Module 2 – Self-Assessment Review

(We suggest printing this page as a study guide for the final exam)

 

The minimum legal requirements of real estate agent’s duties are set by:

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National Association of Realtors

The agent’s broker

Michigan Legislature
Local real estate boards

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Correct Answer: Michigan Legislature

 

The Michigan Legislature allows for some agent duties to be waived EXCEPT:

 

Perform the terms of the service provision agreement. 
Accept, deliver and present offers and counteroffers to client.

Assist in developing, communicating, negotiating offers.

Assist to complete the transaction.

 

Correct Answer: Perform the terms of the service provision agreement. 

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Which is NOT an agency relationship?

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Sellers Agent

Buyers Agent 
Dual Agent

Transaction Coordinator

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Correct Answer: Transaction Coordinator

 

Real estate agents are required to:

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Disclose all agency relationships and licensee’s duties under each relationship.

Disclose agency relationship before the disclosure of any confidential information.
Provide a written copy of the disclosure to the client/customer
All of the above

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Correct Answer: All of the above