Real Estate Brokerage: Unit Exams

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Real Estate Brokerage: Unit Exams

Questions and Answers | Latest Version | 2025/2026 | Correct & Verified

What is the primary responsibility of a real estate broker in a transaction?

• To ensure the buyer receives financing

✔✔B. To facilitate the transaction and act as the intermediary between the buyer and seller

• To guarantee the sale price of the property
• To provide home warranties

What does the term "dual agency" mean in real estate brokerage?

• When one agent represents both parties (buyer and seller) in the same transaction

✔✔B. When the broker represents both the buyer and the seller in the same transaction

• When two different brokers represent the buyer and seller
• When an agent handles both the listing and selling of properties in different markets

Which of the following is NOT a common responsibility of a real estate broker?✔✔A. Performing home inspections

• Marketing properties 1 / 4

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• Providing legal documents
• Managing a team of real estate agents

What is the main purpose of the National Association of Realtors (NAR)?✔✔A. To promote the ethical conduct and professional standards in the real estate industry

• To represent only the interests of real estate sellers
• To set the sales price for properties in a given area
• To act as a regulatory body for all real estate transactions

Which of the following is the typical commission rate paid to real estate brokers?

• 5-7% of the sales price

✔✔B. 5-6% of the sales price

• 2-4% of the sales price
• 1-2% of the sales price

What is an example of a fiduciary duty a real estate broker owes to a client?✔✔A. Loyalty

• Marketing the property 2 / 4

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• Providing home financing
• Setting a competitive price for the property

In a real estate brokerage, what is the primary role of a listing agent?

• To assist the buyer with negotiating the purchase price

✔✔B. To help the seller market and sell the property

• To handle the closing process
• To provide financing options to the buyer

A broker's commission is typically calculated as a percentage of:

✔✔A. The sale price of the property

• The buyer’s loan amount
• The cost of repairs to the property
• The property’s appraisal value

When does a real estate broker owe a fiduciary duty to a buyer?✔✔A. When the broker has a signed agency agreement with the buyer

• Only after an offer is accepted by the seller 3 / 4

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• When the buyer provides earnest money
• When the buyer and seller are both under contract

Which of the following best describes the concept of “agency” in real estate brokerage?

• The relationship between the broker and the title company

✔✔B. The relationship where a broker represents a client in a transaction

• The process of marketing a property for sale
• The relationship between a property manager and a tenant

What is the term for the money a broker holds in escrow until the closing of a transaction?✔✔A. Earnest money

• Commission payment
• Transfer tax
• Security deposit

Which of the following is the primary responsibility of a transaction coordinator?

• To negotiate the sale price between buyer and seller
• To ensure all the legal documents are properly completed and submitted
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