Which of the following relationships characterizes a designated agency relationship?

The BIC assigns who is to represent the buyer and seller.

The standard of care and competence that a principal can expect from an agent is generally that which is

comparable to that of other practitioners in the area.

A multiple listing authorization gives a broker what authority?

To list the owner's property in a multiple listing service.

The essential foundation of the agency relationship consists of

good faith, trust and confidence.

Although a listing broker may delegate tasks to an w-2 licensee, the broker may not delegate the authority to

obtain and distribute compensation.

The agency relationship is defined by

the laws of agency, or in some states, by statute.

Implied agency arises when

a party creates an agency relationship outside of an express agreement.

The meaning and salient characteristics of the agency relationship should be disclosed to the client

prior to completing a listing agreement.

An agent is operating as a disclosed dual agent on a transaction. In this case, the agent

may not represent one party's interests to the detriment of the other.

The degree of authority granted by a residential brokerage listing agreement generally allows the agent to

market, sell and show the property.

A subagent is the agent of

a Firm that has an agency relationship with a client.

When must a listing agent disclose his or her agency relationship to prospective tenants or buyers?

Whenever substantive communication is made beyond casual conversation.

Which of the following conditions is necessary for a customer to qualify as “ready, willing, and able”

The customer must be legally competent to undertake the transaction.

When a broker enters into a listing agreement, the broker has agreed to accept which of the following?

Fiduciary and contractual obligations with the client.

The duties of a transaction broker or facilitator include

disclosing material facts to both parties.

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Unit 4 - National Agency

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Questions 21

Answers

1
Which of the following relationships characterizes a designated agency relationship?
The BIC primarily represents the seller.
The BIC assigns who is to represent the buyer and seller.
There is no such duty as maintaining confidentiality.
The BIC assigns a subagent from other firms to represent each party.
2
The standard of care and competence that a principal can expect from an agent is generally that which is
comparable to that of other practitioners in the area.
necessary to earn the promised compensation.
necessary to procure a customer.
specified in the agency agreement.
3
A multiple listing authorization gives a broker what authority?
To delegate the listing responsibilities to other agents.
To list the owner's property in a multiple listing service.
To represent both seller and buyer, if necessary, in selling the property.
To sell several properties for the owner at once.
4
The essential foundation of the agency relationship consists of
diligence, results, and compensation.
mutual respect, compensation, and confidentiality.
service, marketing, and respect.
good faith, trust and confidence.
5
Although a listing broker may delegate tasks to an w-2 licensee, the broker may not delegate the authority to
obtain and distribute compensation.
provide cooperating brokers with information about the property.
inspect the property for hazardous substances.
advertise the property.
6
The agency relationship is defined by
the Realtor Code of Ethics.
the agreement between a principal and an agent.
the laws of agency, or in some states, by statute.
the law of real estate contracts.
7
Owner agrees to pay a broker for procuring a tenant unless ithe owner finds the tenant. This is an example of a(n)
exclusive right-to sell agreement.
net listing.
exclusive agency agreement.
open listing.
8
Implied agency arises when
a principal accepts an oral listing.
an agent accepts an oral listing.
a principal agrees to all terms of a written listing agreement
a party creates an agency relationship outside of an express agreement.
9
One of the agent's fiduciary duties that continues even after a listing agreement expires is
confidentiality.
diligence.
obedience.
disclosure.
10
The meaning and salient characteristics of the agency relationship should be disclosed to the client
prior to completing a listing agreement.
upon the initial contact with the person.
prior to or upon completion of an offer.
prior to showing properties.
11
From an agent's point of view, the most desirable form of listing agreement is a(n)
exclusive agency.
net listing.
open listing.
exclusive right to sell.
12
An agent is operating as a disclosed dual agent on a transaction. In this case, the agent
must be obedient and loyal to both parties.
must require that the principals refrain from disclosing any material facts
must operate without a listing agreement.
may not represent one party's interests to the detriment of the other.
13
The degree of authority granted by a residential brokerage listing agreement generally allows the agent to
hire inspectors, others to prepare the property for marketing.
create contractual obligations for the client.
market, sell and show the property.
negotiate the selling price between client and customer.
14
A buyer agent or tenant representative should disclose his or her agency relationship to the owner's agent
immediately prior to the initial contact.
upon initial contact.
immediately prior to substantive contact.
immediately following any offer executed by the landlord.
15
A subagent is the agent of
the buyer.
the seller.
the client's and the customer's agents.
a Firm that has an agency relationship with a client.
16
When must a listing agent disclose his or her agency relationship to prospective tenants or buyers?
Immediately prior to the initial contact.
Immediately following any offer executed by the customer.
Upon initial contact.
Whenever substantive communication is made beyond casual conversation.
17
A property seller empowers an agent to market and sell a property on his behalf. The kind of agency represented is
universal.
no agency.
special.
general.
18
Which of the following conditions is necessary for a customer to qualify as “ready, willing, and able”
The customer must have a commitment from a lender.
The customer's offer must be accepted.
The customer must have no business relationship with the agent.
The customer must be legally competent to undertake the transaction.
19
When a broker enters into a listing agreement, the broker has agreed to accept which of the following?
Contractual obligations with cooperating brokers.
Fiduciary obligations with the customer.
Fiduciary and contractual obligations with the client.
Fiduciary relationships with client and customer.
20
An agency relationship may be involuntarily terminated for which of the following reasons?
Renewal of the agent's license.
Condemnation of the property.
Full performance.
Mutual consent.
21
The duties of a transaction broker or facilitator include
preserving the confidentiality of information received from either party.
helping the two parties achieve their respective objectives.
choosing to obey the instructions of one party.
disclosing material facts to both parties.

Unit 4 - National Agency Flashcards | StudBud