TN PRE Exam Prep: Agency Questions
with Complete Solutions Agent - Correct Answers ✅Someone who acts on behalf of someone else, at that other person's request What's the difference between a client and a customer or a consumer? - Correct Answers ✅Agency relationship exists between a client and a licensee; there's no agency relationship with a customer Non-agent - Correct Answers ✅Represents no one in a real estate transaction; also called a transactional broker or a facilitator General agent vs. special agent - Correct Answers ✅Responsible for all dealings of a client's specific piece of property vs. limited authority to act on a client's behalf Designated agent - Correct Answers ✅A licensee who serves as a client's agent, to the exclusion of other licensees employed by or affiliated with the broker Limited agency - Correct Answers ✅Licensees are limited to duties to all parties and to clients outlined in the law Designated agency vs. traditional agency - Correct Answers ✅Agency agreements between a client and a single licensee vs. agency agreements between a client and a brokerage as a whole 1 / 2
TN PRE Exam Prep: Agency Questions
with Complete Solutions Which fiduciary duty never ends? - Correct Answers ✅Confidentiality Facilitator (transactional broker) - Correct Answers ✅Doesn't represent either party in a transaction but can assist one or even both parties with no risk of conflict of interest What's a fiduciary? - Correct Answers ✅Someone who owes certain duties based on being placed in a position of trust for another What are the two most common types of seller agency in Tennessee? - Correct Answers ✅Exclusive designated agency, and exclusive seller agency For what type of seller would a licensee typically need an Agreement to Show Property signed? - Correct Answers ✅Unlisted (e.g., a for sale by owner seller) What are the duties of a listing agent? - Correct Answers ✅Advocate for the seller and seek a sale of the property at the best price and terms acceptable to the seller, and inform the buyer of the agency relationship with the seller
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