Comprehensive Study 1 Up to Date Content
National Portion - Real Estate Exam
Prep Latest Questions and Graded
Answers
agency
Ans: a consensual fiduciary relationship authorizing
a broker to act on the behalf of a client
Fiduciary Relationship
Ans: a relationship in which one party places special
trust, confidence, and reliance in a trusted person
Principal
Ans: a person (client) who empowers another (agent)
to act as his or her representative in a real estate
transaction
client
Ans: those which have entered into a written agency
agreement with an agent
agent
Ans: one empowered to act for another in a real
estate transaction (broker)
subagent
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,Comprehensive Study 2 Up to Date Content
Ans: an agent who is appointed by the broker to
work directly with a client. All listings technically
belong to the broker in charge
customer
Ans: one who desires the services of an agent but
opts not to establish an agency relationship through
the signing of a contract/agreement
attorney in-fact
Ans: an attorney or agent who may or may not be a
lawyer who is given written authority to act on
another's behalf as specified by a power of attorney
common law
Ans: body of law that is based on custom and general
principles and embodied in case law. Serves as
precedent and applies to situations not covered by
statute
statutory law
Ans: laws that are created through written
legislation
dual agency
Ans: when the agent represents two clients in the
same real estate transaction (buyer and seller)
Seller/buyer agency
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,Comprehensive Study 3 Up to Date Content
Ans: when the agent only represents one client in a
single transaction; i.e. the buyer or the seller
designated agency
Ans: an example of dual agency where the BIC is the
dual agent and he/she selects two subagents: one to
represent the buyer, one to represent the seller.
transactional broker
Ans: only perform ministerial acts for both parties.
No agency relationship. They serve as a facilitator in
an attempt to bring the buyer and seller to agree on
terms of the purchase
Multiple Listing Service
Ans: agent doing the MLS and agree to cooperate
with other agents by listing all properties for sale in
the MLS, making the homes available to cooperating
agents
Seller/Buyer Agency Responsibilities
Ans: 1) perform the terms of the written brokerage
agreement
2)promote the interest of the seller by performing
agency duties
Seller Agency Duties
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, Comprehensive Study 4 Up to Date Content
Ans: 1) Seek a sale at the price and terms stated in
the agreement, or at a term accord the acceptable to
the client
2) present, in a timely manner all offers and
counteroffers
3) disclose to the seller all relevant facts concerning
the transaction
4) advise the seller to obtain expert advice on
matters the are beyond the expertise of the agent
5) accounting, in a timely manner, for all money and
property received in which the seller has an interest
Buyer Agency Duties
Ans: 1) seeking property at the price and terms
stated in the agreement, or at a price and terms
acceptable to the buy
2) present, in a timely manner, all offers and
counteroffers to the buyer
3) disclose to the buyer all relevant facts concerning
the transaction which are known, or should have
been known, to the agent
4) advise the buyer to obtain expert advice on
material that is beyond the expertise of the agent
5) accounting, in a timely manner, for all money and
property received that the buyer has an interest in
Non-disclosable information in dual agency situation
Up to Date Content
National Portion - Real Estate Exam
Prep Latest Questions and Graded
Answers
agency
Ans: a consensual fiduciary relationship authorizing
a broker to act on the behalf of a client
Fiduciary Relationship
Ans: a relationship in which one party places special
trust, confidence, and reliance in a trusted person
Principal
Ans: a person (client) who empowers another (agent)
to act as his or her representative in a real estate
transaction
client
Ans: those which have entered into a written agency
agreement with an agent
agent
Ans: one empowered to act for another in a real
estate transaction (broker)
subagent
Up to Date Content
,Comprehensive Study 2 Up to Date Content
Ans: an agent who is appointed by the broker to
work directly with a client. All listings technically
belong to the broker in charge
customer
Ans: one who desires the services of an agent but
opts not to establish an agency relationship through
the signing of a contract/agreement
attorney in-fact
Ans: an attorney or agent who may or may not be a
lawyer who is given written authority to act on
another's behalf as specified by a power of attorney
common law
Ans: body of law that is based on custom and general
principles and embodied in case law. Serves as
precedent and applies to situations not covered by
statute
statutory law
Ans: laws that are created through written
legislation
dual agency
Ans: when the agent represents two clients in the
same real estate transaction (buyer and seller)
Seller/buyer agency
Up to Date Content
,Comprehensive Study 3 Up to Date Content
Ans: when the agent only represents one client in a
single transaction; i.e. the buyer or the seller
designated agency
Ans: an example of dual agency where the BIC is the
dual agent and he/she selects two subagents: one to
represent the buyer, one to represent the seller.
transactional broker
Ans: only perform ministerial acts for both parties.
No agency relationship. They serve as a facilitator in
an attempt to bring the buyer and seller to agree on
terms of the purchase
Multiple Listing Service
Ans: agent doing the MLS and agree to cooperate
with other agents by listing all properties for sale in
the MLS, making the homes available to cooperating
agents
Seller/Buyer Agency Responsibilities
Ans: 1) perform the terms of the written brokerage
agreement
2)promote the interest of the seller by performing
agency duties
Seller Agency Duties
Up to Date Content
, Comprehensive Study 4 Up to Date Content
Ans: 1) Seek a sale at the price and terms stated in
the agreement, or at a term accord the acceptable to
the client
2) present, in a timely manner all offers and
counteroffers
3) disclose to the seller all relevant facts concerning
the transaction
4) advise the seller to obtain expert advice on
matters the are beyond the expertise of the agent
5) accounting, in a timely manner, for all money and
property received in which the seller has an interest
Buyer Agency Duties
Ans: 1) seeking property at the price and terms
stated in the agreement, or at a price and terms
acceptable to the buy
2) present, in a timely manner, all offers and
counteroffers to the buyer
3) disclose to the buyer all relevant facts concerning
the transaction which are known, or should have
been known, to the agent
4) advise the buyer to obtain expert advice on
material that is beyond the expertise of the agent
5) accounting, in a timely manner, for all money and
property received that the buyer has an interest in
Non-disclosable information in dual agency situation
Up to Date Content
