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MO 24-Hour Salesperson Practice Course Exam Prep: Agency Practice Questions and Answers $11.49   Add to cart
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MO 24-Hour Salesperson Practice Course Exam Prep: Agency Practice Questions and Answers
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MO 24-Hour Salesperson Practice Course Exam Prep: Agency Practice Questions and Answers What is buyer agency? - ANSWER-An agreement between a buyer and an agent to provide representation, obligating agent to perform fiduciary duties for the buyer Missouri Broker Disclosure Form - ANSWER-Missou...

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Document information

  • November 4, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

Subjects

  • mo 24 hour salesperson practice course exam prep

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  • Real Estate
  • Real Estate

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KaylinHoffman

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Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024




MO 24-Hour Salesperson Practice Course

Exam Prep: Agency Practice Questions

and Answers


What is buyer agency? - ANSWER✔✔-An agreement between a buyer and an agent to provide

representation, obligating agent to perform fiduciary duties for the buyer


Missouri Broker Disclosure Form - ANSWER✔✔-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? - ANSWER✔✔-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? - ANSWER✔✔-The broker's legal right

to claim compensation


What are three types of disclosures a licensee must make to a client? - ANSWER✔✔-Brokerage service

options (using the Broker Disclosure Form), existing agency relationship (to all transaction parties), and

property condition disclosures


What's a stigmatized property? - ANSWER✔✔-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 - ANSWER✔✔-A person in whom another's trust and confidence is placed


Copyright ©Stuvia International BV 2010-2024 Page 1/5

, Copyright © KAYLIN 2024/2025 ACADEMIC YEAR. ALL RIGHTS RESERVED FIRST PUBLISH NOVEMBER, 2024


Client/principal vs. customer - ANSWER✔✔-Client/principal: Person who has agent representation




Customer: Person related to transaction who is not represented by the agent


Transaction broker - ANSWER✔✔-A licensee acting as a facilitator but not in a representative capacity in

a transaction


General agent - ANSWER✔✔-A person who is authorized to act for another (the principal or client) in a

range of matters


Special agent - ANSWER✔✔-An agent whose scope of authority is limited to a specific area


Limited agent - ANSWER✔✔-One who acts within a very limited scope


Universal agent - ANSWER✔✔-A person with unlimited power to act for another, such as a conservator,

or one who holds a broad scope power of attorney


Dual agency - ANSWER✔✔-Representing both sides in a real estate transaction. A broker acting as dual

agent may designate one agent to represent the seller, and another agent to represent the buyer as

designated agents.


Fiduciary duties (6) - ANSWER✔✔-1. Obedience


2. Loyalty


3. Disclosure


4. Confidentiality


5. Accountability



Copyright ©Stuvia International BV 2010-2024 Page 2/5

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