Module 2 Test Exam Questions and
Answers Graded A+
The term exclusive in a listing or buyer agreement means that:
*Any agent can be paid to sell the property
*several agents can list the property
*Only the agent can list the property
*all of the above - Correct answer-Only one agent can list the property
All of the following are required of a broker when seeking to collect a commission
for brokering the sale EXCEPT
*Having a valid real estate license
*Complying with a set commission rate set by a trade organization
*Having been procuring cause in the transaction or having exclusive right to sell
agreement
*Having had a contract of employment an agency representaion agreement -
Correct answer-Compiling a set commssion rate
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,Donna is paid straight commissions on sales and receives no salary or other
benefits from her broker, Donna is a
*Employee
*Independent contractor
*Personal assistant
*Broker - Correct answer-Independent contractor
If an agent leaves a broker's office and transfers to a new company, thebroker must
tranfer the listings to the agent as well
True
False - Correct answer-False
A buyer's agent must complete an agency disclosure statement when
*The buyer closes on the deal
*The buyer drafts an offer
*The buyer signs the contract
*Obedience - Correct answer-The buyer drafts an offer
A fee that is only received upon a successful closing is a
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, *Contract fee
*Buyer agency
*Contingent Fee
*Compensation Fee - Correct answer-Contingent Fee
All of the following are fiduciary duties owed to a client EXCEPT
*Loyalty
*Confidentiality
*Accounting
*Honesty - Correct answer-Honesty
A buyer's agent can be compensatied by the seller through the listing agreement.
Since the seller is paying the buyer's agent's fee, this means that the buyer's agent is
representing
*The buyer only
*The seller only
*Both the buyer and the seller
*Neither the buyer nor the seller - Correct answer-The buyer only
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
Answers Graded A+
The term exclusive in a listing or buyer agreement means that:
*Any agent can be paid to sell the property
*several agents can list the property
*Only the agent can list the property
*all of the above - Correct answer-Only one agent can list the property
All of the following are required of a broker when seeking to collect a commission
for brokering the sale EXCEPT
*Having a valid real estate license
*Complying with a set commission rate set by a trade organization
*Having been procuring cause in the transaction or having exclusive right to sell
agreement
*Having had a contract of employment an agency representaion agreement -
Correct answer-Compiling a set commssion rate
©COPYRIGHT 2025, ALL RIGHTS RESERVED 1
,Donna is paid straight commissions on sales and receives no salary or other
benefits from her broker, Donna is a
*Employee
*Independent contractor
*Personal assistant
*Broker - Correct answer-Independent contractor
If an agent leaves a broker's office and transfers to a new company, thebroker must
tranfer the listings to the agent as well
True
False - Correct answer-False
A buyer's agent must complete an agency disclosure statement when
*The buyer closes on the deal
*The buyer drafts an offer
*The buyer signs the contract
*Obedience - Correct answer-The buyer drafts an offer
A fee that is only received upon a successful closing is a
©COPYRIGHT 2025, ALL RIGHTS RESERVED 2
, *Contract fee
*Buyer agency
*Contingent Fee
*Compensation Fee - Correct answer-Contingent Fee
All of the following are fiduciary duties owed to a client EXCEPT
*Loyalty
*Confidentiality
*Accounting
*Honesty - Correct answer-Honesty
A buyer's agent can be compensatied by the seller through the listing agreement.
Since the seller is paying the buyer's agent's fee, this means that the buyer's agent is
representing
*The buyer only
*The seller only
*Both the buyer and the seller
*Neither the buyer nor the seller - Correct answer-The buyer only
©COPYRIGHT 2025, ALL RIGHTS RESERVED 3
