Unit 6 quiz

A nonexclusive listing agreement is also known as: (a)a net listing. (b)an option listing. (c)an open listing. (d)an agency listing.

(c)an open listing.

When an agent represents both the buyer and seller in the same transaction, this action is: (a)against the law. (b)an example of subagency. (c)known as dual agency. (d)prohibited by the MLS.

(c)known as dual agency.

An agent owes which of the following to a third party? (a)Duty of disclosure (b)Duty of representation (c)Fiduciary duties (d)Duty of trust

(a)Duty of disclosure

The MOST commonly used form of listing agreement is the: (a)exclusive right to sell. (b)the exclusive agency. (c)open agreement. (d)net agreement.

(a)exclusive right to sell.

A real estate broker works for the: (a)principal. (b)third party. (c)Bureau of Real Estate (d)real estate board.

(a)principal.

For tax purposes, a sales person can work for the broker as: (a)a dual agent. (b)an independent contractor. (c)a subagent. (d)a partner.

(b)an independent contractor.

One of the MOST important duties of agent to principal is the duty of: (a)salesmanship. (b)loyalty. (c)beneficial conduct. (d)hard work.

(b)loyalty.

Real estate commission rates are: (a)fixed by law. (b)negotiable. (c)subject to cancellation. (d)always 4 percent.

(b)negotiable.

The Real Estate Law treats a salesperson as: (a)a dual agent (b)a general agent (c)an independent contractor. (d)an employee of the broker.

(d)an employee of the broker.

An agent is authorized to act in place of the principal by a: (a)purchase contract. (b)multiple listing clause. (c)listing agreement (d)power or attorney.

(d)power or attorney.