Nevada Real Estate Exam Prep (Laws of Agency)Accurate 100%!!

74. A broker's fiduciary duty to a client includes all EXCEPT: a. sell his property b. care and diligence c. loyalty d. confidentiality - ANSWER 74. A The six components of a broker's fiduciary duty are loyalty, obedience, disclosure, confidentiality, reasonable care and diligence and accountability. 75. In a sub agency, the selling salesperson is responsible to the: a. seller b. buyer c. listing broker d. selling broker - ANSWER 75. D The salesperson is a subagent of the employing broker and is therefore responsible to that broker. 76. A broker allowed a person to appear to act as her agent. The broker cannot deny the agency now because of: a. ratification b. estoppel c. subrogation d. reformation - ANSWER 76. B When a party allows an action to take place that would make a reasonable person believe that an agency relationship exists, estoppel agency precludes the party that allowed the action to take place from denying the relationship. 77. The phrase which BEST describes the nature of a broker's duty to keep a principal fully informed is: a. ethical conduct b. continuing responsibility c. fiduciary obligation d. trustworthy business principles - ANSWER 77. C Part of the fiduciary obligation is disclosure. 78. An offer has been accepted on a 10-acre parcel, when the broker learns that the buyer has been buying up land in the area at a much higher price. The broker should: a. notify the seller of the facts b. recommend that the seller breach the contract c. do nothing, as the seller is obligated to convey d. do nothing, as agency has been terminated with the procurement of the buyer - ANSWER 78. A The fiduciary duty of disclosure requires the agent to keep the seller