Chapter 4

Question 1

What type of relationship is a special agent

Answer 1

Single agent relationship

Question 2

The party (buyer and seller) with whom the real estate licensee has entered into a single agent relationship

Answer 2

The principal

Question 3

Who represents a fiduciary either the buyer or seller but not both

Answer 3

Single agent relationship

Question 4

Subagent

Answer 4

The agent who automatically becomes subagent of all brokers principles as does the broker

Question 5

Who is the agent in a real estate transaction

Answer 5

Broker

Question 6

Agent working with principle in limited representation capacity

Answer 6

Transactional relationship

Question 7

What does the broker have the duty to transmit

Answer 7

Any and all offers to the employer including oral offers made without a binder deposit

Question 8

What would happen if an agent attempted to represent both parties in a transaction

Answer 8

Illegal dual agency

Question 9

What is illegal dual agency a violation of

Answer 9

Statue 475

Question 10

What are the relationship duties of a non representation relationship

Answer 10

Deal honestly and fairly
Account for all funds
Disclose all known facts that affect the value of the residential property

Question 11

What is the brokers employment contract that states the terms and conditions that the broker must meet to become eligible for compensation

Answer 11

Listing

Question 12

When is a broker entitled to compensation

Answer 12

A ready willing and able buyer has met all sellers requirements

Question 13

How can a referral fee or commission be paid to a out of state foreign broker

Answer 13

If the broker does not participate in the transaction

Question 14

Can a broker pay commission fees or any gifts with unlicensed person

Answer 14

No nothing of value