Unit 4 Quiz Attempt #3

Question 1 of 30

1. Question

A fiduciary is

Person who acts on behalf of another
Person who pays someone else to act on their behalf
A listing agreement
Agent’s relationship to the principal

Question 2 of 30

2. Question

For a broker and seller, what type of agency is their relationship?

Dual
Universal
Express
Special

Question 3 of 30

3. Question

A broker lists a woman’s home for $230,000. Later, a man comes into the office and ask for information about homes selling between $150,000 and $165,000, but refuses representation by the broker’s company at this time. Based on this information, which statement is TRUE?

Only the man is the broker’s client.
Only the woman is the broker’s client.
The broker owes fiduciary duties to both the man and woman.
Both the man and woman are the broker’s clients.

Question 4 of 30

4. Question

How can a broker represent a buyer and a seller in a dual agency?

Both parties consent in writing.
Both parties have legal representation.
At least one party is agrees to it.
The buyer and seller are related.

Question 5 of 30

5. Question

Which of the following describes the occurrence of designated agency?

The seller designates a specific agent to work for her.
Both the buyer and seller are customers.
The buyer and seller are represented by the same company.
There is a customer buyer and a client seller.

Question 6 of 30

6. Question

An agency can be terminated if

The owner declares bankruptcy.
The seller designates a specific agent to work for her.
The broker discovers that he won't earn as big a commission
The property is abandoned by owner.

Question 7 of 30

7. Question

How do agents keep the principal informed of all the facts that might affect a transaction?

Confidentiality
Disclosure
Obedience
Care

Question 8 of 30

8. Question

In a ________ relationship, both the buyer and seller are helped with paperwork by a broker without representation.

Transactional brokerage
Designated agency
Dual Agency
Non-agency

Question 9 of 30

9. Question

The broker has completed the task they were hired for. What happens next?

The broker becomes an unlimited fiduciary
The agency relationship ends
The broker takes on more tasks
The broker then becomes the client

Question 10 of 30

10. Question

In an agency relationship, the relationship of an agent to a client is a

A subagent
A fiduciary
A power of attorney
A trustee

Question 11 of 30

11. Question

The best way to express agency is ___________.

An appointment with the broker’s office
Orally through professional conversation
Through writing
Through a government official

Question 12 of 30

12. Question

A non-broker is also called _________.

The Principal
Transactional broker
There is no non-broker
A Customer

Question 13 of 30

13. Question

Which of the following is not one of the kinds of laws that dictate agency relationships and the duties an agent owes to their client

Administrative law
Civil rights law
Statutory law
Common law

Question 14 of 30

14. Question

Statutory laws are

Are rules established by customs and judicial decisions
Laws ratified by the legislature
Are rules and regulations created by real estate commissions and departments as authorized by the legislature.
None of the above

Question 15 of 30

15. Question

Which type of agent is/are recognized in Georgia? I. Undisclosed dual agency. II. Fiduciary agency. III.Transaction brokerage. IV. Designated agency.

I. only.
II and IV.
IV. only.
none of the above.

Question 16 of 30

16. Question

Which of the following agreement need to be in writing?

I. an exclusive-agency listing.

II. a 10 year commercial lease.

III. an exclusive-right-to-sell listing.

IV. an open listing.

I and II.
III only
III and IV
I, II, and III.

Question 17 of 30

17. Question

A real estate broker lists a home as agent for the seller. Later that same day, a buyer comes into the office and asks for general information about homes for sale in the area. Based on these facts, which statements is TRUE?:

If the buyer later asks for the buyer representation by the firm, he cannot have it because the firm is an agent of the seller only
The seller is the broker's client: the buyer is a consumer.
Both seller and buyer have no relationship with the brokerage except as consumers.
The brokerage firm owes fiduciary duties to both seller and buyer

Question 18 of 30

18. Question

A real estate professional has found a buyer for a seller’s home. The buyer has indicated in writing a willingness to buy the property for $1,000 less than the asking price and has deposited $5,000 in earnest money with the real estate professional. The real estate professional informed the seller of the signed document and the seller has accepted. After the seller came back, all of the requirements has been of a contract have been fulfilled and both parties have done what they agreed to do in the contract. At this point, the buyer has an:

Executory contract
Implied contract
Expressed contract
Executed contract

Question 19 of 30

19. Question

BRRETA requires that certain disclosures must be made to any client with whom a licensee is entering into a brokerage engagement. These disclosures include:

whether the brokerage firm has a conflict of interest in the transaction.
the name of the financial institution where trust funds are held.
the names of the real estate company's officers and directors
the number of licensees in the company,

Question 20 of 30

20. Question

In Georgia ______ is recognized as an agency

Dual agency
Fiduciary agency
Designated agency
Transaction brokerage

Question 21 of 30

21. Question

A single agency is:

when two agents from one brokerage represent either the buyer or the seller in the same transaction.
when one broker represents either a buyer or seller in a transaction.
when one agent represents both parties in the same transaction.
when the agency relationship is accidental.

Question 22 of 30

22. Question

Agency disclosure laws vary state by state, with each stipulating when, how, and to whom disclosures must be made. What may the Law convey?

The laws may convey what exactly is needed for a dual agency agreement,
The Law may convey that all agency alternatives and brokerage policies be fully explained.
The law may convey the terms of the purchase contracts required for all agents
Both A and B

Question 23 of 30

23. Question

The salesperson that is a representer of the seller tells the buyer that the seller may sell for less. This causes:

the salesperson to do what they are supposed to do; their fiduciary duties.
the salesperson to not represent the seller anymore because of the talk.
an undisclosed dual agency for the brokerage
proper acts to be done by the buyer

Question 24 of 30

24. Question

None of the following states a company’s agency relationships EXCEPT:

The rules and regulations of the Georgia Real Estate Commision
Georgia's BRRETA
The Georgia license law
The company's policy manual

Question 25 of 30

25. Question

Which of the following category would a property likely fall under if that property that has been the site of an event such as a suicide, murder, or other undesirable event?

a stigmatized property.
a polluted property.
considered a physical hazard.
a dangerous property.

Question 26 of 30

26. Question

Choose the correct option: A listing broker knows that a known sex offender lives within a block of a home she has listed. The prospective buyers are a family with three small children. The broker:

should tell the buyers that the home if under contract with another buyer
has no responsibility under any law since states release information about convicted sex offenders to the public
should inform the seller not to accept an offer from any families with small childern
may have a responsiblity under state law to inform the buyers of the offender's presence in the neighborhood

Question 27 of 30

27. Question

Georgia law states that a written disclosure of an agency relationship has to occur:

at the first meeting
when the transaction is complete
anytime before closing
at the time the offer is made

Question 28 of 30

28. Question

A broker tells a prospective buyer about a listing that has an amazing view; however, the listing has some inferences with its view. Which of the following is true?

the broker is puffing
this is illegal
the broker is intentionally misrepresenting the property
the broker is committing fraud

Question 29 of 30

29. Question

A ______ is an agent of the brokerage firm/princpal broker who is already acting as agent for the principal

attorney-in-fact
fiduciary
trustee
subagent

Question 30 of 30

30. Question

If a broker is acting for both the landlord and the tenant in the same transaction, this is considered:

Single agency
Non-agency
Dual agency
Disclosure of agency