Champions School of Real Estate - Exam Prep Questions With Complete Solutions

Buyer Representation Agreement correct answer: An employment contract obligating a broker to act as a fiduciary to a buyer Implied Agency correct answer: Agency as a result of customary, usual or typical conditions Broker correct answer: A properly licensed party who serves a principal in an agency relationship- also called an agent Client correct answer: A party represented by a broker in an agency relationship - also called a principal Duties of an Agent correct answer: An agent owes his client obedience, loyalty, disclosure, confidentiality, accounting and reasonable care (old car) customer correct answer: A third party - one a broker is working with, but who is not represented by that broker Exclusive Agency Listing correct answer: A listing where one broker is the exclusive agent and will earn a commission if the property is sold, unless the seller sells it himself- the seller is competing with his broker Ostensible Agency correct answer: Agency as a result of the actions of an agent and the response of other to those actions Agency by Ratification correct answer: Agency is established when an agent acts without permission of the principal and the principal accepts or ratifies those actions. Blind Ad correct answer: An advertisement that does not clearly