BRRETA Quiz Attempt #3

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Question 1 of 20

1. Question
What does BRRETA stand for?
- The Brokerage Relationships in Real Estate Transactions Act
- The Brokerage Relationships in Real Estate Transfers Act
- The Broker Relationships in Real Estate Transactions Act
- The Brokerage Relationships in Real Estate Transactions Amendment
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Question 2 of 20

2. Question
What is BRETTA’s intent?
- to prevent detrimental misunderstandings and misinterpretations of such relationships by both consumers and real estate brokers, and, through this, to promote and provide stability in the real estate market.
- to set guidelines for MLS services and restrict misuse of the services
- to interfere with the contractual relationships that both parties have agreed upon
- to enforce real estate contracts as to avoid liability and litigation
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Question 3 of 20

3. Question
What is a designated agent?
- A broker who simultaneously represents both the seller and buyer, or both the landlord and tenant, in the same real estate transaction. .
- An entity represented by a real estate broker in an agency
- A broker who has not entered into a client relationship with any of the parties to a real estate transaction.
- An agent chosen and appointed by his or her broker to represent one client (either the buyer or seller) in a transaction
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Question 4 of 20

4. Question
What is a material fact?
- facts that a party does not know, could not reasonably discover, and would reasonably want to know.
- what agents actually know
- what an agent should have known
- actions that do not require the exercise of the licensee's professional judgment or skill. These acts can be performed without creating an agency relationship.
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Question 5 of 20

5. Question
What is a ministerial act?
- a Georgia law that governs the agency relationships of brokers with sellers, buyers, landlords and tenants.
- facts that a party does not know, could not reasonably discover, and would reasonably want to know.
- actions that do not require the exercise of the licensee's professional judgment or skill. These acts can be performed without creating an agency relationship.
- Relationship terms in which a broker acts for or represents a client by the client’s authority
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Question 6 of 20

6. Question
What is the definition of a brokerage engagement?
- Any person, firm or corporation that is a source, compiler or supplier of information regarding real estate for sale or lease. This includes, but is not limited to, multiple listing services.
- an express written contract wherein the client promises to pay the real estate broker a valuable consideration or agrees that the real estate broker may receive a valuable consideration from another in consideration of the broker's producing a seller, buyer, tenant or landlord ready, able and willing to sell, buy or rent the property or in consideration for the broker's performing property management services or performing community association management services.
- an implied contract wherein the client promises to pay the real estate broker a valuable consideration or agrees that the real estate broker may receive a valuable consideration from another in consideration of the broker's producing a seller, buyer, tenant or landlord ready, able and willing to sell, buy or rent the property or in consideration for the broker's performing property management services or performing community association management services.
- employee that usually receives a commission with no withholding for social security and income tax. She has the freedom to set his/her own hours and accomplish individual goals.
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Question 7 of 20

7. Question
Which of these does not create a brokerage engagement?
- performing the actions without actually agreeing
- A verbal agreement
- Contract outlining the terms of broker’s services to the seller
- A handshake
- All of the above
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Question 8 of 20

8. Question
Before the engagement, the broker must advise the client all of the following except:
- How the broker plans to accomplish the task
- The types of agency relationships available through the broker
- The broker's obligations to keep information confidential
- The broker's compensation
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Question 9 of 20

9. Question
What is actual knowledge?
- facts that a party does not know, could not reasonably discover, and would reasonably want to know.
- what agents actually know
- actions that do not require the exercise of the licensee's professional judgment or skill. These acts can be performed without creating an agency relationship.
- what an agent should have known
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Question 10 of 20

10. Question
What is imputed knowledge?
- what an agent should have known
- facts that a party does not know, could not reasonably discover, and would reasonably want to know.
- actions that do not require the exercise of the licensee's professional judgment or skill. These acts can be performed without creating an agency relationship.
- what agents actually know
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Question 11 of 20

11. Question
What is a dual agency?
- Relationship terms in which a broker acts for or represents a client by the client’s authority
- Agent chosen and appointed by his or her broker to represent one client (either the buyer or seller) in a transaction
- when a broker has a client relationship with both parties involved in a transaction.
- A broker who simultaneously represents both the seller and buyer, or both the landlord and tenant, in the same real estate transaction.
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Question 12 of 20

12. Question
In a dual agency, all clients must sign a written consent containing all of the following except:
- A statement that the client is required to consent to the dual agency.
- A statement that the consent of the client has been given voluntarily and that the engagement has been read and understood.
- A description of the transactions or types of transactions in which the broker will serve as a dual agent
- A description of the transactions or types of transactions in which the broker will serve as a dual agent
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Question 13 of 20

13. Question
What is a designated agency?
- When a broker appoints one licensee in the firm to represent one client and then appoints a different licensee to represent the other party in the same transaction.
- A broker who simultaneously represents both the seller and buyer, or both the landlord and tenant, in the same real estate transaction.
- when a broker has a client relationship with both parties involved in a transaction.
- Agent chosen and appointed by his or her broker to represent one client (either the buyer or seller) in a transaction
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Question 14 of 20

14. Question
A transaction broker may perform all of the following acts except:
- Locating architects, engineers, surveyors, inspectors, lenders, insurance agents, attorneys and other professionals
- Disclose adverse material facts to one party but not the other
- Providing real estate statistics and information on property
- Acting as a scribe in the preparation of real estate form contracts, leases, and related exhibits and addenda
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Question 15 of 20

15. Question
The broker owes all of the following duties to the seller except:
- present all offers to and from seller in a timely manner.
- Tell the buyer’s confidential information of the seller in order to sell the home faster
- Sell property at the price and terms outlined in the brokerage engagement or at a price and terms acceptable to the seller.
- Disclose all material facts to the seller of which the broker has actual knowledge.
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Question 16 of 20

16. Question
The broker cannot be held liable if what:
- the broker discloses information that is required by law
- the broker fails to disclose information not mentioned under BRETTA
- the broker spreads false information unknowingly
- all of the above
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Question 17 of 20

17. Question
The broker can be held liable if he/she fails to what?
- disclose the source of the information to the buyer/tenant
- Apologizes for the false information
- Both A and B
- Shows that they did not have actual knowledge that the information was false
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Question 18 of 20

18. Question
The broker owes all of the following duties to the landlord except:
- Comply with the requirements under BRRETA, and any applicable statutes and regulations.
- Seek a tenant at the price and terms of the brokerage engagement or at terms acceptable to the landlord.
- Manage the landlord’s property
- Account in a timely manner for all money and property received
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Question 19 of 20

19. Question
The broker owes all of the following duties to the buyer except:
- find properties that the buyer would like that are a little out of their price range
- Disclose to the buyer adverse material facts the broker is aware of
- Account in a timely manner for all money and property received
- Search and find a property at a price and terms outlined in the brokerage agreement.
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Question 20 of 20

20. Question
Who is responsible for the discovery of adverse material facts?
- The broker
- The seller/landlord
- The buyer/tenant
- all of the above
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BRRETA Quiz Attempt #3

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