Unit 6 - Questions

Question 1

If the initial interview with a consumer does not occur in person, a licensee must provide the consumer with a written disclosure no later than the earlier of the first meeting in person or
a) when the licensee first shows a property to the consumer
b) when the buyer makes an offer
c) three days after the initial interview
d) ten days after the initial interview

Answer 1

a) when the licensee first shows a property to the consumer
A licensee must provide a written disclosure to consumers at the initial meeting when the meeting occurs in person, or at the earliest of; the first meeting in person with the consumer, or when the licensee first shows a property to the consumer.

Question 2

A buyer’s loan is not approved and the loan company notifies Jim, the broker. Neither Jim nor the loan company tells the buyer or the seller that the loan has been denied. Jim would like to find another way to finance the home. What should Jim do?
a) try to work out the problem before consulting with the buyer and seller
b) keep the deal together as much as possible for the seller
c) inform both the buyer and the seller of the problem in a professional and good faith manner
d) have the loan company call the seller right away

Answer 2

c) inform both the buyer and the seller of the problem in a professional and good faith manner

Question 3

The rental list prepared by the rental listing referral agent for prospective tenants must be verified by the agent no more than ___________ prior to the date the agent collects a fee from the prospective tenant.

Answer 3

4 days

Question 4

The Disclosure Summary notice should be given to a purchaser/tenant by a salesperson

Answer 4

at the initial interview

Question 5

A broker who has had his/her license suspended must

Answer 5

return his/her license to the Commission

Question 6

A licensee who performs services before a written agreement is signed is not entitled to recover a fee, commission or other valuable consideration in the absence of a(an)

Answer 6

signed agreement

Question 7

A salesperson is showing a home and the buyer asks, “ I heard termites are a problem here. Is this home free from termites?” What should the salesperson do?
a) refuse to answer, since the agent is not a termite inspector
b) tell the buyer that a termite inspection by a qualified professional is a good idea
c) tell the buyer that the saleperson’s company owns a termite company and requires all buyers to use that service
d) rely on the seller’s info about termites

Answer 7

b) tell the buyer that a termite inspection by a qualified professional is a good idea

Question 8

All brokers must maintain records that are part of a transaction, such as disclosure summaries, listing agreements, offers etc. These records should be maintained for ________________ after the consummation or termination of a transaction.

Answer 8

3 days

Question 9

ABC Realty Inc.’s license has been suspended by the Commission. ABC has a main office and three branches. What is the result of the suspension?
a) all of ABC’s brokers lose their licenses
b) the main office is closed but the branch offices, under the supervision of the other brokers, remain open
c) the corporations attorney must file a change of broker of record within 10 days for business to continue
d) the company must post a suspension notice in a prominent position in the main office and the branch offices.

Answer 9

d) the company must post a suspension notice in a prominent position in the main office and the branch offices.