GOLD COAST REAL ESTATE - ACTUAL EXAM
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Farming - A practice where a licensee consintrates on one type or style of
property or one particular neighborhood
Listing Contract - When a broker is employed to find a purchaser, he or she
is entitled to compensation when a ready, willing, and able buyer has met all of
the seller's requirements. This is accomplished when the buyer makes an offer in
accordance with the terms of the listing agreement, whether or not a sale is
consummated.
Federal Real Estate Settlement Procedures Act (RESPA) - Allows brokers to
pay referral fees between real estate agents and brokers without disclosure. Page
62-20-31
Principal Office Requirements - Must consist of at least one enclosed room
in a building of stationary construction where negotiations and the closing of real
estate transactions can be conducted with privacy.
Branch Office Requirements - Page 72-20-22, 25-27
Advertising - Must be in the name and under the supervision of the broker.
Page 73-3-7
,Summary of Brokerage Relationship Duties (Residential Sales) - Duty
No Representation
Transaction Broker
Single Agent
Duty
Account for all funds - No Representation
Transaction Broker
Single Agent
Duty
Deal honestly & fairly - No Representation
Transaction Broker
Single Agent
Duty
Disclose all known facts that affect the value of residential property - No
Representation
Transaction Broker
Single Agent
Duty
Skill, care, and diligence - Transaction Broker
Single Agent
, Duty
Present all offers and counteroffers - Transaction Broker
Single Agent
Duty
Limited confidentiality - Transaction Broker
Duty
Additional agreed duties - Transaction Broker
Duty
Confidentiality - Single Agent
Duty
Obedience - Single Agent
Duty
Loyalty - Single Agent
Duty
Full disclosure - Single Agent
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Farming - A practice where a licensee consintrates on one type or style of
property or one particular neighborhood
Listing Contract - When a broker is employed to find a purchaser, he or she
is entitled to compensation when a ready, willing, and able buyer has met all of
the seller's requirements. This is accomplished when the buyer makes an offer in
accordance with the terms of the listing agreement, whether or not a sale is
consummated.
Federal Real Estate Settlement Procedures Act (RESPA) - Allows brokers to
pay referral fees between real estate agents and brokers without disclosure. Page
62-20-31
Principal Office Requirements - Must consist of at least one enclosed room
in a building of stationary construction where negotiations and the closing of real
estate transactions can be conducted with privacy.
Branch Office Requirements - Page 72-20-22, 25-27
Advertising - Must be in the name and under the supervision of the broker.
Page 73-3-7
,Summary of Brokerage Relationship Duties (Residential Sales) - Duty
No Representation
Transaction Broker
Single Agent
Duty
Account for all funds - No Representation
Transaction Broker
Single Agent
Duty
Deal honestly & fairly - No Representation
Transaction Broker
Single Agent
Duty
Disclose all known facts that affect the value of residential property - No
Representation
Transaction Broker
Single Agent
Duty
Skill, care, and diligence - Transaction Broker
Single Agent
, Duty
Present all offers and counteroffers - Transaction Broker
Single Agent
Duty
Limited confidentiality - Transaction Broker
Duty
Additional agreed duties - Transaction Broker
Duty
Confidentiality - Single Agent
Duty
Obedience - Single Agent
Duty
Loyalty - Single Agent
Duty
Full disclosure - Single Agent
