GOLD COAST REAL ESTATE - ACTUAL EXAM
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Who owes fiduciary duties in a single agency relationship?
(a) The broker only
(b) The principal only
(c) Both parties
(d) Neither party - (a) The broker only
All of the following activities are exempt from the requirement to provide
disclosures under the Brokerage Relationship Disclosure Act, EXCEPT:
(a) Sales staff at a new development center
(b) Showing property to a party that is not being represented
(c) A bona fide open house or model home showing that does not involve
eliciting confidential information, the execution of a contractual offer or an
agreement for representation, or negotiations concerning price terms, or
conditions of a potential sale
(d) Responding to general factual questions from a potential buyer or seller
concerning properties that have been advertised for sale - (b) Showing
property to a party that is not being represented
As an agent, a broker is employed by and acts on behalf of whom?
(a) A buyer
(b) A seller
,(c) A customer
(d) A principal - (d) A principal
In which of the following situations does a general agency relationship exist?
(a) When a broker is employed to market a property
(b) When a sales associate is working with a customer
(c) When a sales associate is employed by a broker
(d) When a broker is employed by a buyer - (c) When a sales associate is
employed by a broker
Broker Joan just received an oral offer to purchase a listed property. No earnest
money accompanied the oral offer. Which of the following statements is correct?
(a) Joan must present the offer.
(b) Joan should not present the offer since no earnest money deposit was
received.
(c) Joan must advise the customer that an earnest money deposit is required to
make an offer valid.
(d) Joan should reject the offer on behalf of the seller. - (a) Joan must
present the offer.
Which of the following statements best describes a transaction broker?
(a) A transaction broker is an agent of both parties.
(b) A transaction broker has fiduciary duties to the seller.
(c) A transaction broker has fiduciary duties to the buyer.
(d) A transaction broker provides limited representation to both parties. -
(d) A transaction broker provides limited representation to both parties.
, An agent failed to advise a principal regarding the value of the owner's property
prior to accepting a listing. Which fiduciary duty did the agent breach?
(a) Loyalty
(b) Disclosure
(c) Accounting
(d) Obedience - (b) Disclosure
Broker Tom sold a property which was listed with broker Alice. Tom was unable to
attend the closing, so Alice collected the entire commission. Alice refused to pay
Tom his share of the commission. What could Alice be charged with?
(a) Failure to account
(b) Collecting an overage
(c) Commingling
(d) Fraud - (a) Failure to account
Mary, an Ohio broker, accompanied a customer to Florida and met with broker
Stan in his office in Miami. While Stan showed the customer property and
obtained a binding contract for the purchase of a condominium, Mary took some
time off and went to the beach. When Mary returned to Stan's office, she
discovered that Stan had written a contract and demanded a share of the
commission. Which statement is correct?
(a) Stan may share the commission with Mary.
(b) Mary violated the real estate license law by accompanying the customer to
Florida.
COMPLETE QUESTIONS AND CORRECT
DETAILED ANSWERS (VERIFIED ANSWERS)
|ALREADY GRADED A+||BRAND NEW!!
Who owes fiduciary duties in a single agency relationship?
(a) The broker only
(b) The principal only
(c) Both parties
(d) Neither party - (a) The broker only
All of the following activities are exempt from the requirement to provide
disclosures under the Brokerage Relationship Disclosure Act, EXCEPT:
(a) Sales staff at a new development center
(b) Showing property to a party that is not being represented
(c) A bona fide open house or model home showing that does not involve
eliciting confidential information, the execution of a contractual offer or an
agreement for representation, or negotiations concerning price terms, or
conditions of a potential sale
(d) Responding to general factual questions from a potential buyer or seller
concerning properties that have been advertised for sale - (b) Showing
property to a party that is not being represented
As an agent, a broker is employed by and acts on behalf of whom?
(a) A buyer
(b) A seller
,(c) A customer
(d) A principal - (d) A principal
In which of the following situations does a general agency relationship exist?
(a) When a broker is employed to market a property
(b) When a sales associate is working with a customer
(c) When a sales associate is employed by a broker
(d) When a broker is employed by a buyer - (c) When a sales associate is
employed by a broker
Broker Joan just received an oral offer to purchase a listed property. No earnest
money accompanied the oral offer. Which of the following statements is correct?
(a) Joan must present the offer.
(b) Joan should not present the offer since no earnest money deposit was
received.
(c) Joan must advise the customer that an earnest money deposit is required to
make an offer valid.
(d) Joan should reject the offer on behalf of the seller. - (a) Joan must
present the offer.
Which of the following statements best describes a transaction broker?
(a) A transaction broker is an agent of both parties.
(b) A transaction broker has fiduciary duties to the seller.
(c) A transaction broker has fiduciary duties to the buyer.
(d) A transaction broker provides limited representation to both parties. -
(d) A transaction broker provides limited representation to both parties.
, An agent failed to advise a principal regarding the value of the owner's property
prior to accepting a listing. Which fiduciary duty did the agent breach?
(a) Loyalty
(b) Disclosure
(c) Accounting
(d) Obedience - (b) Disclosure
Broker Tom sold a property which was listed with broker Alice. Tom was unable to
attend the closing, so Alice collected the entire commission. Alice refused to pay
Tom his share of the commission. What could Alice be charged with?
(a) Failure to account
(b) Collecting an overage
(c) Commingling
(d) Fraud - (a) Failure to account
Mary, an Ohio broker, accompanied a customer to Florida and met with broker
Stan in his office in Miami. While Stan showed the customer property and
obtained a binding contract for the purchase of a condominium, Mary took some
time off and went to the beach. When Mary returned to Stan's office, she
discovered that Stan had written a contract and demanded a share of the
commission. Which statement is correct?
(a) Stan may share the commission with Mary.
(b) Mary violated the real estate license law by accompanying the customer to
Florida.
