Unit 2 Exam:Buyer Kristin has a buyer agency agreement

Section 10: Agent Roles and Obligations in Maryland Flashcards

Seller's Intra-Company AgentExclusively represents the seller in a dual agency situation All parties fully understand the ramifications and purpose of dual agency and give their written consent to be represented by the ICA Dual Agency

Unit 2 Exam:Buyer Kristin has a buyer agency agreement

with Carlotta, a licensee. Kristin's brother, Dalton, is going to showings with Kristin and helping her decide which house is the best fit. Who is/are Carlotta's client(s)?KristinKristin and DaltonKristin and the sellerThe seller Kristin Not Sub-agencyKim is a sub-agent in a transaction involving a buyer customer, a seller, and a listing agent. Who is Kim a sub-agent for?Both buyer and sellerThe buyerThe listing agent Ivy is Camille's sub-agent and owes loyalty to the seller.Kim is a sub-agent in a transaction involving a buyer customer, a seller, and a listing agent. Who is Kim a sub-agent for?Both buyer and sellerThe buyerThe listing agentThe listing agent and seller

Unit 2 Exam:A licensee must perform which of the following

tasks for a buyer client?Ensure the buyer understands the importance of due diligence, including a professional inspection of the property.Review the seller's property disclosures and show the buyer the ones that you believe are important.Show the buyer properties that you are listing for other sellers.Tell the buyer how much earnest money she should put down to ensure the deal goes through.Ensure the buyer understands the importance of due diligence, including a professional inspection of the property.Sub-agencyRalph is a licensee with Camp Realty group. He has a client, Debbie who is selling her house. He thinks Debbie's house is perfect for Stacy, a customer.Sub-agencyNot Sub-agency Norm is a listing agent. He allows Stu, an agent from another firm, to present an offer from an unrepresented buyer.To whom do sub-agents working with buyer customers owe their duties?No oneThe buyersThe buyers and sellers equallyThe sellers and the seller's agents The fact that the team could have a financial interest in the transaction's outcome

Exam: Orla represents the seller, and Pardeep, an agent

from a different firm, represents the buyer in the same transaction. What type of agency relationship does Orla have with her client?Buyer agencyDual-licensee dual agencySeller agencySingle-licensee dual agency Buyer's Intra-Company AgentExclusively represents the buyer in a dual agency situation

Unit 2 Exam:At a sales meeting you learn that one of your

firm's listings must sell that week. "Get 'er sold!" your

broker tells you. "The clients must move out in 40 days." You'd really like to get that sale. What can you tell prospective buyers?"I'd love to show you one of my firm's listings.""The negotiating power is all in your hands.""The seller is highly motivated.""The seller must sell this week." "I'd love to show you one of my firm's listings."

Unit 2 Exam:Licensee Randy is in a seller agency

relationship with Brent, a seller. The buyer is Tim. Who is Randy's client?Both the seller (Brent) and the buyer(Tim)Randy's brokerThe buyer (Tim)The seller (Brent) The seller (Brent) Sub-AgentA licensee who works for Firm A but who is engaged with Firm B to perform agency functions on behalf of Firm B's client.The sellers and the seller's agentsWhich of these is an example of a sub-agency relationship?Aldrich accepts a designated agency appointment from his broker so his firm can represent both the buyer and the seller.Blaine represents the buyer in a transaction with an unrepresented seller.Greta refers a buyer client to a more experienced colleague, asking for a referral fee from the colleague.Morris, who's licensed independently, finds a buyer customer for Greg's listing with Marvel Homes and is obligated to act in the best interest of Marvel Homes' client.Sellers should be advised of an important drawback of sub-agency. What is this?No one is representing their interests in the transaction.They will be vicariously liable for the actions of the sub-agent.They will get broad market exposure for their listing.They will have to pay double commission.They will be vicariously liable for the actions of the sub-agent.general agentresponsible for all dealings with a specific piece of your

client's propertyex: Property Manager, because you would

collect rent, evict tenants, and enter into leases with tenants on behalf of your client, the property owner. This is similar to the duties the holder of a power of attorney would have, but a power of attorney may not be required. The property management agreement will spell out the scope of your authority to act on the principal's behalf. A general agent in this capacity does offer continuity of service, because the agent is authorized to conduct a series of transactions.Dual Agent (Real Estate Broker or Designee) Assigns licensees as intra-company agents to represent seller and buyer clients who have consented to dual agency representation

Unit 1 Exam:Which agent role is designated by a dual

agent and exclusively represents the seller in a dual agency situation?BrokerBroker's designeeBuyer's intra-company agentSeller's intra-company agent Seller's intra-company agent Universal Agentsomeone who is empowered to do anything the principal could do personally. This type of agent has the most authority; a universal agent's authority is virtually unlimited.One example of a universal agent would be a court

appointed guardian, whose authority would likely be over a person and the person's property. As a real estate agent, it is highly unlikely you'd be appointed as a client's universal agent.

Unit 1 Exam:Claudia is a new licensed assistant working

for salesperson Monica. Claudia takes Monica's phone calls, answers basic questions about listings using the MLS