Chapter 9 Quiz

In a typical real estate transaction an agency relationship exists between the:

To lessen confusion among buyers and sellers regarding agency representation, all states have enacted laws that require an agent to:

A potential buyer who deals with a seller through a listing agent is known as a:

The most common method for creating a seller agency relationship is:

Broker Quincy represents a homeseller, Reba. Reba wants a quick sale and tells Quincy that although the listing price is $500,000, she would go as low as $450,000. Quincy tells a prospective buyer that Reba would sell for $450,000, so the buyer offers $450,000 and Reba accepts. Quincy has:

In an in-house sale:

A dual agent must:

A licensee owes to all parties, regardless of whom the licensee represents, the duty of:

Dual agency is:

A buyer’s agent is most commonly compensated by the:

Broker Lois listed the Mannings’ property. The Mannings told her that the roof would leak in heavy rain, but she did not tell Ned, the buyer, since he did not ask about the roof. If Ned purchases the property, discovers the leak, and then sues for damages:

An agency relationship may terminate:

An agent may unilaterally terminate an agency relationship through:

Which of the following statements about dual agency is not true?

The owners of an apartment building hire a real estate broker as the property manager. If the owners later sell the building, their agency relationship with the property manager: