1. An agent relationship is established between the broker and
   1. Another broker
   2. The principal
   3. A multiple listing service
   4. A customer
2. Which of the following best defines a material fact in the real estate context?
   1. A property deficiency that must be recorded at the time of sale
   2. A representation made on a licensees marketing sheet that has been verified by the licensee
   3. A fact significant enough to influence an individuals decision about whether or not to purchase
   4. a latent deficiency of a property that may be disclosed to a prospective buyer only if an offer is made
3. A seller sold his property for $375,000, with the closing on July 1^st, in a jurisdiction where the buyer pays for the day of closing. The seller had a mortgage balance at the time of closing of $301,000 and had recently paid invoices of $400 for the second quarters water and electricity, $1,200 for new appliances, and roofing repairs of $700. Based only on these items house much will the seller receive at closing?
   1. 71,700
   2. 72,400
   3. 73,600
   4. 74,000