BRRETA Quiz

Which of the following statements most efficiently defines a listing contract?

It serves as an employment agreement between a broker and a seller.
It is a list of all of the salable features in a property that is to be placed on the market.
Its language is designed to serve as a guide for a closing attorney when a sale is completed.
It authorizes a licensee to accept or reject an offer.
A list of duties under the contract

2. In some cases a broker’s commission can be earned if the broker can prove to have set in motion a series of events that resulted in the sale. To do so means:

the broker had an exclusive right-to-sell listing.
the broker secured the buyer’s signature on the sales contract.
the broker was the procuring cause of sale.
the broker showed the property to the buyer.
None of the above

3. When a salesperson performs the duties of a licensee, the salesperson does so:

on behalf of himself/herself.
as a special agent for the seller.
as a general agent for his/her broker.
on behalf of the buyer.
All the above

4. Which of the following is true when a salesperson acts as an independent contractor:

he/she is responsible to his/her broker as to how the work is performed.
he/she controls his/her own working hours.
all of his/her listings belong to him/her.
his/her broker must withhold income tax from commission checks.
He does not depend on regulations

5. The listing broker and salesperson owe all but which of the following to the purchaser?

Negotiation of the lowest possible price.
Honesty
Integrity
Disclosure of defects.
Commission

6. The listing agent must disclose all of the following to the prospective buyer’s question regarding matters EXCEPT:

the previous occupant died on the property.
a murder had taken place on the grounds.
home was the site of illegal drug activity.
the previous occupant had AIDS.
listing agent is not entitled to any disclosure rules

7. The term fiduciary best describes:

a principal.
an agent.
both an agent and a principal.
neither an agent nor a principal.
A principal and interest

A listing broker just found out about water that has been in the basement of the house he is marketing. The seller states that the problem was solved and he does not want it mentioned by the listing broker. Should this fact be revealed by the broker to a prospective purchaser?

The broker owes absolute loyalty to the seller so he must obey the request that the water problem not be mentioned.
Yes, the problem is clearly a “material fact” and must be disclosed.
As long as the problem was corrected, it is no longer relevant.
The broker should mention the water only if asked.
No, the listing agent should not trust the seller.

An agency may be terminated by all but which of the following?

The property is condemned by the county for the purpose of building a new road.
The broker files for bankruptcy.
The listing salesperson dies
The seller believes the broker has not marketed the property as promised and revokes the listing.
The agreement document copy is lost

Owner Boriss authorized Broker Liland to sign a contract of sale. This authorization was granted by:

a special provision in the exclusive right-to-sell listing.
making Owens a general agent.
making Owens an ostensible agent.
executing a power of attorney.
Both A and C

A general agency empowers the agent to:

transact matters of all types for the principal.
transact the principal’s affairs in a certain business.
perform only specific acts for the principal.
perform any legal act for the principal.
All the above

A listing that allows the owner to sell the property without being liable for a commission, but also appoints only one broker to act as sole agent is an:

exclusive agency listing.
open listing.
exclusive right to sell listing.
sole listing.
Solicited listing

Exclusive listings must include:

a safety clause.
permission for the listing broker to appoint subagents.
a definite date of expiration.
both B and C.
Sales commission

When a third party relies upon the principal

agency by ratification.
ostensible agency.
buyer agency.
estoppel agency.
Both D and A

If a listing agreement does not specifically authorize a broker to accept and hold an earnest money deposit on behalf of the seller, then the:

deposit must be turned over to the seller immediately.
The purchaser cannot be required to pay a deposit.
broker has implied authority to accept such deposits.
a broker must obtain a power of attorney from a prospective purchaser to hold the deposit.
The purchaser has an obligation to retract from sale

Acting as a dual agent without the consent of all parties is a breach of a broker

loyalty.
personal performance.
due care.
accountability.
Both D and A

18. A provision in a contract of sale that obligates the purchaser to list the property with a specific broker when the property is resold is:

in violation of antitrust laws.
good business practice and perfectly legal.
called a tie-in.
both A and C.
None of the above

An owner desires to net $147,600 from the sale of her home. Broker Bailey accepts the listing with a 6.5% commission. The list price will be?

$157,900
$157,200
$138,000
$227,100
$300,058

The one-hundred-percent commission plan means:

the listing broker is obligated to share the fee with the subagent.
there are no fees to be deducted for MLS or franchise services.
the salesperson receives half of the fee.
the salesperson receives the entire fee but pays the broker a monthly fee for office space, administrative services, and use of the broker’s name.
Both A and C are the correct answers

Reynolds is acting as a buyer broker for his sister, Marie, who is looking for a house. Since he has a written contract authorizing him to consider her as a client, he is authorized to do all of the following EXCEPT:

Share with her any information he knows about why the seller is selling.
let the lender she has chosen know that Regina might not be planning to be an owner/occupant.
write an offer for her signature and present it to the listing agent.
accept a counter offer on Regina’s behalf while she is out of town.
Act as the owner

Alice has listed a property for an out-of-town investor. Her advertising is producing calls, but a hostile tenant is denying her access for showings. When told of this, the seller replies,

Alice might ask for help from the local police.
A really motivated buyer might be found who would offer even without seeing the interior.
Alice should have discovered this problem before she listed the property.
Alice can renounce her listing since the owner refuses to cooperate.
A and C are false

24. A statement that exaggerates which a sound person would recognize as untrue is a:

misrepresentation.
actual fraud.
puffing.
innocent misrepresentation.
Criminal misconduct

25. If a contract for sale provides for the owner to sell a home in “as is” condition, then:

caveat emptor applies.
latent defects must still be disclosed to the purchaser.
the owner is generally immune from liability.
the broker must assist the buyer in making a thorough inspection.
The right answer is not included

In the acronym BRRETA, what does BRRETA stand for?

Broker’s bonding
Broker-client affiliation
Agency
Addendum
Arbitrary relation

Agency
Brokerage relationship
Addendum relationship
Dual agency
Brokerage agreement

Which of the following best explains the noun broker?

Any individual or entity responsible for breaking down the price of a property
Relationship terms in which a broker acts for or represents a client by the client’s authority
Entity required responsible for the security of the property in the process of selling
Men (not women) holding broker’s licenses.
Both B and D

A brokerage agreement is the following, EXCEPT:

An agreement between seller and his broker on the selling/closing price of the property
Documented contract by which the seller or buyer (landlord or tenant) employs the broker
Contract outlining the terms of broker’s services to the seller
Contract promising to pay the broker for producing a client ready and willing to sell, buy or rent the property.
An agreement between seller and buyer on the selling/closing price of the property

Relationship between a broker and his or her clients and customers

Agency
Brokerage relationship
Addendum relationship
Dual agency
Brokerage agreement

Designated agent is:

Agent chosen by a client to make sure repairs are completed before a deadline
Broker agent appointed by state laws to represent a client
Transaction broker
The agent is chosen and appointed by his or her broker to represent one client (either the buyer or seller) in a transaction
Broker fired and rehired by the same housing company

32. Following are the broker’s duties to the seller, EXCEPT:

Set a reasonable price before contacting the client.
Sell property at the price and terms outlined in the brokerage engagement or at a price and terms acceptable to the seller.
Present all offers to and from the seller in a timely manner
Disclose all material facts to the seller of which the broker has actual knowledge.
Account for all money and property received in a timely manner

33. The seller’s broker must disclose the following regarding the property, EXCEPT:

Material defects in the property
Maps showing the boundary lines of governmental jurisdictions
Facts required by statute or regulation to be disclosed
Tax maps
Social security for the previous occupant of the property

Ministerial acts to the buyer is:

All the options below
Provide real estate statistics information on property.
Act as a scribe in the preparation of real estate contracts and leases
Identify property for sale, lease or exchange.
Identify schools, shopping facilities, places of worship and other similar facilities on behalf of any of the parties in a real estate transaction.

Which of the following regarding the liability of the broker engaged by a landlord is not true?

The broker cannot always be held responsible if misinformation is given. Broker's liability is circumstantial
The broker will be fined $25,000 in the event of malpractice the brokerage agreement
A broker is not liable to a prospective tenant for providing false information if the broker was not aware that the knowledge was false
Brokers should never provide willingly prospective tenants with false information
A broker may not be liable for failure to disclose any matters not mentioned in this section of the law

One of these is not a characteristic of brokerage agreement

It outlines the broker's compensation
It has a definite expiration date
It fully set forth the broker and the clients’ terms
All brokerage relationships held by the broker with other clients of his/hers, if any
Promises the client that property will be sold within a week

37. Created when a broker has a client relationship with both parties involved in a transaction is:

Designated agency
Presupposition agency
Dual agency
Predefine agency
Agency by agreement

“38. A broker who’s not entered brokerage relationship yet but who performs ministerial acts is: >”

BRRETA
Transaction broker
Dual agent
Designated agent
Simplified broker

It is calculated as a percentage of the sale price
It is calculated as a percentage of the listed price
Is established by the real estate commission
It is ethical that the commission should be no less than 10%
None of the above

All the following is true of independent contractors EXCEPT

They have more freedom than employees
The employer controls their work hours
They pay their Social Security income taxes
They agree with the employer in terms of their relationship
None of the above is wrong

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