301-Brokerage Relationships &
Responsibilities
At an open house, the listing agent must disclose his/her agency status to a
prospective buyer: - CORRECT ANSWER-When the prospect begins to talk
about his/her property needs and ability to purchase.
Which of the following is a material fact? - CORRECT ANSWER-That the streets
in the neighborhood are privately maintained by the owners' association.
The definition of "material fact" includes all of the following EXCEPT: - CORRECT
ANSWER-Information about what a buyer-client is willing to offer.
What is the agency relationship between the real estate company and its
affiliated brokers? - CORRECT ANSWER-The individual brokers are the agents
and the company is the principal.
The Commission's agency rule requires all of the following items to be in a
written agency agreement EXCEPT: - CORRECT ANSWER-The brokerage
commission to be paid to the company and affiliated broker.
Who of the following is NOT guilty of misrepresentation? - CORRECT
ANSWER-A seller who checks "no rep" on a mandatory property disclosure
document even though he knows there is a problem with that feature.
A broker knows that a city recently decided to extend water and sewer lines to a
subdivision that has been plagued with poor water quality. The broker has a
buyer who is interested in purchasing a property in the subdivision. What are the
buyer agent's obligations when dealing with an unrepresented seller? -
CORRECT ANSWER-The buyer-agent must disclose to the seller that city water
and sewer will soon be available.
Which of the following is NOT a material fact? - CORRECT ANSWER-That the
seller owns the property lien-free.
, In any agency relationship, who serves whom and whose interests are primary? -
CORRECT ANSWER-The agent serves the principal whose interests are
paramount.
The common law of agency: - CORRECT ANSWER-Is based on principles that
arose in England in the 1600s.
A buyer asks the listing agent whether all the appliances are in good working
order. The listing agent says yes, although he hasn't personally checked any of
the appliances. The buyer later discovers the dishwasher doesn't work. Which of
the following is true? - CORRECT ANSWER-The broker is guilty of negligent
misrepresentation.
All of the following are true about the Unfair and Deceptive Practices Act
EXCEPT: - CORRECT ANSWER-The Act applies to real estate brokers and all
sellers.
All of the following are true concerning the Commission's agency rule EXCEPT: -
CORRECT ANSWER-The agency agreement with the owner must be in writing
prior to presentment of any offer.
The Unfair and Deceptive Practices Act prohibits misrepresentations, omissions
of material fact, and misleading advertising in a trade or business and applies to:
- CORRECT ANSWER-Real estate brokers.
A broker-listing agent is conducting an open house for her seller-client. A former
buyer-client with whom the broker had worked previously attends. Later that
afternoon the listing agent receives a written offer from that buyer. When
presenting the offer to the seller, the listing agent should: - CORRECT
ANSWER-Share any information she has about the buyer with the seller,
including the buyer's financial ability or resources and needs or desires.
Who must disclose material facts and to whom? - CORRECT ANSWER-Only real
estate brokers must discover and disclose material facts to everyone.
Seller hires listing company and on the property disclosure statement says that
the property is connected to city water and sewer. The seller knows that she has
Responsibilities
At an open house, the listing agent must disclose his/her agency status to a
prospective buyer: - CORRECT ANSWER-When the prospect begins to talk
about his/her property needs and ability to purchase.
Which of the following is a material fact? - CORRECT ANSWER-That the streets
in the neighborhood are privately maintained by the owners' association.
The definition of "material fact" includes all of the following EXCEPT: - CORRECT
ANSWER-Information about what a buyer-client is willing to offer.
What is the agency relationship between the real estate company and its
affiliated brokers? - CORRECT ANSWER-The individual brokers are the agents
and the company is the principal.
The Commission's agency rule requires all of the following items to be in a
written agency agreement EXCEPT: - CORRECT ANSWER-The brokerage
commission to be paid to the company and affiliated broker.
Who of the following is NOT guilty of misrepresentation? - CORRECT
ANSWER-A seller who checks "no rep" on a mandatory property disclosure
document even though he knows there is a problem with that feature.
A broker knows that a city recently decided to extend water and sewer lines to a
subdivision that has been plagued with poor water quality. The broker has a
buyer who is interested in purchasing a property in the subdivision. What are the
buyer agent's obligations when dealing with an unrepresented seller? -
CORRECT ANSWER-The buyer-agent must disclose to the seller that city water
and sewer will soon be available.
Which of the following is NOT a material fact? - CORRECT ANSWER-That the
seller owns the property lien-free.
, In any agency relationship, who serves whom and whose interests are primary? -
CORRECT ANSWER-The agent serves the principal whose interests are
paramount.
The common law of agency: - CORRECT ANSWER-Is based on principles that
arose in England in the 1600s.
A buyer asks the listing agent whether all the appliances are in good working
order. The listing agent says yes, although he hasn't personally checked any of
the appliances. The buyer later discovers the dishwasher doesn't work. Which of
the following is true? - CORRECT ANSWER-The broker is guilty of negligent
misrepresentation.
All of the following are true about the Unfair and Deceptive Practices Act
EXCEPT: - CORRECT ANSWER-The Act applies to real estate brokers and all
sellers.
All of the following are true concerning the Commission's agency rule EXCEPT: -
CORRECT ANSWER-The agency agreement with the owner must be in writing
prior to presentment of any offer.
The Unfair and Deceptive Practices Act prohibits misrepresentations, omissions
of material fact, and misleading advertising in a trade or business and applies to:
- CORRECT ANSWER-Real estate brokers.
A broker-listing agent is conducting an open house for her seller-client. A former
buyer-client with whom the broker had worked previously attends. Later that
afternoon the listing agent receives a written offer from that buyer. When
presenting the offer to the seller, the listing agent should: - CORRECT
ANSWER-Share any information she has about the buyer with the seller,
including the buyer's financial ability or resources and needs or desires.
Who must disclose material facts and to whom? - CORRECT ANSWER-Only real
estate brokers must discover and disclose material facts to everyone.
Seller hires listing company and on the property disclosure statement says that
the property is connected to city water and sewer. The seller knows that she has
