The CE Shop Real Estate Course Exam Questions and Answers
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Course
The CE shop real estate
Institution
The CE Shop Real Estate
Agency - Answer-The relationship between a client and a licensee
Agent - Answer-Someone who acts on behalf of another person per that persons request
Fiduciary - Answer-Someone who is in a position of trust and owes loyalty to another
Principal - Answer-1. The client in an agency relations...
The CE Shop Real Estate Course Exam
Questions and Answers
Agency - Answer-The relationship between a client and a licensee
Agent - Answer-Someone who acts on behalf of another person per that persons
request
Fiduciary - Answer-Someone who is in a position of trust and owes loyalty to another
Principal - Answer-1. The client in an agency relationship
2. A party in a transaction
Customer - Answer-Someone the licensee assists in a transaction without an agency
relationship. A principal but not a client.
Consumer - Answer-Someone who may use the product or service (such as an open
house) without being involved in the transaction
Non-Agent, Facilitator, Transaction Broker - Answer-Does not represent buyer or seller
and can only provide limited services such a clerical or ministerial tasks
General Agent - Answer-Has responsibility for all of the dealings over a specific piece of
your clients property - Property Manager
Special Agent - Answer-Has limited authority to act on behalf of the client - Sales
Limited Agent - Answer-An agent who has a limited role such as an escrow officer
Non-Agent - Answer-A facilitator to both parties but not a fiduciary. A transactional
broker that provides confidentiality, reasonable skill and care, due diligence, disclosure,
vicarious liability (respondeat superior), imputed notice, and accounting to both parties.
They do not owe loyalty or obedience to non-clients.
Universal agent - Answer-Someone with broad authority to act in all matters
Fiduciary Duties of Agents - Answer-OLD CAR
Obedience
Loyalty
Disclosure
Confidentiality
Accounting
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