SALESPERSON FINAL PAPER 2025/2026 QUESTIONS
AND SOLUTIONS GRADED A+ TIP
✔✔Trust funds have better protection when deposited into trust accounts because they
are ______. - ✔✔Protected from seizure
✔✔Non-trust funds, as long as they're not commingled with trust funds, are not bound
by _______. - ✔✔Real Estate Laws
✔✔The client ledger is a record of various accounting items not found in the trust
account checkbook. These include the receipt date, name of transaction party names,
deposit date and ______. - ✔✔Final Disbursement of Funds
✔✔Client - ✔✔Someone who has agency representation with the real estate licensee
✔✔Consumer - ✔✔Someone who uses or purchases a product or service
✔✔Customer - ✔✔Someone who's working with a real estate agent, but who isnt
represented by him
✔✔Principal - ✔✔Someone who's a party to a transaction OR the person for whom the
agent acts.
✔✔Agent - ✔✔Someone who acts on behalf of someone else
✔✔Fiduciary - ✔✔Someone who's in a position of trust and loyalty
✔✔Non-Agent - ✔✔Someone who represents neither party in the transaction
✔✔Sub-Agent - ✔✔A licensee from a competing firm who brings the buyer to the deal,
but instead of representing the buyer, works under the listing agent as a representative
of the seller.
✔✔Disclosure - ✔✔Divulge all facts pertinent to the transaction
✔✔Obedience - ✔✔Follow client instructions (just the lawful ones, though)
✔✔Loyalty - ✔✔Put client's interest ahead of all others.
✔✔Confidentiality - ✔✔Keep information shared by the client private
✔✔Accounting - ✔✔Properly handle all money or property entrusted to you
, ✔✔Reasonable skill and care - ✔✔Provide clients with quality, knowledgeable, and
prudent service.
✔✔General Agent - ✔✔responsibility for all of the dealings over a specific piece of your
client's property. aka Property Manager
✔✔Special Agent - ✔✔Limited authority to act on behalf of your client, you do not make
any decision or enter into any contracts on client's behalf.
✔✔Limited Agent - ✔✔someone who acts in a very limited capacity and offers fewer
services aka Escrow Officer
✔✔Non-Agent - ✔✔acts as a facilitator to a party, assisting with paperwork aka
Transactional Broker, has no ties
✔✔Universal Agent - ✔✔Licensee with a broad authority to act in all matters, aka
someone who holds a broad power of attorney.
✔✔Single Agent - ✔✔Represents one client
✔✔Seller's Agent - ✔✔Represents only the seller
✔✔Buyer's Agent - ✔✔Represents only the Buyer
✔✔Sub-Agent - ✔✔works under another agent with the principals permission, Sub
agents of their broker
✔✔Dual Agent - ✔✔Represents both the buyer and seller in the same transaction
✔✔Rhonda is an unrepresented buyer who's purchasing Tony's townhome. Gary
represents Tony in the sale of his property. What's Rhonda's relationship to Gary? -
✔✔A Customer
✔✔Which of the following is true regarding the definition of agency? - ✔✔Agency
describes the relationship between the real estate professional and the person or
persons being represented
✔✔Justin is representing the seller in a transaction. Which of the following tasks is he
permitted to perform for the unrepresented buyer as a non-agent? - ✔✔Explain to a
buyer the purpose of the seller's property disclosure.
✔✔Express Agency - ✔✔An agency relationship that is understood and agreed to by
the both parties
AND SOLUTIONS GRADED A+ TIP
✔✔Trust funds have better protection when deposited into trust accounts because they
are ______. - ✔✔Protected from seizure
✔✔Non-trust funds, as long as they're not commingled with trust funds, are not bound
by _______. - ✔✔Real Estate Laws
✔✔The client ledger is a record of various accounting items not found in the trust
account checkbook. These include the receipt date, name of transaction party names,
deposit date and ______. - ✔✔Final Disbursement of Funds
✔✔Client - ✔✔Someone who has agency representation with the real estate licensee
✔✔Consumer - ✔✔Someone who uses or purchases a product or service
✔✔Customer - ✔✔Someone who's working with a real estate agent, but who isnt
represented by him
✔✔Principal - ✔✔Someone who's a party to a transaction OR the person for whom the
agent acts.
✔✔Agent - ✔✔Someone who acts on behalf of someone else
✔✔Fiduciary - ✔✔Someone who's in a position of trust and loyalty
✔✔Non-Agent - ✔✔Someone who represents neither party in the transaction
✔✔Sub-Agent - ✔✔A licensee from a competing firm who brings the buyer to the deal,
but instead of representing the buyer, works under the listing agent as a representative
of the seller.
✔✔Disclosure - ✔✔Divulge all facts pertinent to the transaction
✔✔Obedience - ✔✔Follow client instructions (just the lawful ones, though)
✔✔Loyalty - ✔✔Put client's interest ahead of all others.
✔✔Confidentiality - ✔✔Keep information shared by the client private
✔✔Accounting - ✔✔Properly handle all money or property entrusted to you
, ✔✔Reasonable skill and care - ✔✔Provide clients with quality, knowledgeable, and
prudent service.
✔✔General Agent - ✔✔responsibility for all of the dealings over a specific piece of your
client's property. aka Property Manager
✔✔Special Agent - ✔✔Limited authority to act on behalf of your client, you do not make
any decision or enter into any contracts on client's behalf.
✔✔Limited Agent - ✔✔someone who acts in a very limited capacity and offers fewer
services aka Escrow Officer
✔✔Non-Agent - ✔✔acts as a facilitator to a party, assisting with paperwork aka
Transactional Broker, has no ties
✔✔Universal Agent - ✔✔Licensee with a broad authority to act in all matters, aka
someone who holds a broad power of attorney.
✔✔Single Agent - ✔✔Represents one client
✔✔Seller's Agent - ✔✔Represents only the seller
✔✔Buyer's Agent - ✔✔Represents only the Buyer
✔✔Sub-Agent - ✔✔works under another agent with the principals permission, Sub
agents of their broker
✔✔Dual Agent - ✔✔Represents both the buyer and seller in the same transaction
✔✔Rhonda is an unrepresented buyer who's purchasing Tony's townhome. Gary
represents Tony in the sale of his property. What's Rhonda's relationship to Gary? -
✔✔A Customer
✔✔Which of the following is true regarding the definition of agency? - ✔✔Agency
describes the relationship between the real estate professional and the person or
persons being represented
✔✔Justin is representing the seller in a transaction. Which of the following tasks is he
permitted to perform for the unrepresented buyer as a non-agent? - ✔✔Explain to a
buyer the purpose of the seller's property disclosure.
✔✔Express Agency - ✔✔An agency relationship that is understood and agreed to by
the both parties
