MO 24-HOUR SALESPERSON PRACTICE COURSE EXAM PREP:
AGENCY QUESTIONS WITH 100% CORRECT ANSWERS!!
Terms in this set (35)
An agreement between a buyer and an agent to provide
What is buyer agency?
representation, obligating agent to perform fiduciary duties for
the buyer
Missouri law requires that this form is given to all potential
Missouri Broker Disclosure Form
clients. The form lists the types of agency available in the state
and offered by a particular brokerage.
What does a buyer agency Terms of the agency relationship between a buyer and the
agreement contain? buyer's broker representative. It is a binding, written contract.
What important term does a buyer The broker's legal right to claim compensation
agency agreement establish?
What are three types of Brokerage service options (using the Broker Disclosure Form),
disclosures a licensee must existing agency relationship (to all transaction parties), and
make to a client? property condition disclosures
A property that buyers may shy aware from for reasons other
What's a stigmatized property?
than physical defects, such as a property being the site of a
murder
Fiduciary A person in whom another's trust and confidence is placed
Client/principal: Person who has agent representation
Client/principal vs. customer
Customer: Person related to transaction who is not represented by the
agent
Transaction broker A licensee acting as a facilitator but not in a representative capacity in a
transaction
A person who is authorized to act for another (the principal or
General agent
client) in a range of matters
Special agent An agent whose scope of authority is limited to a specific area
Limited agent One who acts within a very limited scope
A person with unlimited power to act for another, such as a
Universal agent
conservator, or one who holds a broad scope power of
attorney
Representing both sides in a real estate transaction. A broker acting as dual
Dual agency agent
may designate one agent to represent the seller, and another agent
to represent the buyer as designated agents.
AGENCY QUESTIONS WITH 100% CORRECT ANSWERS!!
Terms in this set (35)
An agreement between a buyer and an agent to provide
What is buyer agency?
representation, obligating agent to perform fiduciary duties for
the buyer
Missouri law requires that this form is given to all potential
Missouri Broker Disclosure Form
clients. The form lists the types of agency available in the state
and offered by a particular brokerage.
What does a buyer agency Terms of the agency relationship between a buyer and the
agreement contain? buyer's broker representative. It is a binding, written contract.
What important term does a buyer The broker's legal right to claim compensation
agency agreement establish?
What are three types of Brokerage service options (using the Broker Disclosure Form),
disclosures a licensee must existing agency relationship (to all transaction parties), and
make to a client? property condition disclosures
A property that buyers may shy aware from for reasons other
What's a stigmatized property?
than physical defects, such as a property being the site of a
murder
Fiduciary A person in whom another's trust and confidence is placed
Client/principal: Person who has agent representation
Client/principal vs. customer
Customer: Person related to transaction who is not represented by the
agent
Transaction broker A licensee acting as a facilitator but not in a representative capacity in a
transaction
A person who is authorized to act for another (the principal or
General agent
client) in a range of matters
Special agent An agent whose scope of authority is limited to a specific area
Limited agent One who acts within a very limited scope
A person with unlimited power to act for another, such as a
Universal agent
conservator, or one who holds a broad scope power of
attorney
Representing both sides in a real estate transaction. A broker acting as dual
Dual agency agent
may designate one agent to represent the seller, and another agent
to represent the buyer as designated agents.
