In Acting as an Agent for Another Person, the Broker

question 31

Multiple Choice

In acting as an agent for another person, the broker carries several special responsibilities, which by law must be adhered here to throughout the transaction process. These responsibilities constitute what is commonly referred to as a:

• A) Subagency relationship
• B) Dual agency relationship
• C) Fiduciary relationship
• D) Open listing relationship

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Definitions:

General Partner

An owner of a partnership who has unlimited liability and is active in managing the business.

LLLP

Stands for Limited Liability Limited Partnership, a form of partnership that provides all its partners with limited liability protections.

Federal Income Tax

A tax levied by the U.S. government on the annual earnings of individuals, corporations, trusts, and other legal entities.

Limited Liability Company

A business structure that combines the pass-through taxation of a partnership with the limited liability of a corporation.