age 1 of 593
National Real Estate FINAL EXAM PREP 2025/2026
ACCURATE QUESTIONS WITH CORRECT DETAILED
ANSWERS || 100% GUARANTEED PASS <RECENT
VERSION>
agent .......Answer.........works for a client giving advice and with
a customer giving information
agency .......Answer.........condition which legally exists when a
principal contracts with an agent to perform on his behalf.
universal agency .......Answer.........authorizes an agent to handle
matters of all types for the principal. Requires power of
attorney
general agent .......Answer.........authorizes an agent to transact
matters concerning a specific area of business for the principal.
,age 2 of 593
example: managing several investment properties
specific agent .......Answer.........represents the principal for a
specific act only, such as the sale of a house
express agency .......Answer.........based on a formal agreement
between parties in which the parties express the establishment
of an agency and state the terms and conditions
EX. listing agreement
implied agency .......Answer.........occurs when parties act in such a
was as to indicate that they have agreed to an agency
fiduciary relationship .......Answer.........based on trust and
confidence
EX giving power of attorney
,age 3 of 593
fiduciary responsibilities .......Answer.........OLD CAR
obedience, loyalty, disclosure, confidentiality, accountability,
reasonable care
duties owed to the customer .......Answer.........the person you do
not represent, owe them honesty and fairness
termination of agency .......Answer.........death or incapacity of
either party
destruction or condemnation of property
expiration of terms
by mutual agreement
renunciation by the agent (fire each other)
bankruptcy of the principal
, age 4 of 593
fulfillment of purpose
designated agent .......Answer.........person authorized by the
broker to act as the agent of a specific principal
sub agency .......Answer.........(not in La) salespersons are general
agents of the broker, and therefore owe fiduciary duties to the
broker. a cooperating broker may also be a subagent of a
listing broker
dual agency .......Answer.........the act of representing 2 principals
to a transaction at the same time and require equal loyalty to
both.
undisclosed dual agency .......Answer.........(illegal in La) may
occur unintentionally by either carelessness or misunderstanding
National Real Estate FINAL EXAM PREP 2025/2026
ACCURATE QUESTIONS WITH CORRECT DETAILED
ANSWERS || 100% GUARANTEED PASS <RECENT
VERSION>
agent .......Answer.........works for a client giving advice and with
a customer giving information
agency .......Answer.........condition which legally exists when a
principal contracts with an agent to perform on his behalf.
universal agency .......Answer.........authorizes an agent to handle
matters of all types for the principal. Requires power of
attorney
general agent .......Answer.........authorizes an agent to transact
matters concerning a specific area of business for the principal.
,age 2 of 593
example: managing several investment properties
specific agent .......Answer.........represents the principal for a
specific act only, such as the sale of a house
express agency .......Answer.........based on a formal agreement
between parties in which the parties express the establishment
of an agency and state the terms and conditions
EX. listing agreement
implied agency .......Answer.........occurs when parties act in such a
was as to indicate that they have agreed to an agency
fiduciary relationship .......Answer.........based on trust and
confidence
EX giving power of attorney
,age 3 of 593
fiduciary responsibilities .......Answer.........OLD CAR
obedience, loyalty, disclosure, confidentiality, accountability,
reasonable care
duties owed to the customer .......Answer.........the person you do
not represent, owe them honesty and fairness
termination of agency .......Answer.........death or incapacity of
either party
destruction or condemnation of property
expiration of terms
by mutual agreement
renunciation by the agent (fire each other)
bankruptcy of the principal
, age 4 of 593
fulfillment of purpose
designated agent .......Answer.........person authorized by the
broker to act as the agent of a specific principal
sub agency .......Answer.........(not in La) salespersons are general
agents of the broker, and therefore owe fiduciary duties to the
broker. a cooperating broker may also be a subagent of a
listing broker
dual agency .......Answer.........the act of representing 2 principals
to a transaction at the same time and require equal loyalty to
both.
undisclosed dual agency .......Answer.........(illegal in La) may
occur unintentionally by either carelessness or misunderstanding
