MO 24-Hour Salesperson Practice Course Exam Prep: Agency Questions With Answers Graded A+ Assured Success
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Course
MO 24-Hour Salesperson Practice Course
Institution
MO 24-Hour Salesperson Practice Course
What is buyer agency? - ️️An agreement between a buyer and an agent to provide
representation, obligating agent to perform fiduciary duties for the buyer
Missouri Broker Disclosure Form - ️️Missouri law requires that this form is given to
all potential clients. The form lists the types o...
MO 24-Hour Salesperson Practice
Course Exam Prep: Agency
What is buyer agency? - ✔️✔️An agreement between a buyer and an agent to provide
representation, obligating agent to perform fiduciary duties for the buyer
Missouri Broker Disclosure Form - ✔️✔️Missouri law requires that this form is given to
all potential clients. The form lists the types of agency available in the state and offered
by a particular brokerage.
What does a buyer agency agreement contain? - ✔️✔️Terms of the agency
relationship between a buyer and the buyer's broker representative. It is a binding,
written contract.
What important term does a buyer agency agreement establish? - ✔️✔️The broker's
legal right to claim compensation
What are three types of disclosures a licensee must make to a client? - ✔️✔️Brokerage
service options (using the Broker Disclosure Form), existing agency relationship (to all
transaction parties), and property condition disclosures
What's a stigmatized property? - ✔️✔️A property that buyers may shy aware from for
reasons other than physical defects, such as a property being the site of a murder
Fiduciary - ✔️✔️A person in whom another's trust and confidence is placed
Client/principal vs. customer - ✔️✔️Client/principal: Person who has agent
representation
Customer: Person related to transaction who is not represented by the agent
Transaction broker - ✔️✔️A licensee acting as a facilitator but not in a representative
capacity in a transaction
General agent - ✔️✔️A person who is authorized to act for another (the principal or
client) in a range of matters
Special agent - ✔️✔️An agent whose scope of authority is limited to a specific area
Limited agent - ✔️✔️One who acts within a very limited scope
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