Real Estate 45 Hour Post Licensing (ALL CORRECT! 100%)

Single Agent correct answers A broker who represents either the seller or the buyer in a real estate transaction, but not both. single agent notice correct answers A disclosure form informing the principal of the duties of his single agent. appraising correct answers The process of estimating the market value of property. principal correct answers (1) The person who enters into a fiduciary relationship with a single agent licensee. (2) The amount of money remaining due on a mortgage loan. buyer brokerage agreement correct answers An agreement between a buyer and a broker for the broker to provide services to a buyer for compensation. The broker may be acting as a single agent, a transaction broker, or a nonrepresentative. Consent to Transition to Transaction Broker correct answers A disclosure form that allows a single agent to become a transaction broker. The notice must be signed by the principal before the broker can make the change. No brokerage relationship notice correct answers A disclosure that must be given by a licensee who does not represent a buyer or a seller before entering into an agreement or showing a property. Designated Sales Associate correct answers A sales associate who is appointed by a broker as a single agent for a buyer or a seller in a nonresidential transaction when another sales associate in the firm has been appointed as the single agent for the other party in the transaction. Both buyer and seller must have assets of at least $1 million and agree to the arrangement. assets correct answers Things of value owned by a person or organization. T or F: A transaction broker may tell a buyer if he knows that the seller will take less than the asking price. correct answers The answer is false. The transaction broker may not reveal that the seller might accept a price less than the asking or list price. T or F: Licensees working with no brokerage relationship to the customer owe the customer the duty of confidentiality. correct answers The answer is false. Licensees working with no brokerage relationship owe only three duties to the customer: dealing honestly and fairly, disclosing all known facts that materially affect the value of the residential real property that are not readily observable to the buyer, and accounting for all funds entrusted to the licensee. T or F: A single agent who transitions to transaction broker may not disclose to another party any information learned while serving as a single agent. correct answers The answer is true. The