Real Estate Agency and Compliance Quiz

Test your knowledge of real estate law with questions on agency characteristics, legal requirements, MLS, fiduciary duty, fair housing, and more.

Practice Learn Test

Which of the following is not a characteristic of a real estate agency?

Acts as an intermediary between buyers and sellers

Provides legal advice to clients

Facilitates property transactions

Markets properties for sale or rent

What does MLS stand for in the context of real estate?

Multiple Listing Service

Main Listing System

Market Lease Strategy

Mortgage Lending System

Which of the following is a legal requirement for real estate agents in many jurisdictions?

Obtaining a real estate license

Having a college degree in finance

Owning multiple properties

Being a member of a social club

What is fiduciary duty in real estate agency?

Ensuring properties are always sold at the highest price

Disclosing all information to clients

Providing false information to influence a sale

Acting in the best interest of clients

What does E&O insurance stand for in the context of real estate?

Errors & Omissions insurance

Exclusive & Official insurance

Escrow & Offer insurance

Endorsement & Ownership insurance

What is the purpose of the Fair Housing Act in the United States?

To ensure equal opportunity in housing

To regulate property taxes

To restrict property ownership

To standardize property inspections

What is a 'listing agreement' in real estate?

A contract between a seller and their agent

A contract between a buyer and their agent

A contract between two competing agents

A contract between a landlord and a tenant

What is a 'buyer's agent' in real estate?

An agent who represents the seller

An agent who represents the buyer

An agent who is not involved in the transaction

An agent who represents both parties

In real estate, what is meant by the term 'comps'?

Comparative market analysis

Computerized property valuations

Complex property descriptions

Comprehensive property searches

#10

What is a 'pocket listing' in real estate?

A listing with multiple agents

A listing not yet advertised to the public

A listing without a seller's consent

A listing for a pocket-sized property

#11

What is meant by the term 'procuring cause' in real estate?

The primary factor that led to a property sale

The cause of property depreciation

The process of property valuation

The cause of agent's commission

#12

Which entity is responsible for enforcing fair housing laws in the United States?

Department of Housing and Urban Development (HUD)

National Association of Realtors (NAR)

Federal Trade Commission (FTC)

Environmental Protection Agency (EPA)