PERRY REAL ESTATE MODULE TWO
TEST EXAM QUESTIONS &
ACCURATE ANSWERS
In assessing the buyer's wants and needs, the buyer's agent should inquire about all of
the following EXCEPT: - Correct Answer ✔✔ Criminal history (income, credit, and
location in which you want to live)
True or false: REALTORS, when acting as principals in a real estate transaction, remain
obligated by the duties imposed by the Code of Ethics. - Correct Answer ✔✔ True
________ may create an undisclosed dual agency unintentionally, inadvertently or
accidentally. - Correct Answer ✔✔ Implied agency
A buyer's agent should pre-screen the buyer to determine what areas of town the buyer
is interested in seeing. If the agent does not show the buyer properties in this area, the
agent has breached the duty of ______. - Correct Answer ✔✔ Obedience of lawful
instructions
Within what discipline is the study of ethics? - Correct Answer ✔✔ Philosophy (within
the discipline of philosophy, the study of ethics examine right and wrong moral
behavior)
The principle of caveat emptor has largely been superseded by what? - Correct Answer
✔✔ Seller disclosure laws
The concept of ethics was derived from the ___ word "ethos", which means character,
habit, disposition or custom. - Correct Answer ✔✔ Greek
The salesperson received $2,800 commission on her 35 percent share of the total
commission of the sale of the property that sold for $160,000. What was the
commission rate? - Correct Answer ✔✔ 5 percent ($2,800 divided by .35= $8,000 is the
total commission before the agent split. $8,000 divided by $160,000 = .05% is the
commission rate.)
Some states require agents to provide minimum services on listings. These services
include all of the following except: - Correct Answer ✔✔ Showing the property*
(Assisting in negotiating counteroffers, presenting offers, showing the property,
answering questions)
In real estate, the ______ of the firm is the agent. - Correct Answer ✔✔ Principal
broker*
TEST EXAM QUESTIONS &
ACCURATE ANSWERS
In assessing the buyer's wants and needs, the buyer's agent should inquire about all of
the following EXCEPT: - Correct Answer ✔✔ Criminal history (income, credit, and
location in which you want to live)
True or false: REALTORS, when acting as principals in a real estate transaction, remain
obligated by the duties imposed by the Code of Ethics. - Correct Answer ✔✔ True
________ may create an undisclosed dual agency unintentionally, inadvertently or
accidentally. - Correct Answer ✔✔ Implied agency
A buyer's agent should pre-screen the buyer to determine what areas of town the buyer
is interested in seeing. If the agent does not show the buyer properties in this area, the
agent has breached the duty of ______. - Correct Answer ✔✔ Obedience of lawful
instructions
Within what discipline is the study of ethics? - Correct Answer ✔✔ Philosophy (within
the discipline of philosophy, the study of ethics examine right and wrong moral
behavior)
The principle of caveat emptor has largely been superseded by what? - Correct Answer
✔✔ Seller disclosure laws
The concept of ethics was derived from the ___ word "ethos", which means character,
habit, disposition or custom. - Correct Answer ✔✔ Greek
The salesperson received $2,800 commission on her 35 percent share of the total
commission of the sale of the property that sold for $160,000. What was the
commission rate? - Correct Answer ✔✔ 5 percent ($2,800 divided by .35= $8,000 is the
total commission before the agent split. $8,000 divided by $160,000 = .05% is the
commission rate.)
Some states require agents to provide minimum services on listings. These services
include all of the following except: - Correct Answer ✔✔ Showing the property*
(Assisting in negotiating counteroffers, presenting offers, showing the property,
answering questions)
In real estate, the ______ of the firm is the agent. - Correct Answer ✔✔ Principal
broker*
