Question

9. A third party or a non-represented consumer for whom some level of service is provided and who is entitled to fairness and honest is known as:

A. Client

B. Principal

C. Customer

D. Agent

10. The fiduciary relationship between the principal and the agent is:

A. Fiduciary

B. Client

C. Principal

D. Agency

11. An individual who hires the agent and delegates to him or her the responsibility of representing the principal’s interest is:

A. The principal

B. The client

C. The Customer

D. The agent

12. Agent Heber is representing buyers Claire and Jake and sellers Trevor and Katie in the same transaction. Agent Heber is acting as a:

A. Single agent                                                                                  C. Special Agent

B. General Agent                                                                            D. Dual agent

                                                                                                                                               

                                                                                                                                                  

13. A process that accommodates and in-house-sale where two different agents are involved and one represents the buyer and the other agent represents the seller, it is a:

A. Designated agency

B. Limited agency

C. Special agency

D. Universal agency

Answer 1

All these terms are definitions related to real estate broking business, without much explanation needed.

9. C

Customer is defined as the third party or nonrepresented consumer for whom some level of service is provided.

10. D

relationship between a principal and an agent wherein the agent is authorized to represent the principal in certain transactions.

11. A

Principal himself hires the agent.

12. D

Representing both parties to a transaction. This is ethical only if both parties agree to it.

13. A

A process that accommodates an in-house sale in which two different agents are involved. The broker designates one agent to represent the seller and one agent to represent the buyer.

13.