TN New Affiliate unit 2 exam with 100% correct answers

Once an agency has been terminated, the obligation of confidentiality continues forever. If a buyer signs an exclusive buyer agency agreement with real estate agent A, then purchases a property directly from real estate agent B, which of the following is TRUE? It is likely that B did not ask whether the buyer was already being represented. When two different affiliate brokers representing the same broker each have representation agreements, one with the buyer the other with the seller, and the buyer wishes to purchase the seller's property, the result is dual agency. If asked by a buying prospect about the condition of the roof, the licensee should recommend a professional inspection. In the absence of a written, bilateral written representation contract, there is no agency. A person may be an agent whether or not compensation is negotiated. License law requires that agency disclosure be made upon initial contact with another licensee involved in the same transaction. Which of the following is TRUE? Agents involved in a commercial transaction are exempt. When required by agency, licensees must disclose their agency status to a cooperating licensee in a transaction upon initial contact. A proper disclosure of a represented buyer would be "I'd like to show my client your property." While not required by law, when recommending a service provider, it would be BEST to recommend several, then let the prospects choose the one they prefer. In taking a listing, the firm's affiliate broker represents the broker who represents the client. A licensee is representing the unlicensed office manager of her real estate firm in the purchase of a home. The licensee must disclose the business relationship. A Tennessee agent refers a buying prospect to an Alabama agent. When the transaction closes in Alabama, the Tennessee agent expects to receive a referral fee. This fee does not have to be disclosed. If dual compensation is negotiated in a transaction, the broker could represent both or neither. A way of ensuring that an agent's transaction gets completed as desired is for the agent to perform due diligence. Implied agency is not recognized in Tennessee. When a licensee acts as a facilitator, what written agreement establishes facilitator status? None, there is no written agreement If a listing agent realizes after listing a property that the CMA or appraisal was incorrect, the agent as part of the duty of disclosure should disclose such information to the seller. An agent's responsibility to disclose a biohazard would include disclosure if the property was once the site of methamphetamine production. A buyer can be represented by several different brokers at the same time if the buyer and the brokers agree to nonexclusive buyer agency.