Lesson 1-Real Estate Practices
a buyer representation agreement - ANS-may include an extender clause
\a dual agent owes agency duties to - ANS-both parties
\a listing agent begins giving suggestions regarding an offer amount to some
prospective buyers at an open house, without explaining that she is representing the
sellers. Which of the following statements is not true? - ANS-the agent has not
violated any duties, because she is not performing real estate services for the buyers
\A person who has been authorized by another person to represent that person in a
transaction is a - ANS-agent and fiduciary
\all of the following may be special benefits of buyer agency except - ANS-duty of
reasonable care and skill
\an agent receives an offer of 250,000 on a property that she has listed for 255,000.
when she is about to present the offer to sellers, another offer comes in for 200,000.
she should - ANS-present both offers at the same time
\an agent who does not represent either party in a transaction, but acts as a neutral
facilitator would be a - ANS-non-agent
\any real estate agent who is representing a party to the transaction is considered a -
ANS-cooperating agent
\by what point in a transaction must you disclose your agency status in writing -
ANS-before party signs offer in transaction
\disclosure of and consent to a dual agency - ANS-must be in writing
\if you are a licensee who is also a principal in a real estate transaction, you will have
to disclose all the following except that you are - ANS-a dual agent
\in which of the following real estate transactions would a principal not be vicariously
liable for the actions of her agent? - ANS-an agent did not reveal a latent defect, but
the principal had no knowledge of the agents actions until a lawsuit was filed
\services a sellers agent may lawfully provide to a buyer include all of the following
except - ANS-providing advice regarding an amount to offer the sellers
\which of the following is not a common law method of creating an agency
relationship - ANS-by necessity
\which of the following is not a duty owed to every party in a transaction? -
ANS-confidentiality
\which of the following is the customary method through which a buyers agent may
be compensated - ANS-commission split with listing agent
\which of the following would be considered a material fact that an agent would be
compelled to disclose? - ANS-the roof leaks during rainy weather
\which of the following would not be an example of dual agency? - ANS-an agent
represents a seller in a transaction whom the agent represented as a buyer a
decade ago
\which of the follownig could not be considered confidential info - ANS-basement is
subject to flooding during winter rains
a buyer representation agreement - ANS-may include an extender clause
\a dual agent owes agency duties to - ANS-both parties
\a listing agent begins giving suggestions regarding an offer amount to some
prospective buyers at an open house, without explaining that she is representing the
sellers. Which of the following statements is not true? - ANS-the agent has not
violated any duties, because she is not performing real estate services for the buyers
\A person who has been authorized by another person to represent that person in a
transaction is a - ANS-agent and fiduciary
\all of the following may be special benefits of buyer agency except - ANS-duty of
reasonable care and skill
\an agent receives an offer of 250,000 on a property that she has listed for 255,000.
when she is about to present the offer to sellers, another offer comes in for 200,000.
she should - ANS-present both offers at the same time
\an agent who does not represent either party in a transaction, but acts as a neutral
facilitator would be a - ANS-non-agent
\any real estate agent who is representing a party to the transaction is considered a -
ANS-cooperating agent
\by what point in a transaction must you disclose your agency status in writing -
ANS-before party signs offer in transaction
\disclosure of and consent to a dual agency - ANS-must be in writing
\if you are a licensee who is also a principal in a real estate transaction, you will have
to disclose all the following except that you are - ANS-a dual agent
\in which of the following real estate transactions would a principal not be vicariously
liable for the actions of her agent? - ANS-an agent did not reveal a latent defect, but
the principal had no knowledge of the agents actions until a lawsuit was filed
\services a sellers agent may lawfully provide to a buyer include all of the following
except - ANS-providing advice regarding an amount to offer the sellers
\which of the following is not a common law method of creating an agency
relationship - ANS-by necessity
\which of the following is not a duty owed to every party in a transaction? -
ANS-confidentiality
\which of the following is the customary method through which a buyers agent may
be compensated - ANS-commission split with listing agent
\which of the following would be considered a material fact that an agent would be
compelled to disclose? - ANS-the roof leaks during rainy weather
\which of the following would not be an example of dual agency? - ANS-an agent
represents a seller in a transaction whom the agent represented as a buyer a
decade ago
\which of the follownig could not be considered confidential info - ANS-basement is
subject to flooding during winter rains
