Broker’s Duties and Obligations in Georgia Quiz Attempt #3

Broker’s Duties and Obligations in Georgia Quiz Attempt #3

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*Broker’s Duties and Obligations in Georgia Quiz #4*
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*Termination of Agency*

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Question 1 of 15

1. Question
What is procuring cause?
- The procuring cause in a real estate transaction is the effort and work that brings about the result stated in a brokerage agreement. A broker who starts a chain of events that results in a sale and does so without abandoning the transaction may be considered the procuring cause of sale.
- When an agent is responsible for any results after the sale of a transaction
- When an agency is responsible for any events that take place after the sale of a transaction
- none of the above
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Question 2 of 15

2. Question
When acting as an agent for the seller, a real estate broker can
- provide advice to the prospective buyer
- guarantee the seller will accept the offer
- solicit an offer to purchase the property from a prospective buyer
- make a decision for the seller or change the listing contract
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Question 3 of 15

3. Question
When hiring new salspeople that have their license in real estate, a principal broker has to make sure that the new salespeople are:
- supervised
- mentored
- given a regular schedule
- all of the above
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Question 4 of 15

4. Question
As a qualifying broker in Georgia, you are responsible for which of the following?
- Providing health insurance to all agents and staff
- Reviewing all contracts of affiliates within 30 days.
- Retaining all contracts and documents for the last 3 years
- All of the above
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Question 5 of 15

5. Question
The broker who takes the word of a seller who says they have city water in their rural home, which is usually, and sells the home to a buyer that finds out there is no city water is or may…
- may be liable for misrepresentation since she was responsible for knowing the true facts.
- is not held responsible for anything.
- may contact the commission to file a complaint.
- may bring a suit against the seller for dishonesty
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Question 6 of 15

6. Question
The listing broker should ________ if a leak is found during the property inspection.
- Leave the discovery of the problem up to the buyers
- Hide the problem as much as possible to get the best price from a buyer
- Reveal the problem on the property disclosure form and expect that the problem will affect how much buyers are willing to offer for the house.
- Tell buyers that any drainage problems have been corrected
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Question 7 of 15

7. Question
What is the duty of an agent who is representing a seller?
- Maintain confidential information about the seller unless it relates to adverse material facts that the buyer is entitled to know.
- Maintain confidential information about the seller, even after the listing expires.
- Work legally and ethically for the seller.
- All of the above.
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Question 8 of 15

8. Question
In Georgia, what are brokers required to do?
- Keep all contracts and documents for at least three years.
- Review contracts within a sufficient amount of time.
- Make sure that all agents under the brokerage are properly licensed.
- All of the above
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Question 9 of 15

9. Question
Funds received by an agent on the behalf of the selling broker must be accounted for correctly, is the definition of which of the following terms?
- broker's duty
- financial duty
- seller's duty
- fiduciary duty
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Question 10 of 15

10. Question
If a listing agent does not disclose to his client that he has agreed to manage a duplex for the buyer once it has been sold then he:
- terminates the agency contract with the seller
- violates his duty of disclosing material facts to the seller
- is legal and ethical as his managing the property after the sale does not affect the seller
- is legal under dual agency
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Question 11 of 15

11. Question
Yes or No: A salesperson can prequalify a buyer without entering into an agency relationship>
- Yes, as long as the salesperson gives a reasonable offer
- No, because that requires gaining confidential information
- Yes, because its allowed by the firm
- none of the above
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Question 12 of 15

12. Question
A broker in a firm has two salespeople on a highly demanded property. One salesperson notifies an offer in the morning while the other notifies an offer in the evening. The offer in the evening is of a higher purchase price. The broker decides to notify the seller of only one offer that was made in the morning and not disclose anything about the second offer. The broker wants the seller to not have their decision be influenced by the second offer. Can the broker do this?
- The salesperson are splitting the commission
- The broker wanted the seller to make a fair decision
- The salesperson has no authority to notify broker of two offers in a day
- The broker has no authority to withhold information from the seller
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Question 13 of 15

13. Question
A broker can earn commission if proved to have set in motion a series of events that resulted in the sale meaning that:
- 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
Correct

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Question 14 of 15

14. Question
The listing broker and salesperson do NOT owe ______ to the purchaser.
- Negotiation of the lowest possible price.
- Honesty
- Integrity
- Disclosure of defects.
- Commission
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Question 15 of 15

15. Question
Which of the following best describes the duties of a broker?:
- is obligated to give loyalty to the seller.
- can accept an offer without the seller’s approval.
- can accept an offer without the seller’s approval.
- can submit an offer without regard to the buyer.
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