PERRY REAL ESTATE MODULE 2 EXAM QUESTIONS AND
100% VERIFIED ANSWERS
When evaluating the buyer's needs and desires, the buyer's agent should ask
about EVERYTHING, except: ANSWER Criminal history (income, credit, and
desired residence location)
True or false: REALTORS are still subject to the Code of Ethics' obligations
when they are the principals in a real estate transaction. The answer is yes.
________ might unknowingly, accidentally, or mistakenly produce a concealed
dual agency. ANSWER: Inferred agency
To find out which parts of town the buyer is interested in seeing, the buyer
should be pre-screened by the buyer's agent. The agent has violated the duty of
______ if they fail to show the buyer houses in this area. ANSWER Respect for
legal directives
What field of study does ethics fall under? ANSWER Philosophy (the study of
ethics within philosophy examines moral behaviour, both right and bad)
What has mainly replaced the caveat emptor principle? ANSWER Laws
governing seller disclosure
The word "ethos" (which implies character, habit, temperament, or tradition) is
where the concept of ethics originated. ANSWER in Greek
When the property sold for $160,000, the salesperson received $2,800 in
commission, which was her 35 percent part of the total commission. What was
the rate of commission? Answer: The total commission before the agent split
was 5% ($2,800 divided by.35 = $8,000). When $8,000 is divided by $160,000,
the commission rate is.05%.
, In many states, agents are required to list a minimum number of services. The
following are all included in these services, with the exception of: ANSWER
Providing the property* (helping to submit offers, negotiate counteroffers,
display the property, and respond to enquiries)
The agent is the firm's ______ in real estate. The principal broker's response
A buyer's agent discovers that her client cannot afford the amount listed in a
purchase contract due to poor credit. The seller, who is not represented in the
transaction, is not informed of this information by the buyer's agent. The agent
for the buyer is: ANSWER An unrepresented vendor must be treated fairly and
honestly.
Through her agent, Sara Smith, a buyer submits an offer for 100 East Main
Street. Ms. Smith discovers that the property's roof has already leaked multiple
times, but she chooses not to disclose this information to the buyer. Ms. Smith
has violated her obligation to provide an answer.
The following should be made sure of by a buyer's agent: Respond to each of
the aforementioned questions (a signed purchase contract, an agency disclosure
form, and a seller disclosure form).
What is Socrates credited with founding? The science of ethics' answer
What may a selling agent be doing if she starts talking to a buyer about her
finances without acting as the buyer's representative? ANSWER *Unknown
dual agency
The buyer is a _____ of the broker if the seller has a broker listing her property
and the buyer is not represented. - ANSWER None of these (principal, client, or
customer)*
One buy's agent is Sue Simms. Sandy Smith, her buyer-client, is shown the
property at 500 Main Street. Sue decides she wants to make an offer on the
property during the showing. Sandy desired to submit a bid on the property.
Which fiduciary obligation would Sue be breaking if she makes a bid on
Sandy's behalf? ANSWER: Loyalty
100% VERIFIED ANSWERS
When evaluating the buyer's needs and desires, the buyer's agent should ask
about EVERYTHING, except: ANSWER Criminal history (income, credit, and
desired residence location)
True or false: REALTORS are still subject to the Code of Ethics' obligations
when they are the principals in a real estate transaction. The answer is yes.
________ might unknowingly, accidentally, or mistakenly produce a concealed
dual agency. ANSWER: Inferred agency
To find out which parts of town the buyer is interested in seeing, the buyer
should be pre-screened by the buyer's agent. The agent has violated the duty of
______ if they fail to show the buyer houses in this area. ANSWER Respect for
legal directives
What field of study does ethics fall under? ANSWER Philosophy (the study of
ethics within philosophy examines moral behaviour, both right and bad)
What has mainly replaced the caveat emptor principle? ANSWER Laws
governing seller disclosure
The word "ethos" (which implies character, habit, temperament, or tradition) is
where the concept of ethics originated. ANSWER in Greek
When the property sold for $160,000, the salesperson received $2,800 in
commission, which was her 35 percent part of the total commission. What was
the rate of commission? Answer: The total commission before the agent split
was 5% ($2,800 divided by.35 = $8,000). When $8,000 is divided by $160,000,
the commission rate is.05%.
, In many states, agents are required to list a minimum number of services. The
following are all included in these services, with the exception of: ANSWER
Providing the property* (helping to submit offers, negotiate counteroffers,
display the property, and respond to enquiries)
The agent is the firm's ______ in real estate. The principal broker's response
A buyer's agent discovers that her client cannot afford the amount listed in a
purchase contract due to poor credit. The seller, who is not represented in the
transaction, is not informed of this information by the buyer's agent. The agent
for the buyer is: ANSWER An unrepresented vendor must be treated fairly and
honestly.
Through her agent, Sara Smith, a buyer submits an offer for 100 East Main
Street. Ms. Smith discovers that the property's roof has already leaked multiple
times, but she chooses not to disclose this information to the buyer. Ms. Smith
has violated her obligation to provide an answer.
The following should be made sure of by a buyer's agent: Respond to each of
the aforementioned questions (a signed purchase contract, an agency disclosure
form, and a seller disclosure form).
What is Socrates credited with founding? The science of ethics' answer
What may a selling agent be doing if she starts talking to a buyer about her
finances without acting as the buyer's representative? ANSWER *Unknown
dual agency
The buyer is a _____ of the broker if the seller has a broker listing her property
and the buyer is not represented. - ANSWER None of these (principal, client, or
customer)*
One buy's agent is Sue Simms. Sandy Smith, her buyer-client, is shown the
property at 500 Main Street. Sue decides she wants to make an offer on the
property during the showing. Sandy desired to submit a bid on the property.
Which fiduciary obligation would Sue be breaking if she makes a bid on
Sandy's behalf? ANSWER: Loyalty
