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Law of Agency > Module 12 > Flashcards

Module 12 Flashcards

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1
Q

Assisting buyers, sellers, landlords, or tenants in selling and acquiring, and interpreting about a property and its condition.

A

Counseling

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2
Q

The need to have policies and procedures in place to reduce the brokerage and its agents exposure to liability and lawsuits

A

Risk Management

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3
Q

Doing the same actively regularly over time

A

Consestency

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4
Q

Helping people understand and reach their goals in real estate transcaction

A

Negotiating

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5
Q

A contract between an insurance company and a broker/license

A

Errors and Omissions Policy

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6
Q

Marketing to a specific set of people sharing many commonalities

A

Demographic Farming

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7
Q

The act of harming another person by making a false statement

A

Defamation

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8
Q

Marketing to a specific area or location

A

Geographic Farming

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9
Q

When should the seller receive the seller’s disclosure notice?

A

prior to beginning the listing presentation

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10
Q

The listing agreement is between the seller and the ­­­_________________.

A

broker

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11
Q

T or F: It is necessary to obtain written consent to place a for-sale sign on a property.

A

T: It is necessary to obtain written consent to place a for sale sign on a property.

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12
Q

T or F: The RENE certification course can aid in developing negotiation strategies.

A

T: The RENE (Real Estate Negotiation Expert) certification can aide in developing negotiation strategies.

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13
Q

Which of the following would NOT be a service an agent would provide a buyer client?

A

staging of the property

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14
Q

True or False - A buyer would want to know if an agent is a buyer’s agent or a seller’s subagent.

A

T: A buyer would want to know if an agent is a buyer’s agent or a seller’s subagent.

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15
Q

True or False - Most sales are made at the agent’s first contact with the buyer.

A

F: Most sales are made after the 5th - 12th contact with the buyer.

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16
Q

True or False - The buyer may seek the services from a buyer specialist like an ABR.

A

T: Many buyers seek out the expertise of an ABR.

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17
Q

_____________ is the act of harming the reputation of another person by making a false statement to a third person either by slander of libel.

A

Defamation

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18
Q

Defamation claims require evidence of ?

A

a false statement, a statement made to someone other than the person who is allegedly defames, and causes damage to the person allegedly defamed

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19
Q

ABC Real Estate sponsors 35 agents who have a varying degree of experience in real estate. Bob Jones, the broker for ABC Real Estate, has orally given the agents a list of how he wants the agents to conduct his business. If he actively supervises the agents, has he fulfilled his responsibility under the law?

A

No, The broker has not fulfilled his duties because TREC rules require a broker to have written policies and procedures for the sponsored agents

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20
Q

Sales Agent, Estelle, has been referred to a buyer by a friend she has helped previously buy and sell real estate. The new buyer has asked Estelle to represent her to buy a commercial property which is her specialty. The buyer is looking in a part of the state Estelle has never worked before. Should Estelle represent the buyer?

A

NO, Representing a buyer in unfamiliar geographic territories could cause unforeseen issues creating risk for Estelle, her broker, and the buyer.

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21
Q

Agent Larry is representing a seller who has completed a seller’s disclosure notice. Larry notices a broken window that the seller has left off of the disclosure notice. At an open house, an unrepresented buyer asks for a copy of the seller’s disclosure notice. Along with the disclosure notice, Larry discloses the broken window. Has Larry disclosed properly?

A

Yes, the listing agent is required to disclose all material defects known to the agent.

22
Q

Agent Ignacio has a listing appointment with a potential seller client. After walking around the house with the seller, Ignacio decides he would like to make the seller an offer to purchase the house from the seller. Ignacio informs the seller of his intentions and encourages the seller to find a different agent to represent him. Did Agent Ignacio act appropriately?

A

Yes, as an agent for the seller, Ignacio would have been in a position to put his interests before those of his client breaching his duty to the client.

23
Q

An agent must have ___________________ to place a sign on property for sale or lease

A

written permission

24
Q

Deceptive Advertising includes?

A

failing to remove an advertisement about a listing within a reasonable time after it ends

25
Q

A broker is required to register an ______________ with TREC

A

assumed name

26
Q

TREC requires brokers to keep transactional records for at least ______ years from the date of a closing or the termination of the contract.

A

4 years

27
Q

Considering an agent’s duties to a client (OLD CAR), the duty of _______________ has no expiration date.

A

confidentiality

28
Q

T or F: Brokers may not require additional education over the amount required by TREC to ensure competency in the scope of the agent’s practice of real estate.

A

F

29
Q

Which of the following is NOT considered a type of advertising by TREC?

Email communication
Business Cards
Social Media
Billboards

A

Email communication

30
Q

An EBR can exist with someone who made an inquiry with the broker’s company within the last ____ months.

A

3 months

31
Q

Which of the following must be included on every advertisement.

A

The broker’s name

32
Q

According to TREC’s Safe Harbor Policy, the broker’s name must be at least __________________ the largest item of contact information.

A

at least 50%

33
Q

True or False: While the Dodd-Frank Act targets financial regulatory reform, it will have an impact on the real estate industry, primarily because mortgage lending is a significant part of most real estate transactions.

A

T

34
Q

True or False: The first two or three transactions new real estate professionals usually close are with a seller.

A

F

35
Q

True or False: The first and the oldest accepted form of macro target marketing is Demographic Farming.

A

F

36
Q

True or False: Advertisements promoting rebates must disclose terms of rebates.

A

T

37
Q

True or False: Consistently means for two-three months.

A

F

38
Q

True or False: Specifically, before making a cold call, a license holder must verify whether the number is on the National Do-Not-Call-registry.

A

T

39
Q

True or False: Potential buyers begin as unrepresented customers and remain in that status until they enter into an agency relationship.

A

T

40
Q

True or False: Fair Housing laws are federal, state and local laws that are designed protect people from discrimination in housing.

A

T

41
Q

True or False: The homeowner today sells every 5 years on average.

A

F

42
Q

True or False: Having half-hour planning periods typically does not work well for many agents.

A

F

43
Q

Real estate license holders who make “cold calls” must comply with the requirements of the National ____________________ and ____________________.

A

Do-Not-Call Registry, Do-Not-Call Rules

44
Q

There are many recipes for success but none as basic, or as proven as: ____________ = Production

A

Activity + Consistency

45
Q

It is important to remember that the seller is a customer or in a third-party relationship with the broker until he or she becomes a/n ____________________.

A

client

46
Q

____________________ is the act of harming the reputation of another person by making a false statement to a third person either by slander (spoken words) or libel (printed words).

A

Defamation

47
Q

____________________ is a great place to kick off your marketing, particularly if your marketing budget is lean, and that tends to be the case for most new agents when launching their new career.

A

Geographic Farming

48
Q

____________________ is when an unscrupulous lender takes advantage of a consumer’s lack of knowledge regarding lending practices.

A

Predatory Lending

49
Q

________ would NOT be a service an agent would provide a buyer client.

A

Staging of the property

50
Q

Confidentiality of information while performing as a fiduciary does not have a/n ________________ unless this duty is released in writing, such as in a conventional listing or buyer representation agreement.

A

termination date

51
Q

____________________, perhaps more so than other license holders, have a duty to respond to parties in a transaction, to provide disclosure of important information to their principal, and to act honestly and fairly with third parties.

A

Supervising Brokers

Law of Agency (13 decks)

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