THE CE SHOP REAL ESTATE COURSE
EXAM QUESTIONS AND ANSWERS
Someone who has agency representation with the licensee is a ______. - Answer-Client
Which body of law contains the rules governing the relationship between a real estate
professional and the person being represented? - Answer-Law of agency
Someone who's been given the authority to act on behalf of someone else is a(n)
______. - Answer-Agent
In general, a person in a position of loyalty and trust is a(n) ______. - Answer-Fiduciary
Which one of the following actions is a licensee required to take as a fiduciary duties? -
Answer-Disclose personal interest and licensed status when buying personal property.
Which type of agent is an escrow officer? - Answer-Limited agent
Stacey, a buyer, is working with Rebecca, a licensee, in a state that doesn't recognize
or permit implied agency. Rebecca doesn't represent Stacey, however, and is
performing only ministerial tasks for her. Which of these statements about this situation
is correct? - Answer-Stacey is Rebecca's customer.
Buyer April is interested in Wayne's condo. Steve represents April, and Wanda
represents Wayne. Who are the principal(s) in this sales transaction? - Answer-April
and Wayne
An unrepresented ______ who's a party to a transaction is known as a principal. -
Answer-Customer
Revealing all material facts to the client that are pertinent to the transaction describes
which fiduciary duty? - Answer-Disclosure
Agency - Answer-The relationship between a client and a licensee
Agent - Answer-Someone who acts on behalf of another person per that persons
request
Fiduciary - Answer-Someone who is in a position of trust and owes loyalty to another
Principal - Answer-1. The client in an agency relationship
2. A party in a transaction
Customer - Answer-Someone the licensee assists in a transaction without an agency
relationship. A principal but not a client.
EXAM QUESTIONS AND ANSWERS
Someone who has agency representation with the licensee is a ______. - Answer-Client
Which body of law contains the rules governing the relationship between a real estate
professional and the person being represented? - Answer-Law of agency
Someone who's been given the authority to act on behalf of someone else is a(n)
______. - Answer-Agent
In general, a person in a position of loyalty and trust is a(n) ______. - Answer-Fiduciary
Which one of the following actions is a licensee required to take as a fiduciary duties? -
Answer-Disclose personal interest and licensed status when buying personal property.
Which type of agent is an escrow officer? - Answer-Limited agent
Stacey, a buyer, is working with Rebecca, a licensee, in a state that doesn't recognize
or permit implied agency. Rebecca doesn't represent Stacey, however, and is
performing only ministerial tasks for her. Which of these statements about this situation
is correct? - Answer-Stacey is Rebecca's customer.
Buyer April is interested in Wayne's condo. Steve represents April, and Wanda
represents Wayne. Who are the principal(s) in this sales transaction? - Answer-April
and Wayne
An unrepresented ______ who's a party to a transaction is known as a principal. -
Answer-Customer
Revealing all material facts to the client that are pertinent to the transaction describes
which fiduciary duty? - Answer-Disclosure
Agency - Answer-The relationship between a client and a licensee
Agent - Answer-Someone who acts on behalf of another person per that persons
request
Fiduciary - Answer-Someone who is in a position of trust and owes loyalty to another
Principal - Answer-1. The client in an agency relationship
2. A party in a transaction
Customer - Answer-Someone the licensee assists in a transaction without an agency
relationship. A principal but not a client.
