Chapter 11

Question 1

When a single real estate agent represents both the buyer and the seller in the same transaction

Answer 1

Dual agency

Question 2

Sales agent and broker renewals

Answer 2

Limited agency disclosure and consent

Question 3

Term agency is using real estate to help determine what legal responsibilities. The real estate agent professional has an obligation to their clients and other parties in the transaction.

Answer 3

Agency before contracts

Question 4

The following fiduciary duties are compromised for limited agents

Answer 4

Agency duties of limited agents

Question 5

If you are involved as a principle in the transaction, you are prohibited from serving as a limited agent in that transaction

Answer 5

Conflict of interest as a limited agent

Question 6

Criminal penalties for violations of real estate licensure law can include prison time

Answer 6

Criminal penalties for violation of chapter

Question 7

An agreement by a party to a contract or an element of the contract made after the party has been advised of all material facts

Answer 7

Informed consent

Question 8

A transaction in which a single agent represents both the buyer in the seller and is the only agent involved

Answer 8

One single agent, limited agency

Question 9

A transaction in which a single brokerage represents both the buyer and the seller but different agents

Answer 9

Two double agent limited agency

Question 10

Unnecessarily revealing info that reduces the ability of one party of a transaction to fairly negotiate

Answer 10

Weakening the bargaining position of the other party