Champions School of Real Estate - Exam Prep /117
Questions With Complete Solutions Rated (A+)
Quiz :Buyer Representation Agreement - √Answer :An employment contract
obligating a broker to act as a fiduciary to a buyer
Quiz :Implied Agency - √Answer :Agency as a result of customary, usual or
typical conditions
Quiz :Broker - √Answer :A properly licensed party who serves a principal in an
agency relationship- also called an agent
Quiz :Client - √Answer :A party represented by a broker in an agency
relationship - also called a principal
Quiz :Duties of an Agent - √Answer :An agent owes his client obedience,
loyalty, disclosure, confidentiality, accounting and reasonable care (old car)
Quiz :customer - √Answer :A third party - one a broker is working with, but
who is not represented by that broker
, Quiz :Exclusive Agency Listing - √Answer :A listing where one broker is the
exclusive agent and will earn a commission if the property is sold, unless the
seller sells it himself- the seller is competing with his broker
Quiz :Ostensible Agency - √Answer :Agency as a result of the actions of an
agent and the response of other to those actions
Quiz :Agency by Ratification - √Answer :Agency is established when an agent
acts without permission of the principal and the principal accepts or ratifies
those actions.
Quiz :Blind Ad - √Answer :An advertisement that does not clearly indicate the
licensed status of the party placing the ad - real estate licensees are prohibited
from placing blind ads.
Quiz :Duties of Principal - √Answer :A principal owes his agent compensation,
reimbursement, indemnification and performance
Quiz :Procuring Cause of Sale - √Answer :The effort that results in the sale of
property - the act of bringing a ready, willing and able buyer to a seller
resulting the sale of the seller's property
Quiz :Exclusive right to sell - √Answer :A listing where one broker will earn a
commission when the property is sold, no matter who sells it
Quiz :Listing Agreement - √Answer :An employment contract obligating a
broker to act as a fiduciary to a seller
Quiz :Agency by Estoppel - √Answer :A principal fails to maintain due
diligence over his agent and as a result the court prevents the principal from
denying the agency relationship
Quiz :Dual Agent - √Answer :A broker who has the written permission of both
the buyer and the seller to represent both parties in a single transaction
Quiz :Management Agreement - √Answer :An employment contract
obligating a broker to act as a fiduciary to a property owner
Questions With Complete Solutions Rated (A+)
Quiz :Buyer Representation Agreement - √Answer :An employment contract
obligating a broker to act as a fiduciary to a buyer
Quiz :Implied Agency - √Answer :Agency as a result of customary, usual or
typical conditions
Quiz :Broker - √Answer :A properly licensed party who serves a principal in an
agency relationship- also called an agent
Quiz :Client - √Answer :A party represented by a broker in an agency
relationship - also called a principal
Quiz :Duties of an Agent - √Answer :An agent owes his client obedience,
loyalty, disclosure, confidentiality, accounting and reasonable care (old car)
Quiz :customer - √Answer :A third party - one a broker is working with, but
who is not represented by that broker
, Quiz :Exclusive Agency Listing - √Answer :A listing where one broker is the
exclusive agent and will earn a commission if the property is sold, unless the
seller sells it himself- the seller is competing with his broker
Quiz :Ostensible Agency - √Answer :Agency as a result of the actions of an
agent and the response of other to those actions
Quiz :Agency by Ratification - √Answer :Agency is established when an agent
acts without permission of the principal and the principal accepts or ratifies
those actions.
Quiz :Blind Ad - √Answer :An advertisement that does not clearly indicate the
licensed status of the party placing the ad - real estate licensees are prohibited
from placing blind ads.
Quiz :Duties of Principal - √Answer :A principal owes his agent compensation,
reimbursement, indemnification and performance
Quiz :Procuring Cause of Sale - √Answer :The effort that results in the sale of
property - the act of bringing a ready, willing and able buyer to a seller
resulting the sale of the seller's property
Quiz :Exclusive right to sell - √Answer :A listing where one broker will earn a
commission when the property is sold, no matter who sells it
Quiz :Listing Agreement - √Answer :An employment contract obligating a
broker to act as a fiduciary to a seller
Quiz :Agency by Estoppel - √Answer :A principal fails to maintain due
diligence over his agent and as a result the court prevents the principal from
denying the agency relationship
Quiz :Dual Agent - √Answer :A broker who has the written permission of both
the buyer and the seller to represent both parties in a single transaction
Quiz :Management Agreement - √Answer :An employment contract
obligating a broker to act as a fiduciary to a property owner
