CHAPTER 7 NC REAL ESTATE QUESTIONS WITH
100% ACCURATE ANSWERS
A principal to act on their behlf - Accurate answers Who is an agent hired by?
Agency - Accurate answers is the fiduciary relationship in which the agent is held in a position of
special trust and confidence by the principal.
Client - Accurate answers is the principal
A customer - Accurate answers is a non represented party for home some level of services is
provided and who is entitled to fairness, honesty, and disclosure of material facts.
Fairness
Honesty
and Material Facts - Accurate answers What is a customer entitled to?
Universal agent - Accurate answers is empowered to do anything the principal could do personally
unlimited authority
not common in real estate
general agent - Accurate answers one who is authorized to represent the principal in a broad range
of matters related to a specific business or activity; a property manager might have this power.
special agent - Accurate answers represents the principal in one specific act or business transaction
only, under detailed instruction. Real estate brokers are usually this agent.
by a written listing or property management agreement with a property owner, a written or oral buyer
agency agreement, a tenant representation agreement, or a dual agency agreement - Accurate
answers How do you create agency?
Express Agency
implied agency - Accurate answers What do agency relationships have?
Expressed agency - Accurate answers An oral or written contract in which the parties state the
contracts terms and express their intentions in words
implied agency - Accurate answers results from the behavior of the parties
a contract under which the agreement of the parties is demonstrated by their conduct
compensation, because the agent maybe be compensated by someone other than the agents client.
Agency can exist even if no compensation is involved - Accurate answers What does not determine
agency
, completion or fulfillment of agency
destruction or condemnation of property
expiration of the terms of the agency
mutual agreement of all parties to the contract
breach by one of the parties who may be liable to damages
operation of the law, as in bankruptcy of the principal - Accurate answers How do you terminate
agency?
Single Agency - Accurate answers is one which an agent/firm represents only one party in a
transaction
Buyers Broker - Accurate answers represent a buyer as an agent to find property that meets the
buyers specifications, as set out in the buyer agency agreement
Subagent - Accurate answers is the agent of an agent
one who is employed by a person already acting as an agent.
Broker has a provsional underneath them
Dual Agency - Accurate answers is one in which an agent/firm represents two principals in the
same transaction
A designated agent - Accurate answers is authorized by the broker to act as the exclusive agent of
a specific principal in a dual agency situation.
No, it is only proof of disclosure of agency relationships - Accurate answers is the NCREC working
with real estate agents brochure create agency?
-review all agency relationships with consumer no later than first substantial contact
-Request signatures of costume on acknowledgement panel - Accurate answers -What must a Real
Estate Agent do with the NCREC working with real estate agent brochure?
Fiduciary - Accurate answers a trust and confidence relationship with the principal
Loyalty
Obedience
Accounting
Disclosure
Skill, confidentiality - Accurate answers what are the common law fiduciary duties?
facts about the property
facts directly relating to the property
fact relation direct to ability of parties to complete transaction
facts of special importance to the party(did someone die here) - Accurate answers What does a
real estate agent owe a customer?
Puffing - Accurate answers legal exaggeration of a property's benefits
100% ACCURATE ANSWERS
A principal to act on their behlf - Accurate answers Who is an agent hired by?
Agency - Accurate answers is the fiduciary relationship in which the agent is held in a position of
special trust and confidence by the principal.
Client - Accurate answers is the principal
A customer - Accurate answers is a non represented party for home some level of services is
provided and who is entitled to fairness, honesty, and disclosure of material facts.
Fairness
Honesty
and Material Facts - Accurate answers What is a customer entitled to?
Universal agent - Accurate answers is empowered to do anything the principal could do personally
unlimited authority
not common in real estate
general agent - Accurate answers one who is authorized to represent the principal in a broad range
of matters related to a specific business or activity; a property manager might have this power.
special agent - Accurate answers represents the principal in one specific act or business transaction
only, under detailed instruction. Real estate brokers are usually this agent.
by a written listing or property management agreement with a property owner, a written or oral buyer
agency agreement, a tenant representation agreement, or a dual agency agreement - Accurate
answers How do you create agency?
Express Agency
implied agency - Accurate answers What do agency relationships have?
Expressed agency - Accurate answers An oral or written contract in which the parties state the
contracts terms and express their intentions in words
implied agency - Accurate answers results from the behavior of the parties
a contract under which the agreement of the parties is demonstrated by their conduct
compensation, because the agent maybe be compensated by someone other than the agents client.
Agency can exist even if no compensation is involved - Accurate answers What does not determine
agency
, completion or fulfillment of agency
destruction or condemnation of property
expiration of the terms of the agency
mutual agreement of all parties to the contract
breach by one of the parties who may be liable to damages
operation of the law, as in bankruptcy of the principal - Accurate answers How do you terminate
agency?
Single Agency - Accurate answers is one which an agent/firm represents only one party in a
transaction
Buyers Broker - Accurate answers represent a buyer as an agent to find property that meets the
buyers specifications, as set out in the buyer agency agreement
Subagent - Accurate answers is the agent of an agent
one who is employed by a person already acting as an agent.
Broker has a provsional underneath them
Dual Agency - Accurate answers is one in which an agent/firm represents two principals in the
same transaction
A designated agent - Accurate answers is authorized by the broker to act as the exclusive agent of
a specific principal in a dual agency situation.
No, it is only proof of disclosure of agency relationships - Accurate answers is the NCREC working
with real estate agents brochure create agency?
-review all agency relationships with consumer no later than first substantial contact
-Request signatures of costume on acknowledgement panel - Accurate answers -What must a Real
Estate Agent do with the NCREC working with real estate agent brochure?
Fiduciary - Accurate answers a trust and confidence relationship with the principal
Loyalty
Obedience
Accounting
Disclosure
Skill, confidentiality - Accurate answers what are the common law fiduciary duties?
facts about the property
facts directly relating to the property
fact relation direct to ability of parties to complete transaction
facts of special importance to the party(did someone die here) - Accurate answers What does a
real estate agent owe a customer?
Puffing - Accurate answers legal exaggeration of a property's benefits
