Virginia Agency & Agency Disclosure Flashcards
A person who has entered into brokerage relationships with a license is considered to be a _________.
Client
Which of the following would constitute intend to enter into a brokerage relationship?
Delaney requesting the license to show her homes that meet her criteria so she can put offer in one of them
Which brokerage relationship does not occur in Virginia?
Dependent service agency
The unique aspect of limited service representation is that in the relationship
Obligations and duties are manifestly spelled out and enummerated
What is another name for a business entity that compiles information regarding real estate for sale as well as other related data?
A common source information company
(CSIC)
Which of the following duties must be discharged by a licensee for the benefit of his/her customer?
Providing all disclosure in writing
Generally the required occasion to disclose one’s agency relationship to a customer is
At the beginning of any substantive talks regarding a specific property
Which of the following is typically included in a buyer agency agreement?
Licensee duties to the buyer
In an independent contractor relationship the duties and obligations of the licensee are?
Specified in the brokerage agreement
Which of the following best defines ministerial acts?
Administrative tasks not requiring the licensee discretion or judgement
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?
Designated standard agency
Why are net listing agreements illegal in Virginia?
They create a conflict of interest between licensee and principal
Which listing agreement is the most commonly-used agreement?
Exclusive right to sell
An independent contractor’s obligations and duties are
Not mandated by statue
Which of the following is a ministerial act?
Sharing the location of a property
What do you call a relationship in which a real estate licensee acts to represents a person as an
Agency
What is licensee required to do before performing any specific real estate assistance for customers?
Determines that the customer is not already in a brokerage agreement with another licensee
Which of the following is not a violation of a licensee’s professional judgement, then the customer has
Not yet entered into a brokerage relationship with the licensee
Which of the following creates a brokerage relationship?
Intent
If a brokerage agreement does not include a termination date, it will terminate after_______.
90 days
Karen is selling her house and wants to pay the broker who finds the final buyer.
What type of agreement should she enter into?
Open listing
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?
She should use the exclusive agency agreement
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?
The dual agent should not have disclosed anything about Brendan’s willingness to negotiate because it was discussed in confidence
Which of the following best characterizes a license’s duties to customers?
Licenses are not required to disclose material facts to customers-only clients
Why does Virginia require a written brokerage agreement?
Because the licensee will perform for the customers beyond definition ministerial
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
It must be printed in bold, capitalized and underline lettering, or in a separate box
What is the required duration of the agency agreement?
There is no required duration
