NM Broker Basics Quiz 2 Test Questions and Actual Answers.

When acting as a property manager for a principal, the brokerage relationship is what? - Answer agency relationship Every licensee must meet disclosure requirements to any consumer. Disclosure must include - Answer conflict of interest, description of licensee broker duties, notice of an I. house transaction. what duties are owed to an agent's client but not a brokers client? - Answer obedience and loyalty What is not something an NM listing broker is required to disclose? - Answer a seller's motivation for selling a property Broker duties must be disclosed - Answer in writing to a prospective customer or client a buyer's agent must disclose to a seller facts concerning - Answer financial instability to perform the terms of the contract. any transaction broker owes the buyer duty to - Answer disclose conditions that adversely affect the property If asked to estimate the dollar amount a buyer can deduct on his income taxes, a transaction broker should - Answer suggest the buyer seek advice from a tax expert prior to presenting a document that had potential to be an Express written agreement, a broker does not have to disclose what? - Answer broker license number and the county it was issued what is the term used when a principal is held liable for the wrongful acts of the agent - Answer respondeat superior maximum time an exclusive listing contract is valid is - Answer specific time agreed to by the seller and broker. a broker writes an offer without having a a brokerage service agreement. what type of relationship is this - Answer transaction broker