Unit 9 - Questions Flashcards
Brokers owe which of the following duties to consumers?
a) account for all monies entrusted to the broker by others
b) Provide expert advice on the transaction at all times
c) Exercise marginal skill and care
d) Never disclose confidential information
a) account for all monies entrusted to the broker by others
When a broker acts as a subagent of a listing broker, with all the obligations of a single agency, neither one represents..
a) the buyer
b) the agent
c) the principal
d) the reciprocal
a) the buyer
An employed salesperson who represents a broker and is accountable to the broker is called a ______________ of the employing broker.
Fiduciary
The body of law governing the relationship that an agent has with a principal is called
The Law of Agency
_____________ have the same duties and obligations to the seller as the seller’s agent.
Subagents
In the event that a licensee cannot give a consumer the written Consumer Notice in an initial face-to-face meeting,
a) the licensee must provide an oral disclosure and proceed under the rule
b) the licensee may not work with the consumer
c) the licensee may proceed to work with the consumer and give the disclosure later
d) the licensee must give the consumer the written consumer notice within 24 hours
a) the licensee must provide an oral disclosure and proceed under the rule
Unless exempted under the six-month rule, the broker must maintain records regarding disclosures for_______ years.
3
Brokers do not owe which of the following duties to consumers?
a) to exercise reasonable skill and care
b) to present all written offers and other communications in a timely manner
c) obedience to lawful instruction
d) to never disclose confidential information
d) to never disclose confidential information
A subagency relationship is most likely to occur when
a)the broker represents both the buyer and seller in the same transaction
b) the sales associate pays a motel clerk for leads
c) a broker sells the property himself and represents only the seller
d) the broker receives an offer on a listing from a co-broker through the MLS
d) the broker receives an offer on a listing from a co-broker through the MLS
Tim, a broker, has a listing agreement signed by a seller and a buyer client’s form signed by a buyer. Both designate Terrific Real Estate Co. as their broker. If Tim designates one salesperson to work with the seller and another salesperson to work for the buyer, what kind of agency is Tim practicing?
a) multiple agency
b) designated agency
c) transactional agency
d) reciprocal agency
b) designated agency
The kind of facts that could impact the cost for the buyer and affect the decision to buy, such as a leaky roof, are called
Material Facts
A buyer’s agent for Bob shows Bill, a second buyer, a property that Bob has expressed an interest in purchasing. Which of the following statements about this situation is TRUE?
a) the agent’s action is illegal because he represents Bob.
b) the agent’s action is legal only if he waits until Bob has made a decision
c) The agent’s action is legal because a buyer’s agent is always loyal to the seller
d) the agent’s action is legal because a buyer’s agent is not prohibited from showing others property while in an agency relationship with a different buyer
d) the agent’s action is legal because a buyer’s agent is not prohibited from showing others property while in an agency relationship with a different buyer
The listing broker representing a seller is asked by a potential buyer at an open house to represent her in buying the listed property. What type of agency would the broker and parties create if everyone agrees?
Dual Agency
In general, the employing broker is NOT responsible for the actions of licensees acting as
Rental Listing Refferal Agents
A broker, with the written consent of the ________________, may designate one or more licensees to act exclusively as the agent of the seller/landlord and one or more licensees to act exclusively as the agent of the buyer/tenant in the same transaction.
Prinicpals
