Role of Agencies in Real Estate Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. An agent that represents both a buyer and seller in a real estate transaction is called:

Question 2 2. A client is:

Question 3 3. Sally is selling her house and has hired Mandy, a licensed real estate salesperson, to help her do it. Based on the facts presented, Mandy is Sally's _____ for purposes of selling Sally's house.

Question 4 4. Which two states were among the earliest to authorize the work of real estate transaction agents?

Question 5 5. Customers are:

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Question 6 6. Which of the following is true of real estate transaction agents?

Question 7 7. The laws of agency

Question 8 8. Sam is selling his house and has hired Randy, a licensed real estate salesperson, to help him do it. Dan is a licensed salesperson in town that has a buyer interested in Sam's house, but is not the buyer's retained agent. What is the most precise description of Dan?

Question 9 9. What is a fiduciary responsibility?

Question 10 10. What is the definition of a single-agency brokerage?

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Question 11 11. Mark receives a call from Tim who is interested in seeing a house owned by Nancy and listed by Ben, Nancy's agent. Mark has not been retained by Tim to serve as Tim's agent. To whom does Mark owe a fiduciary duty?

Question 12 12. Fred is a licensed salesperson that has been retained by Beth who wants to buy a house. Fred shows Beth a house being listed by Angie, the agent for Jane, the seller. To whom does Fred owe a fiduciary duty?

Question 13 13. How can a buyer avoid the problems associated with working with a subagent?

Question 14 14. In states where real estate transaction agents have been authorized, what type of brokerage did they generally replace?

Question 15 15. A customer becomes a client when:

Role of Agencies in Real Estate Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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