TREES REAL ESTATE
COMPREHENSIVE ASSESSMENT
VERIFIED QUESTIONS AND
SOLUTIONS PROPERTY LAW
◉ A listing broker is usually
Answer: A special agent
◉ The written agreement between the broker and the licensee
describing the obligations and responsibilities of the relationship is
called
Answer: Independent contractor agreement
◉ A property manager is usually
Answer: A general agent
◉ A facilitator is
Answer: Not an agent or advocate for either party
,◉ Bob Green, a licensee with Edwards Realty, is working with a
buyer and the purchase of a home listed with another real estate
firm. Bob and the buyer have not entered into a written designated
agency agreement. What is Bob
Answer: Bob is a facilitator
◉ A net listing is
Answer: Illegal
◉ Affiliate broker Jamie has listed Lucy's house and has a signed
exclusive right to sell listing agreement. A potential buyer, Shirley,
talk to Janie about purchasing a home. Lucy's house meets Shirley's
requirements and Janie shows Lucy's house to Shirley. And this
showing Janie is a
Answer: A seller's agent working with an unrepresented buyer
◉ You are an affiliate broker who has listed a property for a
neighbor. You have an exclusive right to sell listing agreement. Which
best describes your relationship with the seller?
Answer: The seller is your client
◉ Anti-trust laws prohibit
Answer: Price fixing
,◉ A sales person with Ajax Reality desires to sell a property without
including the firms name in the advertisement. This is allowed when
Answer: The sales person actually owns the property and sells it as
for sale by owner
◉ Which of the following is not a duty of an agent to a client?
Answer: Duty to obey all instructions
◉ A broker may share a commission with all of the following except
Answer: The sales person under contract with another broker
◉ A single agent is
Answer: A broker representing either a buyer or a seller, but not
both in the same transaction.
◉ Which of the following statements does not correctly describes
fiduciary
Answer: A fiduciary is a neutral third-party
◉ A listing giving the firm the right to a commission regardless to
who finds the buyer for the property is a
Answer: Exclusive right to sell listing agreement
, ◉ An affiliate broker is allowed to represent both the seller and the
buyer in the same transaction when
Answer: If both parties are informed and have written consent to the
broker
◉ Laws designed to preserve the free enterprise of the open market
place by preventing illegal conspiracy in combinations are what
Answer: Anti-trust laws
◉ Why do real estate sales contracts have to be in writing and
signed to be enforceable?
Answer: The statute of frauds
◉ Lease also, to be enforceable, must be in writing if
Answer: The lease is up for a period greater than a year
◉ A broker presents his seller with a written offer to purchase. The
broker is responsible for what
Answer: Explaining the advantages and disadvantage is of the offer
to the seller
◉ A broker must place earnest money in his
Answer: Trust account
COMPREHENSIVE ASSESSMENT
VERIFIED QUESTIONS AND
SOLUTIONS PROPERTY LAW
◉ A listing broker is usually
Answer: A special agent
◉ The written agreement between the broker and the licensee
describing the obligations and responsibilities of the relationship is
called
Answer: Independent contractor agreement
◉ A property manager is usually
Answer: A general agent
◉ A facilitator is
Answer: Not an agent or advocate for either party
,◉ Bob Green, a licensee with Edwards Realty, is working with a
buyer and the purchase of a home listed with another real estate
firm. Bob and the buyer have not entered into a written designated
agency agreement. What is Bob
Answer: Bob is a facilitator
◉ A net listing is
Answer: Illegal
◉ Affiliate broker Jamie has listed Lucy's house and has a signed
exclusive right to sell listing agreement. A potential buyer, Shirley,
talk to Janie about purchasing a home. Lucy's house meets Shirley's
requirements and Janie shows Lucy's house to Shirley. And this
showing Janie is a
Answer: A seller's agent working with an unrepresented buyer
◉ You are an affiliate broker who has listed a property for a
neighbor. You have an exclusive right to sell listing agreement. Which
best describes your relationship with the seller?
Answer: The seller is your client
◉ Anti-trust laws prohibit
Answer: Price fixing
,◉ A sales person with Ajax Reality desires to sell a property without
including the firms name in the advertisement. This is allowed when
Answer: The sales person actually owns the property and sells it as
for sale by owner
◉ Which of the following is not a duty of an agent to a client?
Answer: Duty to obey all instructions
◉ A broker may share a commission with all of the following except
Answer: The sales person under contract with another broker
◉ A single agent is
Answer: A broker representing either a buyer or a seller, but not
both in the same transaction.
◉ Which of the following statements does not correctly describes
fiduciary
Answer: A fiduciary is a neutral third-party
◉ A listing giving the firm the right to a commission regardless to
who finds the buyer for the property is a
Answer: Exclusive right to sell listing agreement
, ◉ An affiliate broker is allowed to represent both the seller and the
buyer in the same transaction when
Answer: If both parties are informed and have written consent to the
broker
◉ Laws designed to preserve the free enterprise of the open market
place by preventing illegal conspiracy in combinations are what
Answer: Anti-trust laws
◉ Why do real estate sales contracts have to be in writing and
signed to be enforceable?
Answer: The statute of frauds
◉ Lease also, to be enforceable, must be in writing if
Answer: The lease is up for a period greater than a year
◉ A broker presents his seller with a written offer to purchase. The
broker is responsible for what
Answer: Explaining the advantages and disadvantage is of the offer
to the seller
◉ A broker must place earnest money in his
Answer: Trust account
