RECA fundamentals study guide exam questions with complete solutions

RECA fundamentals study guide exam questions with complete solutions Transaction brokerage - Answer-A means to resolve a conflict of interest that occurs when a brokerage practices agency under common law or a real estate professional in designated agency, represents clients with opposing interests in the same transaction Express Authority Implied Authority Customary Authority - Answer-Types of authority agent may hold in a representation relationship Trust and confidence Best interests Loyalty - Answer-3 fundamental principles upon which fiduciary duties are based 1st degree relative - Answer-A spouse, or children ate considered what degree of relative 3rd degree relative - Answer-First cousins, great grandparents, great grandchildren are what degree of relative related to conflicts 2nd degree relative - Answer-Grandparent, aunt, nephew, half-sibling, step sibling is what degree of relative related to conflicts Standard of care - Answer-Is higher when representing clients over customer Property management - Answer-Which service provided to a client is the highest standard of care By agreement By revocation By operation of law - Answer-Ways to terminate representation relationship Lawful revocation - Answer-When principal or agent fails to fulfill their responsibilities to the other party Unlawful Revocation - Answer-When principal or agent terminate representation relationship even though the responsibilities have been fulfilled Competing Opposing Brokerage - Answer-Conflicts of interest arise in 3 types of circumstances what are they Direct Indirect - Answer-When referring to conflicts of interest the Brokerage interests can be either