Law 5 - Quiz Flashcards
When listing a single-family residential property, the listing agent must ask the seller to complete which of the following documents at the time of the listing property?
A. Consumer Bulletin
B. Sales Contract
C. Seller Disclosure of Property Condition
D. Agency Disclosure
C. Seller Disclosure of Property Condition
It is a violation of the licensing regulations for the licensee to prepare any part of the Seller Disclosure of Property Condition report UNLESS…
A. the seller has previously listed the property and the licensee is simply extending the listing.
B. the broker authorizes his/her agents to complete the form so long as the seller agrees not to sue the licensee or the broker.
C. the seller requests in writing that the licensee complete the form and agrees to hold the licensee harmless for any representation on the form.
D. the seller is over 55 years of age.
C. the seller requests in writing that the licensee complete the form and agrees to hold the licensee harmless for any representation on the form.
The Seller Disclosure of Property Condition must be completed for…
A. commercial property if there is an apartment on the premises
B. Sales of property at auction
C. sales of all single family residential property that is listed with a broker unless a builder’s warranty is provided.
D. sales of single family residential property if a written warranty is provided by the builder.
C. sales of all single family residential property that is listed with a broker unless a builder’s warranty is provided.
Under Kentucky Law, which of the following duties is not required of a licensee after signing a written listing agreement with a client?
A. Assisting the client or customer in developing and negotiating an offer.
B. Accepting any earnest money deposits that are presented as part of an offer.
C. Attending the real estate closing with the client.
D. Accepting delivery of and submitting and written offer to the seller.
C. Attending the real estate closing with the client.
Agent Smith works for ABC Realty and has written an offer on a property listed with XYZ Realty, Agent Smith:
A. Must see to it that the buyer and seller receive a copy of the offer.
B. Accepting any earnest money deposits that are presented as part of an offer.
C. Attending the real estate closing with the client.
D. Accepting delivery of and submitting any written offer to the seller.
C. Attending the real estate closing with the client.
Broker Wilson called his seller client on August 4th and made an appointment to discuss progress of his listing on August 6th. On the 5th of August, Broker Wilson received an offer from Susan Buyer. Although the seller could meet with him on the 5th, because he already had an appointment with the seller scheduled for the 6th, Broker Wilson decides to wait until the 6th to present the offer. Broker Wilson’s action is…
A. in violation of Kentucky License Law.
B. not in violation as long as he gets the offer to seller within 48 hours.
C. not a violation of the License Law, but is considered unethical.
D. in violation of the Statute of Frauds.
A. in violation of Kentucky License Law.
If a seller refuses to complete and/or sign the Seller Disclosure of Property Condition form, the listing licensee must:
A. Refuse to take the listing.
B. Complete the form for the seller with a notation that the agent, not the seller, completed the form.
C. Do nothing, because it is completely up to the seller to make the decision on completing the form andon informing the buyer.
D. Sign the form stating that the seller has refused to complete and/or sign the form, and inform the buyer of the seller’s refusal.
D. Sign the form stating that the seller has refused to complete and/or sign the form, and inform the buyer of the seller’s refusal.
Listing contracts must contain all of the following EXCEPT:
A. Signature of all owners.
B. Sales Price.
C. Date and time the listing expires.
D. Street address or location of the real estate listed.
B. Sales Price.
The sellers Disclosure of Property Condition must be completed for:
A. Single family residential properties.
B. Sales of new homes where a warranty is offered.
C. Court supervised foreclosure sales.
D. Commercial properties.
A. Single family residential properties.
Offer to purchase contracts must include all of the following EXCEPT:
A. The purchase price.
B. The manner in which the property will be financed.
C. The name of the agent who prepared the offer.
D. The amount of commission to be paid to the broker.
D. The amount of commission to be paid to the broker.
Contracts for the sale of real estate must be in writing because of:
A. The fiduciary duties owed by the licensee to their clients.
B. The licensing statutes.
C. The Statute of Limitations.
D. The Statute of Frauds.
D. The Statute of Frauds.
