonable Care (LODDCR).
Define the duty of Loyalty. Acting in the client's best interest at all
times.
Define the duty of Obedience. Following the client's lawful instructions.
, Define the duty of Disclosure. Revealing all material facts that could
affect the client's decisions.
Define the duty of Confidentiality. Keeping the client's information
private, even after the agency ends.
Define the duty of Accounting. Handling all funds and documents
responsibly and accurately.
Define the duty of Reasonable Care. Using the skill and competence
normally expected of a real estate professional.
What is the difference between a client and a customer? A client has a
representation agreement; a customer does not.
What duties are owed to a customer? Honesty, fair dealing, and
disclosure of material facts (but not fiduciary duties).
What is Exclusive Buyer Agency? An agent represents only buyers and
never takes listings.
What is Dual Agency? One agent or brokerage represents both the
buyer and the seller in the same transaction.
Is Dual Agency legal in all states? No, some states prohibit it entirely.
What is a Transaction Broker? A broker who facilitates a transaction
without representing either party fiduciarily.
What is Implied Agency? Agency created by the actions or words of the
agent, rather than a written agreement.
Why is implied agency dangerous for a buyer’s agent? It can
accidentally create a duty to the seller.
What is an Exclusive Right to Represent Buyer agreement? A contract
where the buyer owes compensation to the agent regardless of who
finds the property.
What is an Exclusive Agency Buyer agreement? The buyer only owes
compensation if the agent procures the property; the buyer can find it
themselves.
What is an Open (Non-Exclusive) Buyer agreement? The buyer can use
multiple agents and only pays the agent who brings the property.
EXAM SOLUTIONS - COMPREHENSIVE QUESTIONS AND
ANSWERS - CURRENT VERSION
Accredited Buyer's Representative (ABR)
What does ABR stand for? Accredited Buyer’s Representative.
What organization grants the ABR designation? The Real Estate Buyer’s
Agent Council (REBAC), a subsidiary of NAR.
Who can use the ABR designation? Only active members of the National
Association of REALTORS® (NAR) who have completed the
requirements.
What are the three main requirements to earn the ABR? Complete the
ABR course, pass the exam, and provide documentation of five
completed buyer-side transactions.
Is the ABR course available online? Yes, it is offered in both classroom
and online formats.
What is the primary focus of REBAC? To provide education and
resources specifically for real estate buyer’s representatives.
Does the ABR designation expire? No, but NAR membership must be
maintained to use the trademarked designation.
How many electives are required for the ABR? None, but taking
electives counts toward maintaining NAR membership and continuing
education.
Can a non-U.S. real estate agent earn the ABR? Yes, if they are a
member of an international NAR-affiliated association.
,What is the ABRM designation? Accredited Buyer’s Representative
Manager (for brokers/managers).
Does the ABR course cover legal issues? Yes, it covers agency,
contracts, and liability.
What is a key benefit of the ABR for consumers? It assures the buyer
that the agent has specialized training in buyer representation.
Do you have to pass a background check to get the ABR? No, but you
must be in good standing with NAR.
Can a new agent with zero transactions take the ABR course? Yes, but
they cannot use the designation until they document five transactions.
What happens if an agent fails the ABR exam? They can retake it
according to REBAC’s retake policy.
Is the ABR recognized nationwide? Yes, it is recognized across the
United States.
Does the ABR course include role-playing? Yes, the classroom version
heavily features interactive scenarios and role-playing.
What is the Code of Ethics’ relationship to the ABR? ABR holders must
adhere to the NAR Code of Ethics.
Can an appraiser or lender earn the ABR? No, it is specifically for
licensed real estate agents/brokers.
Where can you verify an agent’s ABR status? On the REBAC website or
via the agent's local MLS/Association.
Section 2: Agency Law & Fiduciary Duties (21-60)
What is a fiduciary relationship? A relationship based on trust and
confidence where one party owes specific duties to another.
What are the six common fiduciary duties? Loyalty, Obedience,
Disclosure, Confidentiality, Accounting, and Reasonable Care (LODDCR).
Define the duty of Loyalty. Acting in the client's best interest at all
times.
Define the duty of Obedience. Following the client's lawful instructions.
, Define the duty of Disclosure. Revealing all material facts that could
affect the client's decisions.
Define the duty of Confidentiality. Keeping the client's information
private, even after the agency ends.
Define the duty of Accounting. Handling all funds and documents
responsibly and accurately.
Define the duty of Reasonable Care. Using the skill and competence
normally expected of a real estate professional.
What is the difference between a client and a customer? A client has a
representation agreement; a customer does not.
What duties are owed to a customer? Honesty, fair dealing, and
disclosure of material facts (but not fiduciary duties).
What is Exclusive Buyer Agency? An agent represents only buyers and
never takes listings.
What is Dual Agency? One agent or brokerage represents both the
buyer and the seller in the same transaction.
Is Dual Agency legal in all states? No, some states prohibit it entirely.
What is a Transaction Broker? A broker who facilitates a transaction
without representing either party fiduciarily.
What is Implied Agency? Agency created by the actions or words of the
agent, rather than a written agreement.
Why is implied agency dangerous for a buyer’s agent? It can
accidentally create a duty to the seller.
What is an Exclusive Right to Represent Buyer agreement? A contract
where the buyer owes compensation to the agent regardless of who
finds the property.
What is an Exclusive Agency Buyer agreement? The buyer only owes
compensation if the agent procures the property; the buyer can find it
themselves.
What is an Open (Non-Exclusive) Buyer agreement? The buyer can use
multiple agents and only pays the agent who brings the property.
