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Real Estate Salesperson Exam — National Portion

Agency: practice questions

Our Real Estate (National) bank has 18 questions on this topic. Here are 5 of them with answers; the full mock exam draws from every topic, like the real one.

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Question 1

What is a net listing?

  1. A listing with a fixed commission
  2. A listing for commercial property only
  3. The most common listing
  4. The broker keeps any amount above a set price the seller wants; illegal or discouraged in many states
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D. The broker keeps any amount above a set price the seller wants; illegal or discouraged in many states — It creates conflicts of interest.

Question 2

What is a 'material fact'?

  1. Any rumour
  2. A fact that would affect a reasonable person's decision about the transaction
  3. The colour of the curtains
  4. The seller's age
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B. A fact that would affect a reasonable person's decision about the transaction — Material facts must be disclosed.

Question 3

How is an agency relationship most commonly created?

  1. By the MLS
  2. By verbal promise only, always
  3. By accident
  4. By express agreement, such as a written listing or buyer representation agreement
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D. By express agreement, such as a written listing or buyer representation agreement — Agency can also be implied by conduct.

Question 4

What are the fiduciary duties an agent owes a client?

  1. Honesty to the customer only
  2. Obedience, loyalty, disclosure, confidentiality, accounting and reasonable care
  3. Only accounting
  4. Only loyalty
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B. Obedience, loyalty, disclosure, confidentiality, accounting and reasonable care — Often remembered as OLDCAR.

Question 5

What happens to an agency relationship if the principal dies?

  1. It continues with the heirs
  2. It ends
  3. It becomes a dual agency
  4. It transfers to the broker
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B. It ends — Death or incapacity of either party terminates agency.

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