Real Estate Test Exam Questions and Complete Solutions (Arizona)

When does a salesperson have a listing? When the listing is signed. A salesperson and a co-operating salesperson are representing both the buyer and the seller, who would fiduciary be owed to? Both the buyer and the seller. What do the seller and the listing broker have to agree on when listing a property? The ending date of the listing. In an agency relationship, the primary ethical duty of a broker is to: Represent the principal. When a salesperson obtains a listing: It is property of the broker. The law that governs the duty between an agent and the principal is called: Law of Agency Agency by Estoppel: Legally binding agency relationship that may arise where, in fact, no formal agency agreement is in effect. What would be presumed if the broker lists a property for sale, but then never advertises, shows the property, or communicated to the seller in ANY way? The broker has breached fiduciary and abandoned the listing. What is not required for a listing contract to be valid? Commission rate. A salesperson's right to compensation is based on: Having a valid license. A broker and an unlicensed buyer are looking at the same house. what must the broker disclose? He can buy the property if he discloses he has a license. Who does the salesperson represent? The employing broker. What would a brokers relationship to a seller be? Special Who can sign a contract for a seller? An Attorney-In-Fact As a salesperson, you write an offer on another broker's listing. What should you do? Contact the listing broker.