45hour post license real estate course Exam with Guaranteed Accurate Answers

Agency - correct answer The relationship of agents and their principals Buyer brokerage agreement - correct answer An agreement between a buyer and a broker for the broker to provide services to a buyer for compensation. The broker may be acting as a single agent, transaction broker, or a nonrepesentative. Community association - correct answer can be Condominiums, Cooperatives, Vacation and time-sharing, mobil home park lots, which owners belong and are responsible for; i.e. Assessments, documents, dues, ect. Concurrency - correct answer A state law requiring that infrastructure such as roads, sewers, schools, etc., be in place as development occurs Consent to Transition to Transaction Broker Notice - correct answer A disclousre form that allows a single agent to become a transaction broker. The notice must be signed by the principal before the broker can make the change Customer - correct answer A person who works with a sales associate or a broker. While the person could be a principal, the usual definition is that the broker is either a transaction broker or has no brokerage relationsip with the person. Designated sales associate - correct answer A sales associate who is appointed by a broker to be a single agent for a buyer or seller in a nonresidential transaction when another sales associate in the firm has been appointed to be the single agent for the other party in the transaction. Both buyer and seller must have assets of at least $1 million and agree to the arrangement. Disclosure - correct answer The revelation of information important to a transaction Dual agency - correct answer An illegal arrangement whereby the broker tries to represent both the buyer and the seller in the same transaction False or misleading statements - correct answer In real estate, a statement made by a licensee or party in a real estate transaction that is not factual. Fiduciary relationship - correct answer A relationship of trust and confidence between an agent and principal