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All ExamsReal Estate Salesperson — National ExamGeneral Principles of Agency

General Principles of Agency — Real Estate Salesperson — National Exam Practice Test

General Principles of AgencyQuestion 1 of 30

84 questions in this topic · 30 drawn at random this round

A homebuyer signs a buyer-representation agreement so a licensee will locate suitable properties and negotiate on the buyer's behalf. To whom does this licensee owe fiduciary duties?

Real Estate Principles (National/General)

Questions are based on the public PSI and Pearson VUE national content outlines plus standard real-estate principles (agency, contracts, property ownership, valuation, financing, disclosures, calculations). This covers the NATIONAL portion only — your state also has a separate STATE-law portion. The real exam is given in English; some states separately offer a Spanish-language administration.

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This Real Estate Salesperson — National Exam General Principles of Agency practice set has 84 practice questions based on the official exam materials, each with an instant explanation. You need 75% on the real Real Estate Salesperson — National Exam knowledge test to pass.

Sample questions

Three questions from the General Principles of Agency bank with the correct answer and an explanation. The practice quiz above draws 30 questions at random from the same bank.

  1. In an agency relationship, the person who authorizes another to act on their behalf is the principal, and the person who deals with that representative is the third party. What is the person who is authorized to act on the principal's behalf called?

    • The agent — Correct answer
    • The customer
    • The trustee
    • The vendor

    Explanation: Agency is a relationship in which one person (the agent) is authorized to act for and represent another (the principal) in dealings with third parties. English term — Agency（代理）: a relationship where an agent acts for a principal with third parties.

    Handbook: General Principles of Agency — Definition of Agency

  2. Which phrase best describes the nature of the relationship an agent has with the principal in an agency?

    • A relationship of trust and confidence requiring loyalty to the principal — Correct answer
    • An arm's-length relationship in which each party looks out only for itself
    • A relationship in which the agent owes duties only to third parties
    • A purely social relationship with no legal obligations

    Explanation: Agency is a fiduciary relationship — one of trust and confidence — in which the agent must place the principal's interests above the agent's own. English term — Fiduciary（受信）: a relationship of trust requiring loyalty and good faith.

    Handbook: General Principles of Agency — Fiduciary Relationship

  3. A licensed salesperson works under the supervision of a broker. To whom does the salesperson's authority to represent the public ultimately belong, and to whom is the salesperson legally accountable?

    • The employing broker — Correct answer
    • The state licensing board
    • The buyer's lender
    • The multiple listing service

    Explanation: A salesperson acts on behalf of, and is accountable to, the employing broker; the brokerage (through the broker) is the agent of the client, and the salesperson is typically a subagent or representative of that broker. English term — Broker（经纪人）: the licensee who holds the agency relationship with the client and supervises salespersons.

    Handbook: General Principles of Agency — Roles of Broker, Salesperson, Agent, Subagent