Section 6_Unit 1_Exam

Violet is acting as a single agent. Her client asks her a complicated question about taxes. How should Violet answer?

"I'm not a tax attorney, so I can't answer that. Let me see if I can find one for you to ask"

An unrepresented ______ who's a party to a transaction is known as a principal.

Customer

In general, a person in a position of loyalty and trust is a(n) ______.

Fiduciary

Janelle's a broker who owns a small firm. She has decided that the firm will be a single-agency firm. This means that her agents represent ______.

either the buyer or the seller in each transaction

Single agency firms prohibit their licensees from doing what?

from representing the buyer & seller in the same transaction

Erik is acting in a single-agency capacity in a transaction. What does this mean?

he's representing (and owes undivided loyalty to) either the buyer or the seller

Which of the following is NOT true about single agency?

in single agency, one agent represents both the buyer & seller in the same transaction

Which of the following statements about designated agency in Illinois is true?

it's the default agency relationship in Illinois