Virginia Agency & Agency Disclosure

Question 1

A person who has entered into brokerage relationships with a license is considered to be a _________.

Answer 1

Client

Question 2

Which of the following would constitute intend to enter into a brokerage relationship?

Answer 2

Delaney requesting the license to show her homes that meet her criteria so she can put offer in one of them

Question 3

Which brokerage relationship does not occur in Virginia?

Answer 3

Dependent service agency

Question 4

The unique aspect of limited service representation is that in the relationship

Answer 4

Obligations and duties are manifestly spelled out and enummerated

Question 5

What is another name for a business entity that compiles information regarding real estate for sale as well as other related data?

Answer 5

A common source information company
(CSIC)

Question 6

Which of the following duties must be discharged by a licensee for the benefit of his/her customer?

Answer 6

Providing all disclosure in writing

Question 7

Generally the required occasion to disclose one’s agency relationship to a customer is

Answer 7

At the beginning of any substantive talks regarding a specific property

Question 8

Which of the following is typically included in a buyer agency agreement?

Answer 8

Licensee duties to the buyer

Question 9

In an independent contractor relationship the duties and obligations of the licensee are?

Answer 9

Specified in the brokerage agreement

Question 10

Which of the following best defines ministerial acts?

Answer 10

Administrative tasks not requiring the licensee discretion or judgement

Question 11

Last week Daniel’s broker assigned him to represent the buyer and co-worker Pamela to represent the seller in the same transaction. What is this type of agency called?

Answer 11

Designated standard agency

Question 12

Why are net listing agreements illegal in Virginia?

Answer 12

They create a conflict of interest between licensee and principal

Question 13

Which listing agreement is the most commonly-used agreement?

Answer 13

Exclusive right to sell

Question 14

An independent contractor’s obligations and duties are

Answer 14

Not mandated by statue

Question 15

Which of the following is a ministerial act?

Answer 15

Sharing the location of a property

Question 16

What do you call a relationship in which a real estate licensee acts to represents a person as an

Answer 16

Agency

Question 17

What is licensee required to do before performing any specific real estate assistance for customers?

Answer 17

Determines that the customer is not already in a brokerage agreement with another licensee

Question 18

Which of the following is not a violation of a licensee’s professional judgement, then the customer has

Answer 18

Not yet entered into a brokerage relationship with the licensee

Question 19

Which of the following creates a brokerage relationship?

Answer 19

Intent

Question 20

If a brokerage agreement does not include a termination date, it will terminate after_______.

Answer 20

90 days

Question 21

Karen is selling her house and wants to pay the broker who finds the final buyer.
What type of agreement should she enter into?

Answer 21

Open listing

Question 22

Tayshia knows that neighbors are considering purchasing her home that she is planning to list however tayshia wants to avoid paying any commission if they end up going through with the purchase.which type of listing agreement would suit her situation best?

Answer 22

She should use the exclusive agency agreement

Question 23

Seller Brendan confides to his broker that will agree to a particular buyer’s repair request, but wants to start the negotiations by initially denying it agent, who is acting as a dual agent proceeds to tell the buyer about this where after the buyer decides to remain firm on his repair.What did the dual agent do wrong here?

Answer 23

The dual agent should not have disclosed anything about Brendan’s willingness to negotiate because it was discussed in confidence

Question 24

Which of the following best characterizes a license’s duties to customers?

Answer 24

Licenses are not required to disclose material facts to customers-only clients

Question 25

Why does Virginia require a written brokerage agreement?

Answer 25

Because the licensee will perform for the customers beyond definition ministerial

Question 26

Clare is a limited service agency agreement with her client. According to law, Clare is required to include disclosure about the duties she will not perform. What are the requirements for how this disclosure should be presented

Answer 26

It must be printed in bold, capitalized and underline lettering, or in a separate box

Question 27

What is the required duration of the agency agreement?

Answer 27

There is no required duration