Post 301-Broker Relationships & Responsibilities Exam Questions with Correct Answers 100%
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Joyce listed a property for sale on behalf of her firm. She indicated that the property was 10
years old and had two full baths. The data entry administrator input the data incorrectly into
MLS and noted that there were four full baths. Joyce did not review the data prior to the firm
advertising the property. Under the standards for listing agents, which of the following
statements is TRUE?
A)
Joyce does not have any responsibility for the accuracy of the advertising.
B)
Joyce does not have any responsibility because the data entry administrator has all the liability.
C)
Joyce does have responsibility because she is probably guilty of negligent misrepresentation.
D)
Joyce does have responsibility because she should not have allowed the data entry
administrator to enter information into MLS. C)
Joyce does have responsibility because she is probably guilty of negligent misrepresentation.
A firm/broker can employee a data entry administrator but the firm/broker is still liable for the
accuracy of all advertisements. Joyce should have reviewed the MLS data prior to the listing
being advertised.
Hector interviewed several real estate firms to possibly list his home for sale. After much
deliberation, Hector decided to list his home For Sale by Owner because he did not want to
disclose that the roof leaked. Which of the following statements is TRUE regarding Hector's
duty to disclose?
A)
Hector is not required to disclose the roof leak to potential buyers whether he is selling For Sale
by Owner or if he hires a firm to represent him.
B)
Hector only has to disclose if he hires a firm to represent him.
,C)
Hector is required to disclose the roof leak regardless if he is selling For Sale by Owner or hiring
a firm to represent him.
D)
Hector is not required to disclose the roof leak to any potential buyers since he is selling For
Sale by Owner. A)
Hector is not required to disclose the roof leak to potential buyers whether he is selling For Sale
by Owner or if he hires a firm to represent him.
Hector is not required to disclose the roof leak to potential buyers whether he is selling For Sale
by Owner or if he has hired a firm to represent him. The seller's only obligation to the buyer
concerning disclosure of information about a property's condition or about a matter that might
affect the property's value or desirability is to avoid any fraudulent acts. Most sellers of
residential properties are required to complete both disclosure forms but can choose "No
Representation" for all questions on the RPOADS.
When it comes to standards for selling agents, which of the following statements is TRUE?
A)
A selling agent may rely on the accuracy of property information provided by a listing agent in
MLS only and must verify other forms of advertising.
B)
Generally, a selling agent may rely on the accuracy of property information provided by a listing
agent.
C)
A selling agent may never rely on the accuracy of property information provided by a listing
agent as they must always verify everything.
D)
Neither the listing nor selling agent are liable for advertising as long as there is a "disclaimer"
warning for the reader to make an independent investigation. B)
Generally, a selling agent may rely on the accuracy of property information provided by a listing
agent.
,Generally, a selling agent may rely on the accuracy of property information provided by a listing
agent, whether on a listing information sheet or in an MLS computer data bank, unless the
selling agent should reasonably suspect that the information may be inaccurate. The selling
agent will still be judged according to the general "reasonableness" standard and is not
automatically relieved of responsibility by relying on data provided by the listing agent.
Ricardo is showing a buyer a house in the capacity of seller subagent. Prior to being shown any
house, the buyer indicates to Ricardo that it is essential to have a fence erected around the
backyard of any house he purchases. Ricardo finds the perfect house for the buyer but it does
not have a fenced-in backyard nor does the listing information sheet indicate whether fences
are allowed or not. Ricardo does not inquire of the listing agent anything about a fence. The
buyer purchases the house and later learns that he cannot erect a fence. Which of the following
statements regarding these facts is TRUE?
A)
The listing agent had a duty to disclose in the listing information sheet that fences were not
permitted.
B)
Ricardo had a duty to determine if fences were permitted even though the listing information
sheet did not indicate anything regarding fences.
C)
Since Ricardo and the listing agent are acting in the capacity B)
Ricardo had a duty to determine if fences were permitted even though the listing information
sheet did not indicate anything regarding fences.
Whether working with a client or a customer, an agent (licensee, broker) has a duty to disclose
all material facts. A potential buyer can make an issue a material fact by asking about or
expressing their intentions. Once Ricardo knew the fence was a material issue to the buyer, he
was bound to take some action to determine if fences were permitted.
Which of the following statements is TRUE regarding a broker selling their own property?
A)
, Brokers selling their own property may represent or offer to represent a buyer.
B)
Brokers selling their own property may represent or offer to represent a buyer as long as it is
dual agency.
C)
Brokers are not allowed to represent themselves in selling their own property; they must hire a
firm to represent them.
D)
Brokers selling their own property may not represent or offer to represent a buyer. D)
Brokers selling their own property may not represent or offer to represent a buyer.
Catherine has hired Davis of Dream Homes Realty to represent them in the purchase of
Edward's property that is listed with Frank of Best Homes Realty. How will Dream Homes Realty
be allowed to be compensated?
A)
Dream Homes Realty may be compensated by Catherine only.
B)
Dream Homes Realty may be compensated by Catherine, by Edward indirectly through Best
Homes Realty that agrees to share, or by Catherine and Edward.
C)
Dream Homes Realty may not be compensated by either Catherine or Edward, directly or
indirectly.
D)
Dream Homes Realty may be compensated only by Edward indirectly through Best Homes
Realty. B)
Dream Homes Realty may be compensated by Catherine, by Edward indirectly through Best
Homes Realty that agrees to share, or by Catherine and Edward.
The cooperating firm may be compensated by the buyer, by the seller indirectly through the
listing firm that agrees to share, or by both. Most commonly, a buyer agent agrees to first seek
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Joyce listed a property for sale on behalf of her firm. She indicated that the property was 10
years old and had two full baths. The data entry administrator input the data incorrectly into
MLS and noted that there were four full baths. Joyce did not review the data prior to the firm
advertising the property. Under the standards for listing agents, which of the following
statements is TRUE?
A)
Joyce does not have any responsibility for the accuracy of the advertising.
B)
Joyce does not have any responsibility because the data entry administrator has all the liability.
C)
Joyce does have responsibility because she is probably guilty of negligent misrepresentation.
D)
Joyce does have responsibility because she should not have allowed the data entry
administrator to enter information into MLS. C)
Joyce does have responsibility because she is probably guilty of negligent misrepresentation.
A firm/broker can employee a data entry administrator but the firm/broker is still liable for the
accuracy of all advertisements. Joyce should have reviewed the MLS data prior to the listing
being advertised.
Hector interviewed several real estate firms to possibly list his home for sale. After much
deliberation, Hector decided to list his home For Sale by Owner because he did not want to
disclose that the roof leaked. Which of the following statements is TRUE regarding Hector's
duty to disclose?
A)
Hector is not required to disclose the roof leak to potential buyers whether he is selling For Sale
by Owner or if he hires a firm to represent him.
B)
Hector only has to disclose if he hires a firm to represent him.
,C)
Hector is required to disclose the roof leak regardless if he is selling For Sale by Owner or hiring
a firm to represent him.
D)
Hector is not required to disclose the roof leak to any potential buyers since he is selling For
Sale by Owner. A)
Hector is not required to disclose the roof leak to potential buyers whether he is selling For Sale
by Owner or if he hires a firm to represent him.
Hector is not required to disclose the roof leak to potential buyers whether he is selling For Sale
by Owner or if he has hired a firm to represent him. The seller's only obligation to the buyer
concerning disclosure of information about a property's condition or about a matter that might
affect the property's value or desirability is to avoid any fraudulent acts. Most sellers of
residential properties are required to complete both disclosure forms but can choose "No
Representation" for all questions on the RPOADS.
When it comes to standards for selling agents, which of the following statements is TRUE?
A)
A selling agent may rely on the accuracy of property information provided by a listing agent in
MLS only and must verify other forms of advertising.
B)
Generally, a selling agent may rely on the accuracy of property information provided by a listing
agent.
C)
A selling agent may never rely on the accuracy of property information provided by a listing
agent as they must always verify everything.
D)
Neither the listing nor selling agent are liable for advertising as long as there is a "disclaimer"
warning for the reader to make an independent investigation. B)
Generally, a selling agent may rely on the accuracy of property information provided by a listing
agent.
,Generally, a selling agent may rely on the accuracy of property information provided by a listing
agent, whether on a listing information sheet or in an MLS computer data bank, unless the
selling agent should reasonably suspect that the information may be inaccurate. The selling
agent will still be judged according to the general "reasonableness" standard and is not
automatically relieved of responsibility by relying on data provided by the listing agent.
Ricardo is showing a buyer a house in the capacity of seller subagent. Prior to being shown any
house, the buyer indicates to Ricardo that it is essential to have a fence erected around the
backyard of any house he purchases. Ricardo finds the perfect house for the buyer but it does
not have a fenced-in backyard nor does the listing information sheet indicate whether fences
are allowed or not. Ricardo does not inquire of the listing agent anything about a fence. The
buyer purchases the house and later learns that he cannot erect a fence. Which of the following
statements regarding these facts is TRUE?
A)
The listing agent had a duty to disclose in the listing information sheet that fences were not
permitted.
B)
Ricardo had a duty to determine if fences were permitted even though the listing information
sheet did not indicate anything regarding fences.
C)
Since Ricardo and the listing agent are acting in the capacity B)
Ricardo had a duty to determine if fences were permitted even though the listing information
sheet did not indicate anything regarding fences.
Whether working with a client or a customer, an agent (licensee, broker) has a duty to disclose
all material facts. A potential buyer can make an issue a material fact by asking about or
expressing their intentions. Once Ricardo knew the fence was a material issue to the buyer, he
was bound to take some action to determine if fences were permitted.
Which of the following statements is TRUE regarding a broker selling their own property?
A)
, Brokers selling their own property may represent or offer to represent a buyer.
B)
Brokers selling their own property may represent or offer to represent a buyer as long as it is
dual agency.
C)
Brokers are not allowed to represent themselves in selling their own property; they must hire a
firm to represent them.
D)
Brokers selling their own property may not represent or offer to represent a buyer. D)
Brokers selling their own property may not represent or offer to represent a buyer.
Catherine has hired Davis of Dream Homes Realty to represent them in the purchase of
Edward's property that is listed with Frank of Best Homes Realty. How will Dream Homes Realty
be allowed to be compensated?
A)
Dream Homes Realty may be compensated by Catherine only.
B)
Dream Homes Realty may be compensated by Catherine, by Edward indirectly through Best
Homes Realty that agrees to share, or by Catherine and Edward.
C)
Dream Homes Realty may not be compensated by either Catherine or Edward, directly or
indirectly.
D)
Dream Homes Realty may be compensated only by Edward indirectly through Best Homes
Realty. B)
Dream Homes Realty may be compensated by Catherine, by Edward indirectly through Best
Homes Realty that agrees to share, or by Catherine and Edward.
The cooperating firm may be compensated by the buyer, by the seller indirectly through the
listing firm that agrees to share, or by both. Most commonly, a buyer agent agrees to first seek
