NCh4 Types Of Agency -Creation, Termination, And Obligations

Question 1

The principal – agent relationship is a ______________ relationship built on trust. .

Answer 1

Fiduciary

Question 2

What governs the relationship between a broker and his principal (client)?

Answer 2

The Common law of agency

Question 3

When do states require the disclosure of information about agency?

Answer 3

Usually at the time of first meaningful contact with a party or Prospect

Question 4

When would an agent most likely provide a seller with information about agency?

Answer 4

Most often at the listing presentation

Question 5

When would an agent most likely provide a buyer information about agency?

Answer 5

Most often on his or her first visit to your office

Question 6

How must all licensees in agency relationships treat all parties?

Answer 6

With honesty and fairness

Question 7

As licensees in agency relationships, what are our two levels of responsibility?

Answer 7

Public responsibility and fiduciary responsibility

Question 8

Honesty, integrity, fairness disclosure of material facts, and accounting of funds held are our duties to customers or third parties in a transaction. This is which responsibility?

Answer 8

Public responsibility

Question 9

Putting the interest of your client, first, giving full disclosure to your client to including advice and opinions in addition to disclosing all pertinent facts both material and other, being loyal to your principal and competent and defending and supporting your clients interests, describes which responsibility of an agent?

Answer 9

Fiduciary responsibility