Real Estate Sales Exam Real Estate Sales Agency and Fiduciary Duties Questions and Answers 2

Question 1

A buyer's agent learns that the seller is willing to accept a lower price than listed. What is the agent's fiduciary obligation?

Accepted Answer

Keep this information confidential

Answer

Disclose this information to the buyer immediately

Answer

Share it only if the buyer asks directly

Answer

Report it to the listing broker

Question 2

Which type of agency relationship is created when a broker represents both the buyer and the seller in the same transaction?

Accepted Answer

Dual agency

Answer

Single agency

Answer

Designated agency

Answer

Implied agency

Question 3

An agent who fails to present all offers to a seller has violated which fiduciary duty?

Accepted Answer

Disclosure

Answer

Loyalty

Answer

Obedience

Answer

Accounting

Question 4

A listing agent discovers that the property has a hidden foundation crack during an open house. What must the agent do?

Accepted Answer

Disclose the defect to all prospective buyers

Answer

Disclose the defect only if asked by potential buyers

Answer

Keep the information confidential per the seller's request

Answer

Wait until a buyer makes an offer before disclosing

Question 5

In a designated agency arrangement, which statement is TRUE?

Accepted Answer

Each designated agent represents only their assigned client's interests

Answer

The broker cannot assign separate agents to buyer and seller

Answer

Both designated agents share all client information with each other

Answer

Designated agency eliminates the need for written disclosure

Question 6

Which fiduciary duty requires an agent to follow the lawful instructions of their client?

Accepted Answer

Obedience

Answer

Loyalty

Answer

Care

Answer

Confidentiality