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

FMCSA regulations require freight brokers to maintain a $75,000 surety bond (BMC-84) or trust fund (BMC-85) to protect shippers and carriers.

Question 2

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

Accepted Answer

Enabling dispute resolution and regulatory audits

Answer

Accurate records allow brokers to resolve disputes with shippers or carriers and demonstrate compliance during FMCSA audits.

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

The spread between what the broker pays the carrier and charges the shipper is the broker's margin, which is its primary source of revenue.

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

The broker should verify detention claims against shipment records and, if valid, pass them through to the responsible shipper.

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

A fiduciary-like duty arises when contractual language, such as a power of attorney for claims, elevates the broker's responsibility to act in the shipper's interest.

(CFB) Certified Freight Broker Practice Test

(CFB) Certified Freight Broker Practice Test

CFB Roles and Responsibilities 4