Buyer's agent — represents the buyer
Before you read
Test yourself first: 5 questions
Question 1 of 5
An agent should disclose whom they represent:
Answer: B. Agency relationships should be disclosed at the first substantive contact so the other party knows whether they are a client or a customer.
Question 2 of 5
As a general principle of agency disclosure, when should a licensee disclose to a consumer whom they represent in the transaction?
Answer: B. Agency relationships should be disclosed at the earliest practical opportunity, typically before any confidential information is exchanged - at or before first substantive contact.
Question 3 of 5
Combining federal disclosure timing concepts, which statement is correct?
Answer: B. Lead-based paint disclosure and the inspection opportunity must be provided before the buyer becomes contractually obligated, and agency relationships must be disclosed at the earliest practical opportunity - both emphasize early, pre-commitment disclosure.
Question 4 of 5
In most brokerage relationships, when a salesperson receives trust money, what should they generally do with it?
Answer: B. A salesperson works under the broker's license, so trust funds received by the salesperson should be turned over promptly to the employing broker for proper deposit.
Question 5 of 5
Dual agency is legal only when:
Answer: B. Dual agency (representing both sides) requires the informed, written consent of both buyer and seller; undisclosed dual agency is illegal.
Keep the streak going with more questions like these, each with a full rationale.
Must-know rules
- Seller's agent — represents the seller (listing)
- Buyer's agent — represents the buyer
- Subagent — works for the listing broker, helps the seller
- Dual agent — both sides; needs informed written consent
- Transaction broker — facilitates, no fiduciary duties
- Always disclose who you represent, in writing, early
Agency Relationships at a Glance: FAQs
Is Agency Relationships at a Glance on the real estate exam?
Yes. Agency & Fiduciary Duties is a scored domain on the real estate licensing exam, and this topic appears in the national portion.
Is this cheat sheet free?
Yes — every page on Cinna RE's resource library is free to read, print and share. The app adds practice questions, mock exams and a readiness score.
