Real Estate 45 Hour Post Licensing Correct 100%

Single Agent - ANSWER A broker who represents either the seller or the buyer in a real estate transaction, but not both. single agent notice - ANSWER A disclosure form informing the principal of the duties of his single agent. appraising - ANSWER The process of estimating the market value of property. principal - ANSWER (1) The person who enters into a fiduciary relationship with a single agent licensee. (2) The amount of money remaining due on a mortgage loan. buyer brokerage agreement - ANSWER An agreement between a buyer and a broker for the broker to provide services to a buyer for compensation. The broker may be acting as a single agent, a transaction broker, or a nonrepresentative. Consent to Transition to Transaction Broker - ANSWER A disclosure form that allows a single agent to become a transaction broker. The notice must be signed by the principal before the broker can make the change. No brokerage relationship notice - ANSWER A disclosure that must be given by a licensee who does not represent a buyer or a seller before entering into an agreement or showing a property. Designated Sales Associate - ANSWER A sales associate who is appointed by a broker as a single agent for a buyer or a seller in a nonresidential transaction when another sales associate in the firm has been appointed as the single agent for the other party in the transaction. Both buyer and seller must have assets of at least $1 million and agree to the arrangement. assets - ANSWER Things of value owned by a person or organization. T or F: A transaction broker may tell a buyer if he knows that the seller will take less than the asking price. - ANSWER The answer is false. The transaction broker may not reveal that the seller might accept a price less than the asking or list price. T or F: Licensees working with no brokerage relationship to the customer owe the customer the duty of confidentiality. - ANSWER The