Law of Agency Final Exam Questions With Correct Answers

Law of Agency Final Exam Questions With
Correct Answers

The practice of several brokers agreeing to all charge the same amount of
| | | | | | | | | | | | |


commission is called | |




| a. allocation of clients
| | |




| b. good business
| |




| c. boycotting
|




| d. price-fixing - CORRECT ANSWER✔✔-d. price-fixing
| | | | |




Information About Brokerage Services must be given to potential buyers, sellers,
| | | | | | | | | | |


tenants, and landlords at the:
| | | |




| a. time of first meeting
| | | |




| b. after the listing is taken
| | | | |




| c. at the closing
| | |




|d. first substantive dialogue about a property - CORRECT ANSWER✔✔-Wrong b.
| | | | | | | | | | |


after the listing is taken
| | | |




Something that affects the property or the health of the residents of the property
| | | | | | | | | | | | |


is called a:
| | |

,| a. psychological stigma
| |




| b. exception
|




| c. physical stigma
| |




| d. none of the above
| | | |




Next question - CORRECT ANSWER✔✔-c. physical stigma
| | | | | |




To praise extravagantly is the definition of:
| | | | | |




| a. material fact
| |




| b. fraud
|




| c. unintentional misrepresentation
| |




| d. puffing - CORRECT ANSWER✔✔-d. puffing
| | | | |




_________is the chance of something going wrong and the danger that injury,
| | | | | | | | | | | |


damage, or loss will occur.
| | | |




| a. material fact
| |




| b. real estate
| |




| c. risk
|




| d. office manual
| |




Next question - CORRECT ANSWER✔✔-c. risk
| | | | |

, The TAR Residential Buyer/Tenant Representation Agreement states that the
| | | | | | | | |


broker will seek payment of commission first from the seller, landlord, or their
| | | | | | | | | | | | |


agents. If such persons refuse or fail to pay, the broker will be paid by the:
| | | | | | | | | | | | | | |




| a. Buyer customer
| |




| b. Tenant customer
| |




| c. Client
|




| d. none of the above - CORRECT ANSWER✔✔-Wrong d. none of the above?
| | | | | | | | | | | |




Commissions are paid to the salespersons and the broker associates by the:
| | | | | | | | | | |




| a. other salespersons
| |




| b. other brokers
| |




| c. clients and customers
| | |




| d. sponsoring broker - CORRECT ANSWER✔✔-d. sponsoring broker
| | | | | | |




After the agency relationship has been established, the broker is the agent of the
| | | | | | | | | | | | | |


______, and the sponsored salesperson is the agent of the_________.
| | | | | | | | |




| a. buyer------tenant
|




| b. broker------client
|




| c. client------broker
|




| d. none of the above - CORRECT ANSWER✔✔-c. client------broker
| | | | | | | |