Post Licensing 301 Q&A
The definition of "material fact" includes all of the following EXCEPT: - CORRECT
ANSWER-Information about what a buyer-client is willing to offer
Minimally, how many parties are there in an agency relationship and what are
they called under agency law? - CORRECT ANSWER-There must be at least
two parties, one is the agent and the other is the principal.
In any agency relationship, who serves whom and whose interests are primary? -
CORRECT ANSWER-The agent serves the principal whose interests are
paramount.
A misrepresentation: - CORRECT ANSWER-Is a false statement of fact, oral or
written.
All of the following are true regarding the Doctrine of Caveat Emptor EXCEPT: -
CORRECT ANSWER-Brokers' obligations to discover and disclose are less,
because Caveat Emptor places the primary burden on the buyer to inspect and
investigate.
A broker at a listing presentation is explaining the services his company offers
and has not yet provided the Working with Real Estate Agents brochure to the
seller. Which of the following comments by the seller would cross the boundary of
first substantial contact? - CORRECT ANSWER-"What would you recommend as
a listing price?"
A person acting as a "fiduciary" holds a position of: - CORRECT ANSWER-Trust
The common law of agency: - CORRECT ANSWER-Is based on principles that
arose in England in the 1600s.
Who must disclose material facts and to whom? - CORRECT ANSWER-Only real
estate brokers must discover and disclose material facts to everyone.
The definition of "material fact" includes all of the following EXCEPT: - CORRECT
ANSWER-Information about what a buyer-client is willing to offer
Minimally, how many parties are there in an agency relationship and what are
they called under agency law? - CORRECT ANSWER-There must be at least
two parties, one is the agent and the other is the principal.
In any agency relationship, who serves whom and whose interests are primary? -
CORRECT ANSWER-The agent serves the principal whose interests are
paramount.
A misrepresentation: - CORRECT ANSWER-Is a false statement of fact, oral or
written.
All of the following are true regarding the Doctrine of Caveat Emptor EXCEPT: -
CORRECT ANSWER-Brokers' obligations to discover and disclose are less,
because Caveat Emptor places the primary burden on the buyer to inspect and
investigate.
A broker at a listing presentation is explaining the services his company offers
and has not yet provided the Working with Real Estate Agents brochure to the
seller. Which of the following comments by the seller would cross the boundary of
first substantial contact? - CORRECT ANSWER-"What would you recommend as
a listing price?"
A person acting as a "fiduciary" holds a position of: - CORRECT ANSWER-Trust
The common law of agency: - CORRECT ANSWER-Is based on principles that
arose in England in the 1600s.
Who must disclose material facts and to whom? - CORRECT ANSWER-Only real
estate brokers must discover and disclose material facts to everyone.
