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Agency and Brokerage Questions and Answers | Latest Version | 2025/2026 | Correct & Verified
What is the primary responsibility of a buyer’s agent in a transaction?
- To collect the seller’s financial information
- To negotiate only the commission
- To protect the listing broker's interest
✔✔B. To act in the best interest of the buyer
What does “dual agency” mean in real estate?
- Two agents from different companies representing the same client
- A buyer working with two brokers
- An agent working with two buyers on the same property
✔✔B. One agent representing both the buyer and the seller in the same transaction
Which of the following is a fiduciary duty owed by an agent to a client?
- Marketing
- Scheduling showings 1 / 3
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✔✔C. Loyalty
- Advertising
What type of agency is formed when a principal gives an agent written authority to act on their behalf in a real estate transaction?✔✔A. Express agency
- Implied agency
- General agency
- Ostensible agency
An agency relationship created after a client signs a listing agreement is called: ✔✔A. Express written agency
- Verbal agency
- Non-exclusive representation
- Dual consent agency
In a transaction, the listing broker owes fiduciary duties to:
- The buyer 2 / 3
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✔✔B. The seller
- The lender
- Both buyer and lender
Which of the following best describes a general agent?✔✔A. An agent who represents a client in a broad range of matters
- An agent who handles one specific transaction
- An attorney-in-fact
- A disclosed dual agent
A licensee working as a sub-agent owes fiduciary duties to:
✔✔A. The seller
- The buyer
- Their own sponsoring broker only
- The escrow officer
Which action may lead to termination of an agency relationship?
- Continuing communication
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