Colibri Real Estate Chapter 2 Questions With Correct Answers

Colibri Real Estate Chapter 2 Questions With Correct Answers An agency relationship may be involuntarily terminated by which of the following? Correct Answer By destruction of the property through fire, vandalism, or natural disaster When a seller authorizes a unilateral offer of subagency to all MLS members, any agent who shows the listed property automatically becomes Correct Answer A subagent An agency relationship may be involuntarily terminated by which of the following? Correct Answer Condemnation of the property Sally is a subagent working for Seller Pat. What does Sally owe to Buyer Brad? Correct Answer Honesty and fair dealing Which of the following terminations of an agency relationship could result in legal or financial ramifications? Correct Answer Renunciation by the client When the agency relationship has been terminated, the licensee is no longer considered the principal's agent but still owes which of the following duties to the principal? Correct Answer Accounting With which of the following can a broker NOT enter into a single agency agreement? Correct Answer Seller and buyer A person who is empowered to act on behalf of another is called? Correct Answer An agent When the agency relationship has been terminated, the licensee is no longer considered the principal's agent but still owes which of the following duties to the principal? Correct Answer Confidentiality When a seller gives permission to a broker to submit the property to the MLS, the seller is authorizing the broker to make a blanket unilateral offer of what to all the other members of that MLS? Correct Answer Subagency What is the term given to an agent who is acting as a buyer's and seller's agent in the same transaction? Correct Answer Dual agent