Exam Study Set 14

Hanna represents the buyer, and Hank, an agent from a different firm, represents the seller in the same transaction. What type of agency relationship does Hanna have with her client?

Buyer Agency

What kind of agency relationship enables two licensees in the same Tennessee brokerage to work with two parties in a transaction?

Designated Agency

Ned represents Sofia in the sale of her townhome. Luciana represents Sofia's buyer, Arturo. What is Luciana's responsibility to Sofia?

Disclose that the buyer will not have the funds for the down payment unless he sells his current home.

Which task must a licensee perform for buyer clients?

Ensure that the buyer receives copies of all signed paperwork.

Which of the following statements about the facilitator's role in a transaction is true?

Facilitators do not represent either party in the negotiations.

A broker has two affiliate brokers who each represent an opposing side in the same transaction. What could the broker do to ensure the affiliate brokers don't unwillingly share confidential information?

Put policies and procedures in place to address this situation.

What responsibility does the seller's agent have to the seller?

Seek a sale at the best price at terms that are acceptable to the seller.

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?

Seller Agency

Mavis is a buyer's agent working with Blaine, an unrepresented seller. Mavis's buyer, Cintra, makes an offer on Blaine's property. Mavis assists Blaine with the paperwork. What's Mavis's relationship to the parties?

She's an agent to Cintra, and the seller is her customer.

If you represent the buyer and seller in the same transaction, what type of agency relationship do you have with your clients?

Single-Licensed Dual Agency

In a buyer agency relationship, whom does the licensee represent?

The Buyer.

When a licensee represents a seller, which one of the following statements is true about the licensee's ability to list other properties that are for sale?

The licensee is permitted to list other properties for sale, even if they're competing properties.