RECA RESIDENTIAL EXAM UNIT 8 ACTUAL
EXAM REAL QUESTIONS AND DETAILED
ANSWERS AGRADE LATEST 2024 VERIFIED.
What do REPs have a regulatory obligation to present and
discuss with the consumer? - ANSWER >>>>The Consumer
Relationship guide (the Guide)
By signing the guide (the consumer relationship guide), is the
consumer committed to work with the particular real estate
professional/brokerage? - ANSWER >>>>No
2 types of consumer relationships - ANSWER >>>>client and
customer
Difference between Common Law Agency relationship and
Designated Agency Relationship - ANSWER >>>>Common
Law agency relationship is a client relationship in which the
brokerage represents the seller
Designated Agency Relationship is a client relationship in
which the real estate professional represents the seller as a
designated agent
True or false - Regardless of whether the brokerage practices
common law or designated agency, the responsibilities of
REPs to clients remain the same as REPs much protect the
interests of the clients. - ANSWER >>>>True
, 6 responsibilities of the REP to their clients - ANSWER
>>>>1. Undivided Loyalty
2. Confidentiality
3. Full Disclosure
4. Obedience
5. Reasonable Care and Skill
6. Full Accountability
4 Responsibilities clients have to brokerages - ANSWER
>>>>1. Give REP any information that may impact a
transaction
2. Give the REP any facts that may impact their ability to
represent the client
3. Pay the brokerage all fees as agreed to in writing
4. Pay the brokerage all expenses as agreed in writing
3 things REPs may offer customers (which would ultimately
benefit their clients) - ANSWER >>>>1. Providing the
customer with statistical information
2. Assisting the customer in completing the more commonly
used residential real estate forms.
3. Recommending the customer contact appraisers, mortgage
brokers, property inspectors, and/or other service providers.
EXAM REAL QUESTIONS AND DETAILED
ANSWERS AGRADE LATEST 2024 VERIFIED.
What do REPs have a regulatory obligation to present and
discuss with the consumer? - ANSWER >>>>The Consumer
Relationship guide (the Guide)
By signing the guide (the consumer relationship guide), is the
consumer committed to work with the particular real estate
professional/brokerage? - ANSWER >>>>No
2 types of consumer relationships - ANSWER >>>>client and
customer
Difference between Common Law Agency relationship and
Designated Agency Relationship - ANSWER >>>>Common
Law agency relationship is a client relationship in which the
brokerage represents the seller
Designated Agency Relationship is a client relationship in
which the real estate professional represents the seller as a
designated agent
True or false - Regardless of whether the brokerage practices
common law or designated agency, the responsibilities of
REPs to clients remain the same as REPs much protect the
interests of the clients. - ANSWER >>>>True
, 6 responsibilities of the REP to their clients - ANSWER
>>>>1. Undivided Loyalty
2. Confidentiality
3. Full Disclosure
4. Obedience
5. Reasonable Care and Skill
6. Full Accountability
4 Responsibilities clients have to brokerages - ANSWER
>>>>1. Give REP any information that may impact a
transaction
2. Give the REP any facts that may impact their ability to
represent the client
3. Pay the brokerage all fees as agreed to in writing
4. Pay the brokerage all expenses as agreed in writing
3 things REPs may offer customers (which would ultimately
benefit their clients) - ANSWER >>>>1. Providing the
customer with statistical information
2. Assisting the customer in completing the more commonly
used residential real estate forms.
3. Recommending the customer contact appraisers, mortgage
brokers, property inspectors, and/or other service providers.
