CFB Roles and Responsibilities 4

Question 1

Under federal regulations, a freight broker must maintain a surety bond or trust fund in the amount of:

Accepted Answer

$75,000

Answer

$10,000

Answer

$25,000

Answer

$100,000

Question 2

Which broker responsibility is directly tied to maintaining accurate and accessible shipment records?

Accepted Answer

Enabling dispute resolution and regulatory audits

Answer

Pricing freight rates for competitors

Answer

Issuing cargo insurance certificates

Answer

Registering new carriers with the FMCSA

Question 3

A carrier tells a broker it will deliver a load for $1,200, but the broker quotes the shipper $1,500. The $300 difference represents the broker's:

Accepted Answer

Margin or commission

Answer

Freight claim reserve

Answer

Fuel surcharge passed through

Answer

Regulatory filing fee

Question 4

When a broker receives a freight claim from a carrier for detention charges, the broker's responsibility is to:

Accepted Answer

Review the charges, verify against BOL and appointment records, and pass legitimate charges to the shipper

Answer

Automatically pay all detention claims from the surety bond

Answer

Reject the claim because brokers are not liable for detention

Answer

File the claim with the FMCSA for arbitration

Question 5

A broker has a fiduciary-like duty to the shipper in which of the following scenarios?

Accepted Answer

When the broker-shipper contract grants the broker power of attorney for freight claims

Answer

In every shipment, regardless of contract terms

Answer

Only when the shipper is a government entity

Answer

When the broker owns more than 10% of the carrier's equity

Question 6

What distinguishes a 'managed transportation' broker arrangement from a standard spot-market transaction?

Accepted Answer

Managed transportation involves ongoing, contract-based logistics management for the shipper's entire freight program

Answer

Managed transportation applies only to LTL shipments

Answer

In managed transportation, the broker takes title to the cargo

Answer

Spot market transactions require more regulatory oversight than managed transportation

Question 7

A freight broker's 'duty to communicate' most directly requires the broker to:

Accepted Answer

Provide shippers and carriers with timely, accurate updates about shipment status and issues

Answer

Publish market rates on a public website daily

Answer

File status reports with the FMCSA after each delivery

Answer

Communicate only with the carrier, not the shipper