BRRETA

Question 1

Agency

Answer 1

Every relationship in which a broker acts for or represents another (a “client”) in a real estate transaction, by the latter’s express written authority

Question 2

Affiliated Licensee

Answer 2

A person with a salesperson license, in order to practice his profession, must place his salesperson license with a licensed broker. the broker then supervises the activities of the salesperson

Question 3

Broker

Answer 3

An individual who is licensed as a broker under the Kansas Real Estate Brokers’ and Salespersons’ License Act

Question 4

Statutory Agent

Answer 4

A licensed broker that has an agency agreement with a seller, buyer, landlord or tenant, or acts as a transaction broker

Question 5

Company

Answer 5

A corporation, partnership, limited liability company, professional corporation, sole proprietorship that holds itself out as a real estate brokerage firm

Question 6

Client

Answer 6

A seller, landlord, buyer or tenant who has an agency agreement with a broker

Question 7

Customer

Answer 7

A seller, landlord, buyer or tenant in a real estate transaction in which a broker is involved but an agency agreement has not yet been agreed upon

Question 8

Confidential Information

Answer 8

Information made confidential by statute, rule, regulation, or instructions from the client, or personal information about the client, which might place the other party at an advantage over the client

Question 9

Transaction Broker

Answer 9

A broker (and/or affiliated licensee) who assists one or more parties with a real estate transaction without being an agent or advocate for the interests of any party to the subject transaction

Question 10

Ministerial Acts

Answer 10

Acts that a licensee may perform for a person that are informative in nature and do not rise to the level of active representation on behalf of a client

Question 11

Designated Agent

Answer 11

When a affiliated licensee in a firm is designated as the agent to represent a seller or landlord and another affiliate licensee in that same firm is designated as an agent to represent the buyer or tenant

Question 12

Agency Agreement

Answer 12

A written agreement setting forth the terms and conditions of the relationship between a broker and the broker’s client

Question 13

Client Third Party

Answer 13

Any agency of the federal government which has real estate to be offered for sale

Question 14

Written Transaction Brokerage Agreement

Answer 14

A written agreement setting forth the terms and conditions of the relationship between a broker acting as a transaction broker and the broker’s customers

Question 15

Exclusive Right to Sell Agreement

Answer 15

A written agency agreement or written transaction brokerage agreement that sets forth the terms and conditions of the relationship between a broker and the broker’s clients or customers and does the following:

1) grants the broker the exclusive right to assist the seller in the sale of the seller’s property
2) provides that the broker will be compensated if the broker, seller or any other person or company produces a purchaser in accordance with the terms specified in the agreement

Question 16

Dual Agent

Answer 16

When a licensee represents both a buyer and a seller in a real estate transaction. this is not allowed in Kansas

Question 17

Subagency

Answer 17

When a licensee with an agency agreement with a client needs an additional licensee to work under his supervision to perform services for which a license is required