Post License- 301 Broker Relationships & Responsibilities Exam Questions with Correct
Answers 100% Verified By Experts| Latest Update Guaranteed Success
Basic duties that an agent owes a principal under Agency Law OLDCAR or LOADS
Loyalty/Confidentiality
Obidence
Accounting
Disclosure
Skill/Care, Dilligence
Fiduciary Relationship A person who acts for another in a relationship of trust who is
obligated to act in the others best interests, placing the others interests before any self-interest
Does violating agency law also violate real estate license law? yes
Possible consequences of violating agency law revocation or suspension of real estate
license, civil liability, loss of commission.
Can the real estate commission fine a broker for violating real estate license law? no
Four categories of material facts 1. Facts about property itself
2. Facts that relate directly to the property
3. Facts directly affecting the principals ability to complete the transaction
4. Facts that are known to be of the special importance to a party
Example Facts about property itself HVAC system not working
, Example facts that relate directly to the property state approved plans for a 4-lane bypass
near the property
Fact directly affecting the principals ability to complete the transaction seller unable to
convey a clear title
Fact known to be of the special importance to a party current zoning wont allow buyers
intended use
Material Fact? death or murder of a previous tenant on the property no
Material Fact? a convicted sex offender lives in a neighboring property no
Material Fact? a grave site is located on a property. yes
Material Fact? property is believed to be haunted no
Material Fact? property located in an airport approach flight path yes
Material Fact? seller is behind on mortgage payments no
if a material fact is detrimental to the seller. can the listing broker withhold it from the buyer?
no
can a broker refuse to obey a seller client's instruction to withhold a material fact about a
property? no
can a broker advise a buyer on how to take the title to the property? no
Answers 100% Verified By Experts| Latest Update Guaranteed Success
Basic duties that an agent owes a principal under Agency Law OLDCAR or LOADS
Loyalty/Confidentiality
Obidence
Accounting
Disclosure
Skill/Care, Dilligence
Fiduciary Relationship A person who acts for another in a relationship of trust who is
obligated to act in the others best interests, placing the others interests before any self-interest
Does violating agency law also violate real estate license law? yes
Possible consequences of violating agency law revocation or suspension of real estate
license, civil liability, loss of commission.
Can the real estate commission fine a broker for violating real estate license law? no
Four categories of material facts 1. Facts about property itself
2. Facts that relate directly to the property
3. Facts directly affecting the principals ability to complete the transaction
4. Facts that are known to be of the special importance to a party
Example Facts about property itself HVAC system not working
, Example facts that relate directly to the property state approved plans for a 4-lane bypass
near the property
Fact directly affecting the principals ability to complete the transaction seller unable to
convey a clear title
Fact known to be of the special importance to a party current zoning wont allow buyers
intended use
Material Fact? death or murder of a previous tenant on the property no
Material Fact? a convicted sex offender lives in a neighboring property no
Material Fact? a grave site is located on a property. yes
Material Fact? property is believed to be haunted no
Material Fact? property located in an airport approach flight path yes
Material Fact? seller is behind on mortgage payments no
if a material fact is detrimental to the seller. can the listing broker withhold it from the buyer?
no
can a broker refuse to obey a seller client's instruction to withhold a material fact about a
property? no
can a broker advise a buyer on how to take the title to the property? no
