Nebraska Real Estate Exam Prep - National Mostly Tested Questions and Correct Answers (100% Pass)

Licensee The Agent is sometimes called the: Principal Is hired by the Client sometimes called the: Customer Sometimes called an unrepresentative person: Special Agency The Agent is "limited" to what they can do: General Agency The Agent who has the power to speak on behalf (make decisions for) their client and bind them to decision the Agent makes: Dual Agency Master01 | November, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ Agent that represents both the buyer and the seller or both the landlord and the tenant in the same transaction: Confidentiality, Care and Skill, Obedience, Accounting, Loyalty, Full Disclosure, Provide Information and advice Agent owes their client the following "Fiduciary Duties" Disclose Agency, Avoid Misrepresentation, Provide Good Service, Write and present all written offers, Provide information, but NO ADVICE Agent owes their customer the following "Obligations" Full Disclosure Agent must keep their client informed of all matters relevant to the transaction. Completion of the objective, Expiration of Time, Relinquishment by the parties, Mutual agreement between all the parties, Non- performance of one or more parties Agency Relationships are terminated when: never Master01 | November, 2024/2025 | Latest update 1 | P a g e | © copyright 2024/2025 | Grade A+ The Fiduciary Duty of confidentially _______ terminates or expires. a contract is an agreement between two or more parties to either do a legal act or refrain from doing a legal act on which the parties have reached.. Expressed contracts can be verbal or written but all written contracts are.. The key is, -------- states the intent