Law of Agency Final Exam Review Latest Update Graded A+

Law of Agency Final Exam Review Latest Update Graded A+ Most lawsuits involve issues of who did or did not represent whom. The number of lawsuits is: A. Increasing B. Decreasing C. Stabilizing over the last several years D. Broker lawsuits are not allowed. A. Increasing The correct answer is A. A broker is more likely to be sued because he failed to make it clear to all parties who he represented as a client. The broker working with a buyer customer and representing the seller through the seller's broker is a: A. Buyer B. Seller C. Subagent D. Intermediary C. Subagent For subagency to exist there must be two sponsoring brokers. One of the brokers has a seller client and the other broker must have a buyer customer. All parties to the transaction must be treated honestly and fairly, but a fiduciary relationship is owed to the: A. Customer B. Client C. Everyone D. No one B. Client A fiduciary relationship is a relationship of trust. The broker must always put the client's interest above the broker's interest. The TRELA does not require disclosure if a death occurred on a property: A. By natural causes B. By suicide C. In an accident unrelated to the condition of the property D. All of the above D. All of the above A murder on the property and an accidental death resulting from an accident related to a condition of the property must be disclosed. Something that affects the property or the health of the residents of the property is called a(n): A. Psychological stigma B. Exception C. Physical stigma D. None of the above C. Physical stigma A psychological stigma does not affect the physical condition of the property, but it can affect the value of the property. Information about Brokerage Services must be given to potential buyers, sellers, tenants, and landlords: A. At the time of first meeting B. After the listing is taken C. At the closing D. At the first substantive dialogue about a property D. At the first substantive dialogue about a property Information About Brokerage Services gives information concerning the ways a broker can represent a person. It gives information about buyer's agency, seller's agency, intermediary, and subagency. How many companies are required in a subagency relationship? A. 13 B. 9 C. 4 D. 2 D. 2 For subagency to exist there must be two sponsoring