Chapter 4 Flashcards
The federal lead-based paint (LBP) disclosure form is required on all __________ residential construction.
a. pre-1978
b. post-1978
c. pre-1995
d. post-1995
A
A real estate agent has no affirmative duty to voluntarily disclose information to a potential buyer regarding a prior occupant whose death occurred on the real estate more than __________ years prior to the purchase offer.
a. one
b. two
c. three
d. All of the above.
C
Ownership of a unit in a condominium project includes compulsory membership in:
a. the local trade union.
b. the homeowners’ association (HOA).
c. Facebook.
d. the board of directors.
B
Any individual who holds themselves out as being in the business of preparing a home inspection report on a one-to-four unit residential property is referred to as a(n):
a. appraiser.
b. home inspector.
c. handyman.
d. subcontractor.
B
A statement by a structural pest control (SPC) company indicating the property is free of infestation in the visible and accessible areas is referred to as a:
a. Certificate of Completion.
b. Certificate of Occupancy.
c. Pest Elimination Voucher.
d. Pest Control Certification.
D
Brokers owe a fiduciary duty to the client to use __________ in a continuous effort to meet the objective of the employment.
a. due diligence.
b. minimal effort.
c. moderate caution.
d. None of the above.
A
All records of an agent’s activities on behalf of a buyer or seller during the listing period must be retained by the agent’s broker for:
a. one year.
b. two years.
c. three years.
d. four years.
C
A(n) __________ is a written employment contract between a client and a licensed real estate broker.
a. job application.
b. listing agreement.
c. lease agreement.
d. certificate of deposi
B
Agency duties carry with them the __________ of loyalty and full disclosure owed by the broker and their sales agents to the client.
a. fiduciary duties.
b. general duties.
c. partial duties.
d. subliminal duties.
A
Under a(n) __________, a client can enter into listings with as many brokers as they want without becoming obligated to pay more than one fee.
a. exclusive agency listing.
b. exclusive right-to-sell listing.
c. open listing.
d. All of the above.
C
