RECA RESIDENTIAL EXAM UNIT 9 ACTUAL
EXAM REAL QUESTIONS AND DETAILED
ANSWERS AGRADE LATEST 2024 VERIFIED.
Difference between a Customer, Common Law Agency and a
Designated agency relationship - ANSWER >>>>Customer
Relationship is when a consumer represents themselves and
is a customer to the real estate representative or broker.
Common Law Agency Relationship is a client relationship
which the brokerage represents the buyer.
Designated Agency Relationship is a client relationship which
the REP represents the buyer as a designated agent.
6 responsibilities of a REP to their clients - ANSWER >>>>1.
Undivided Loyalty
2. Confidentiality
3. Full Disclosure
4. Obedience
5. Reasonable Care and Skill
6. Full Accountability
, When should REPs discuss the Consumer Relationship guide
with a buyer? - ANSWER >>>>Before a service agreement is
entered into
Do Non-exclusive buyer service agreements allow the buyer
to have a representation relationship with multiple real estate
professionals? - ANSWER >>>>Yes
In the case the buyer pays the fee to the buyer client's REP,
what happens to the fee the seller offers to the buyer's REP?
- ANSWER >>>>any fee offered by the seller to a buyer's
REP can be deducted from the purchase price of the property.
What happens if the fee the seller offers to pay more than the
fee sought by the buyer's REP? - ANSWER >>>>The buyer
will receive the excess amount
If the seller is offering to pay less than the fee sought by the
buyer's REP, the following options are available for the
buyer's REP. - ANSWER >>>>1. The buyer may have
committed through the service agreement to pay the
difference.
2. If the buyer chooses not to pay the fee or not to top up the
fee paid by the seller, the REP is not obligated to show those
properties to the buyer.
If the brokerage or designated agent, buyer, or seller decides
not to have the brokerage or designated agent facilitate the
transaction (through transactional brokerage), the brokerage
or designated agent will act as the sole agent for which of the
parties? - ANSWER >>>>the first to have signed a
EXAM REAL QUESTIONS AND DETAILED
ANSWERS AGRADE LATEST 2024 VERIFIED.
Difference between a Customer, Common Law Agency and a
Designated agency relationship - ANSWER >>>>Customer
Relationship is when a consumer represents themselves and
is a customer to the real estate representative or broker.
Common Law Agency Relationship is a client relationship
which the brokerage represents the buyer.
Designated Agency Relationship is a client relationship which
the REP represents the buyer as a designated agent.
6 responsibilities of a REP to their clients - ANSWER >>>>1.
Undivided Loyalty
2. Confidentiality
3. Full Disclosure
4. Obedience
5. Reasonable Care and Skill
6. Full Accountability
, When should REPs discuss the Consumer Relationship guide
with a buyer? - ANSWER >>>>Before a service agreement is
entered into
Do Non-exclusive buyer service agreements allow the buyer
to have a representation relationship with multiple real estate
professionals? - ANSWER >>>>Yes
In the case the buyer pays the fee to the buyer client's REP,
what happens to the fee the seller offers to the buyer's REP?
- ANSWER >>>>any fee offered by the seller to a buyer's
REP can be deducted from the purchase price of the property.
What happens if the fee the seller offers to pay more than the
fee sought by the buyer's REP? - ANSWER >>>>The buyer
will receive the excess amount
If the seller is offering to pay less than the fee sought by the
buyer's REP, the following options are available for the
buyer's REP. - ANSWER >>>>1. The buyer may have
committed through the service agreement to pay the
difference.
2. If the buyer chooses not to pay the fee or not to top up the
fee paid by the seller, the REP is not obligated to show those
properties to the buyer.
If the brokerage or designated agent, buyer, or seller decides
not to have the brokerage or designated agent facilitate the
transaction (through transactional brokerage), the brokerage
or designated agent will act as the sole agent for which of the
parties? - ANSWER >>>>the first to have signed a
