Real Estate Agency Quiz
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Questions and Answers

What is the difference between a general agent and a special agent?

  • A general agent has more authority than a special agent
  • A general agent works on a variety of actions while a special agent does a specific task (correct)
  • A general agent is licensed while a special agent is not
  • A general agent works only for the buyer while a special agent works only for the seller

    • What is the purpose of the Real Estate Recovery Fund?

  • To provide funding for real estate agents to start their own businesses
  • To compensate victims of fraudulent real estate transactions (correct)
  • To provide financial assistance to buyers purchasing their first home
  • To pay for continuing education courses for real estate agents

    • What is the difference between an express agreement and an implied agreement?

  • An express agreement is legally binding while an implied agreement is not
  • An express agreement requires the signature of all parties while an implied agreement does not
  • An express agreement is explicitly stated through orally or writing while an implied agreement is done by actions (correct)
  • An express agreement is only valid for a limited time while an implied agreement is permanent

    • What is the purpose of an agency agreement in a real estate transaction?

    <p>All of the above</p> Signup and view all the answers

    What is the primary duty of a real estate agent?

    <p>To the client</p> Signup and view all the answers

    What is the purpose of a disclosure of agency?

    <p>To show that the broker is an agent for the seller, buyer, or dual agent</p> Signup and view all the answers

    What is the difference between trust fund conversion and commingling?

    <p>Trust fund conversion is using client funds for personal purposes, while commingling is mixing personal funds and client funds</p> Signup and view all the answers

    What is the difference between a general agent and a special agent?

    <p>A general agent works on a variety of actions while a special agent does a specific task</p> Signup and view all the answers

    What is the purpose of the real estate recovery fund?

    <p>To provide compensation to those who have suffered financial losses due to the actions of licensed real estate professionals</p> Signup and view all the answers

    What is the difference between an express agency agreement and an implied agency agreement?

    <p>An express agency agreement is explicitly stated through oral or written communication, while an implied agency agreement is an agreement done by actions</p> Signup and view all the answers

    What is commingling?

    <p>Mixing personal funds with client funds</p> Signup and view all the answers

    What is the primary duty of a real estate agent?

    <p>To the client</p> Signup and view all the answers

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