Real estate U chapter 2 Exam Questions And Answers.

Real estate U chapter 2 Exam Questions And Answers. Accountability - Correct Answer To be responsible. (Safeguard any money or property held on behalf of the client) Advance Consent to Dual Agency - Correct Answer The seller or buyer agrees to dual agency before it occurs by indicating the same on the agency disclosure form Agent - Correct Answer One who undertakes to transact some business or to manage some affair for another by authority of the latter. Broker's Agent - Correct Answer A broker's agent is an agent that cooperates or is engaged by a listing agent or a buyer's agent (but does not work for the same firm as the listing agent or buyer's agent) to assist the listing agent or buyer's agent in locating a property to sell or buy, respectively, for the listing agent's seller or the buyer agent's buyer. Buyer Agent - Correct Answer An agent who represents the buyer of real property. Client - Correct Answer The one by whom a broker is employed Confidentiality - Correct Answer An agent is obligated to safeguard his/her principal's lawful confidences and secrets. Therefore, a real estate broker must keep confidential any information that may weaken a principal's bargaining position Cooperating Agent - Correct Answer A real estate agent who sells a property. The selling agent may be (1) the subagent or listing agent of the seller; (2) a buyer's agent; or (3) a dual agent. Also called a selling agent or participating agent. Designated Sales Agent - Correct Answer Appointing one or more individual agents in a firm to represent only the interests of the seller and one or more different individual agents in the firm to represent only the interests of the buyer when a firm has an "in-house" dual agency situation.