Chapter 4

Question 1

What is a single agent?

Answer 1

a broker who represents as a fiduciary, either the buyer or seller, but not both in the same transaction.

Question 2

What is a principal?

Answer 2

the party with whom the real estate licensee has entered into a single agent relationship

Question 3

What is a transaction broker?

Answer 3

a broker who provides limited representation to a buyer, a seller, or both, in a real estate transaction, but does not represent either in a fiduciary capacity or as a single agent.

Question 4

sellers of residential property, along with licensees, must:

Answer 4

disclose all known facts that materially affect the value of residential real property and are not readily observable to the buyer.

Question 5

What is a special agent?

Answer 5

A special agent is authorized under agency law by the employer to perform a single act.