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Ch 4 Exam

QuestionAnswer
Who owes fiduciary duties in a single agency relationship? The broker only
Exempt or not from the requirement to provide disclosures under the Brokerage Relationship Disclosure Act? Sales staff at a new development center exempt
Exempt or not from the requirement to provide disclosures under the Brokerage Relationship Disclosure Act? Showing property to a party that is not being represented not exempt
Exempt or not from providing disclosures? A bona fide showing that does not involve eliciting confidential info, the execution of a contractual offer, an agreement for represent'n, or neg'ns concerning price terms, or conditions of a potential sale. exempt
Exempt or not from the requirement to provide disclosures under the Brokerage Relationship Disclosure Act? Responding to a general factual questions from a potential buyer or seller concerning properties that have been advertised for sale exempt
As an agent, a broker is employed by and acts on behalf of whom? A principal
In which of the following situations does a general agency relationship exist? a. when a broker is emply'd d to market a property b. When a sales ass. is working w/a customer c. When a sales ass. is employed by a broker C: when a sales ass. 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 is true: a) Joan must present the offer b)Joan should not present the offer since no earnest $$ deposit was received A) Joan must present the offer
Which best describes a transaction broker (TB)? a. A TB is an agent of both parties b. A TB has fiduciary duties to the seller c. A TB has fiduciary duties to the buyer d. A TB may provide limited representation to both parties d) A TB may provide limited representation to both parties.
An agent failed to advise a principal regarding the value of the owner's property prior to accepting a listing. Which fiduciary duty did the agent breach? a)Loyalty b) Disclosure c) Accounting d) Obedience b) Disclosure
Broker Tom sold a property, which was listed with broker Alice. Tom was unable to attend the closing, so Alice collected the entire commission. Alice refused to pay Tom his share of the commission. What could Alice be charged with? Failure to account.
Mary, an Ohio broker, accompanied a customer to FL and met with broker Stan in his office in Miami. While Stan showed the customer property and obtained a binding contract fort the purchase of a condo, Mary took some time off and went to the beach.... ....When Mary returned to Stan's office, she discovered that Stan had written a contract and demanded a share of the commission. Which statement is correct?
(question stated separatly) a) Stan may share the $$ with Mary b) Mary violated the real estate license law by accompanying the customer to FL c)If Stan pays Mary a share of the $$, Stan will be in violaiton of the license law Stan may share the commission with Mary
What is an agent required to do in an agency relationship? Attempt to obtain the most favorable price and terms on behalf of the principal.
When can an agent disclose confidential or harmful information about a principal? Never
True/False: Unimproved property intended for four units or fewer is contained in the definition of a residential transaction. True
True/False: Agricultural properties of ten acres or less is contained in the definition of a residential transaction. True
True/False: Leases with options to purchase all or a portion of improved property of four or fewer residential units is contained in the definition of a residential transaction. True
True/False: Dispositions of business interests involving property of five or more residential units is contained in the definition of a residential transaction. False.
When can both parties in a transaction pay a broker a commission? When both parties agree to the dual commission.
All of the following provide control of agency relationships EXCEPT: a) FS475 b) Common Law c) The Brokerage Relationship Disclosure Act d) The Dept. of Financial Services d) the Dept. of Financial Services
Give the best answer: Policy and procedures manuals are a) maintained by all real estate offices b) required by law c) a major cause of arguments d) useful in maintaining good relations w/in a brokerage office d) good for relations w/in a brokerage office
A broker has appointed two sales ass's to act as agents in a nonresidential transaction, one for the seller, one for the buyer. a) this is illegal b) the sales ass. are referred to as designated sales ass.s b) they are referred to as designated sales associates
Each of the following relationships is adversarial, EXCEPT: A) arm's length b) buyer beware c) caveat emptor d) fiduciary d) fiduciary
In which circumstance are licensees expected to act with fairness and honesty? a) single agency only b) transaction brokerage only c) nonrepresentation only d) any real estate transaction d) Any real estate transaction. Be honest, Kid ;)
According to the Brokerage Relationship Disclosure Act, which is the only brokerage relationship form that must be signed or initialed? Consent to Transition to Transaction Broker
True/False: A broker can refuse offers on behalf of the principal False
True/False: A broker can buy the listed property without consent of the principal. False
True/False: A broker must follow all legal instructions of the principal or withdraw. True
True/False: A broker must ignore the instructions of a principal when the instructions are not in the best interests of the principal. False.
Created by: riverjan1122
 

 



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