Unit 1: Types of Agents and Agencies Unit Exam Flashcards

Unit 1: Types of Agents and Agencies Unit Exam Flashcards

Javier represents Marcus, who's selling his rental property to Ben. Ben is represented by another real estate licensee, Francis. What is Ben's relationship to Javier?Customer You have a listing agreement with Sam, which makes him your ______.Client Chip represents Ginger, the buyer. Raphael represents Tom, the seller. If Chip and Raphael are from the same brokerage, what is their agency relationship with their clients?They're designated agents; their broker is a dual agent.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.Beverly, a real estate licensee, doesn't represent either party to a specific real estate transaction. She merely helps the parties handle the paperwork. What role is Beverly taking in this transaction?A transactional broker Which of the following best indicates that Harold is Kelsey's seller client?Kelsey and Harold have a signed agency agreement.An escrow officer is an example of which type of agent?A limited agent Cam is a broker. His licensees, Jane and John, represent two sides in a single transaction. Jane represents the seller; John represents the buyer. What relationship does Cam have to the buyer and the seller?Cam is a dual agent to both the buyer and seller.Jill is selling her property and hired David as her agent.David brings another client, Kirk, to see the property, which Kirk is interested in purchasing. Who is David in this scenario?A dual agent You're representing Crystal in the purchase of a house.Crystal has a trust fund and can more than afford the house on which she's made an offer. Which of the following statements is true?Your duty of confidentiality to your client dictates that you not disclose your client's financial situation to the seller.Following all of the client's lawful instructions describes which fiduciary duty?Obedience Phil is a property manager, which means he serves as a ______ agent to his landlord/client General Someone who has agency representation with the licensee is a ______.Client Jerry is holding an open house for a property he has listed.He speaks to several visitors, but none of them discuss making an offer. What are these visitors called?Customers

Which type of agent is an escrow officer? Limited agent In most cases, what type of agent is a real estate licensee when working with a client on a real estate sale?Limited or special Putting clients' interests ahead of all others describes which fiduciary duty?Loyalty A person who facilitates the paperwork, but doesn't actually represent either party to the transaction, may be a ______.Transactional brokerA transactional broker, also called a non-agent, facilitates transaction paperwork but doesn't act in a fiduciary capacity, provide representation, or advocate for the interests of either party.Which one of the following actions is a licensee required to take as a fiduciary duties?Disclose personal interest and licensed status when buying personal property.In which of these situations is Ronna's fiduciary duty of reasonable skill and care at odds with her duty of obedience?Jefferson insists that Ronna interpret the implications of him breaching his contract with a buyer.Which of the following is the most serious consequence of treating a customer as a client?Breaching your duty to your actual client Remembering the acronym ______ can help you remember the fiduciary duties an agent owes to a client.

OLD CAR

Tristan refused to let Marla list his property on the MLS, even though Marla told him that more exposure to the property would generate more potential buyers. Which two fiduciary duties are at odds in this situation?Reasonable skill and care and obedience When working with a client on a real estate sale, a real estate licensee is usually acting as which type of agent?Special Stacey, a buyer, is working with Rebecca, a licensee, in a state that doesn't recognize or permit implied agency.Rebecca doesn't represent Stacey, however, and is performing only ministerial tasks for her. Which of the following statements about this situation is correct?Stacey is Rebecca's customer.Paulo is a property manager for several large properties.Which type of agent is he in relation to the landlord/client?General An unrepresented ______ who's a party to a transaction is known as a principal.Customer In general, a person in a position of loyalty and trust is a(n)

______.

Fiduciary Which of the following definitions best describes a consumer?Someone who uses or purchases a product or service Which body of law contains the rules governing the relationship between a real estate professional and the person being represented?Law of agency Brenda represents Tina in a real estate transaction. Brenda therefore owes Tina ______ duties, such as confidentiality, obedience, and reasonable skill and care.Fiduciary Which of the following statements regarding buyer and seller agency is true?A seller's agent represents the seller, while the buyer's agent represents the buyer.

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 John is selling his rental property to Tony. Marcus represents John, and Meredith is working with Tony, though there is no agency relationship between them. In this scenario, who is/are the principal(s) in an agency relationship?John Lisa is holding an open house for her client, Tim. Several couples stop by. Aarthi and Ram don't interact with Lisa at all. Gina and Reggie talk with Lisa about the property; they're not working with another licensee. Marcus and Marvin stop by and talk with Lisa about the property; they're already working with another licensee. Which parties are considered consumers at this point?Aarthi and Ram Which of the following situations is an example of a non-agency relationship?Dutton was previously a licensee. He's selling his home, and he wants Wanda, who's currently licensed, to assist him with the paperwork.Buyer April is interested in Wayne's condo. Steve represents April, and Wanda represents Wayne. Who are the principal(s) in this sales transaction?April and Wayne Someone who's been given the authority to act on behalf of someone else is a(n) ______.Agent Jennifer is selling her property and hired Larry as her agent. Jane brings her client, Andrew, a prospective buyer, to see Jennifer's property. What is Larry's role in this scenario?A seller's agent Rhonda is an unrepresented buyer and is purchasing Tony's town home. Gary represents Tony in the sale of his property. What's Rhonda's relationship to Gary?A customer Which of these is a NOT a reason why agency disclosure is mandated?Real estate transactions aren't covered by consumer protection laws; agency law and disclosures provide the only protections.

Which fiduciary duty is missing: loyalty, reasonable skill

and care, obedience, confidentiality, accounting, and

______?

Disclosure You're holding an open house for Brenda. Walt and Mary walk in and ask for a flyer that gives details about the property. Walt and Mary are now your ______.Customers Which of the following is an example of a universal agent?Conservator Nate represents Elena in the purchase of a house.Katherine represents the seller, Timothy. Which of the following statements accurately reflects the agency duties owed?Nate owes Timothy the duty of disclosure.A licensee owes all parties the duty of disclosing material facts, as well as honesty, fairness, and accounting. Only a client would be owed obedience, loyalty, and confidentiality.When a licensee has broad responsibility to handle all details of a specific transaction, what type of real estate

agency relationship usually exists?General