real estate law final exam questions with answers
// // // // // // // //
agent //- //CORRECT //ANSWERS(S)✔✔someone //who //acts //on //behalf //of //a //principal //
-has //fiduciary //responsibilities
-have //a //duty //of //loyalty //and //care //
-if //duties //are //violated //agent //can //lose //license //and //get //sued
duty //of //loyalty //- //CORRECT //ANSWERS(S)✔✔-avoid //conflict //of //interest //
-follow //instructions //
-tell //the //truth
duty //of //care //- //CORRECT //ANSWERS(S)✔✔-be //competent //
-provide //all //relevant //information
buyers //agent //- //CORRECT //ANSWERS(S)✔✔helps //buyer //find //appropriate //goods //
-provides //information //about //neigborhood, //pricing //practices
-get //keys //and //attend //walkthroughs //
-advise //on //negotiations //by //passing //offer //and //counter //offer //back //and //
forth //
-assist //buyer //with //getting //home //inspector //and //other //professionals //
-attend //closing, //give //info //on //closing //documents
sellers //agent //- //CORRECT //ANSWERS(S)✔✔list //and //market //property //
-likely //to //list //on //several //MLS's //
-give //advice //on //staging //landscaping //photography, //connect //with //pros //
, -set //up //lock //box //and //manage //access //
-advise //on //negotiatons, //pass //offers //and //counteroffers //back //and //forth //
-attend //closing //and //give //info //on //closing //documents
Moehr //v. //NAR //- //CORRECT //ANSWERS(S)✔✔-complaint, //plaintiff //that //buyers //agents //are
//obsolete //and //noth //worth //3% //they //get //and //agreement //between //buyer //and //seller //and
//the //seller //collecting //6% //and //giving //3% //to //the //buyer //agent //is //an //anti //trust //argument
brokerage/client //agency //- //CORRECT //ANSWERS(S)✔✔set //forth //in //brokerage //agreement //
-brokers //can //treat //buyers/sellers //as //clients //or //customers //
- //owe //fiduciary //only //to //clients //
-dual //agency- //repersent //both //buyer //and //seller, //need //written //consent //and //rarely //a //good
//idea //
-designated //agency- //two //agents //represent //buyer //and //seller //"chinese //wall"
-transaction //broker- //no //client, //just //facilitation. //rare
licensee/brokerage //agency //- //CORRECT //ANSWERS(S)✔✔set //forth //in //affiliation //contract //
-discuss //compensation //and //severance(pending //contracts)
-with //permission, //licensees //can //manage //or //sel //their //own //properties, //still //bound //to
//ethical //rules
`duty //of //a //licensee //to //nonclients //- //CORRECT //ANSWERS(S)✔✔-must //disclose //known //latent
//material //defects, //cannot //lie //
-often //place //this //burden //on //client- //sellers //disclousers //
-brooks //vs //van //horn, //lawsuir //in //maryland //county //court, //agent //and //brokerage //sued //over
//snake //house
// // // // // // // //
agent //- //CORRECT //ANSWERS(S)✔✔someone //who //acts //on //behalf //of //a //principal //
-has //fiduciary //responsibilities
-have //a //duty //of //loyalty //and //care //
-if //duties //are //violated //agent //can //lose //license //and //get //sued
duty //of //loyalty //- //CORRECT //ANSWERS(S)✔✔-avoid //conflict //of //interest //
-follow //instructions //
-tell //the //truth
duty //of //care //- //CORRECT //ANSWERS(S)✔✔-be //competent //
-provide //all //relevant //information
buyers //agent //- //CORRECT //ANSWERS(S)✔✔helps //buyer //find //appropriate //goods //
-provides //information //about //neigborhood, //pricing //practices
-get //keys //and //attend //walkthroughs //
-advise //on //negotiations //by //passing //offer //and //counter //offer //back //and //
forth //
-assist //buyer //with //getting //home //inspector //and //other //professionals //
-attend //closing, //give //info //on //closing //documents
sellers //agent //- //CORRECT //ANSWERS(S)✔✔list //and //market //property //
-likely //to //list //on //several //MLS's //
-give //advice //on //staging //landscaping //photography, //connect //with //pros //
, -set //up //lock //box //and //manage //access //
-advise //on //negotiatons, //pass //offers //and //counteroffers //back //and //forth //
-attend //closing //and //give //info //on //closing //documents
Moehr //v. //NAR //- //CORRECT //ANSWERS(S)✔✔-complaint, //plaintiff //that //buyers //agents //are
//obsolete //and //noth //worth //3% //they //get //and //agreement //between //buyer //and //seller //and
//the //seller //collecting //6% //and //giving //3% //to //the //buyer //agent //is //an //anti //trust //argument
brokerage/client //agency //- //CORRECT //ANSWERS(S)✔✔set //forth //in //brokerage //agreement //
-brokers //can //treat //buyers/sellers //as //clients //or //customers //
- //owe //fiduciary //only //to //clients //
-dual //agency- //repersent //both //buyer //and //seller, //need //written //consent //and //rarely //a //good
//idea //
-designated //agency- //two //agents //represent //buyer //and //seller //"chinese //wall"
-transaction //broker- //no //client, //just //facilitation. //rare
licensee/brokerage //agency //- //CORRECT //ANSWERS(S)✔✔set //forth //in //affiliation //contract //
-discuss //compensation //and //severance(pending //contracts)
-with //permission, //licensees //can //manage //or //sel //their //own //properties, //still //bound //to
//ethical //rules
`duty //of //a //licensee //to //nonclients //- //CORRECT //ANSWERS(S)✔✔-must //disclose //known //latent
//material //defects, //cannot //lie //
-often //place //this //burden //on //client- //sellers //disclousers //
-brooks //vs //van //horn, //lawsuir //in //maryland //county //court, //agent //and //brokerage //sued //over
//snake //house
