Agency

The __________ states the existence of each broker's fiduciary agency duty owed to the various parties to the transaction.

agency confirmation provision

Agency in real estate related transactions includes relationships between:

brokers and members of the public and licensed sales agents and their brokers.

When a dual agency situation exists, the broker may not pass on

confidential pricing information.

When the opinion is coupled with advice expressing no further need for the buyer or others to investigate and confirm the prediction, the opinion is elevated to the level of a:

guarantee.

The Agency Law Disclosure must be presented to all parties when listing, selling, buying or leasing for a term greater than one year property in a targeted transaction, such as a property containing:

one to four residential units

A(n) __________ is a statement made by a broker concerning a possible condition which has not yet occurred based on readily available facts.

opinion

An agent is an individual who represents another, called the:

principal

Opinions voiced by agents about an income property's future performance based on the income and expenses actually incurred by the owner during the preceding 12-month period are:

projections.

Existence of a dual agency needs to be disclosed to each client:

promptly at the moment the conflict arises.

Under the supervision of a broker, an unlicensed employee of the broker may:

provide and accept preprinted rental applications; accept deposits, fees and rents.

A dual agent is a broker who:

represents the buyer and seller.

A broker who employs an office manager

still retains the overall supervisorial responsibility

An individual who has been delegated agency duties by an agent of the client, not the client directly, is known as a(n):

subagent

An agent who fails to provide the Agency Law Disclosure risks:

the loss of their fee

A(n) __________ is necessary for a broker to have an enforceable fee agreement.

written employment agreement