Unit 4 Quiz Attempt #4

This kind of law is ratified by the legislature

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

Another common name for a non-broker is a(n):

After the broker completes the task they were originally hired for, what happens to the relationship?

Designated agency is most likely to occur when

An agent is a _______ to a client in an agency relationship.

Another name for a listing agreement is?

The agreement between a principal and an agent

What is a fiduciary?

How do sale contracts affect the process of “due diligence”?

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

Which of the following agreements must be in writing?

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 informs the seller of the signed document and the seller accepted only if the the buyer agree that the seller will take away the Chandelier in the living room. The buyer agree with this promise. At this point, the buyer has a(n):

Georgia’s agency law defines a ministerial act as:

Georgia’s Brokerage Relationships in Real Estate Transactions Act (BRRETA) requires that certain disclosures must be made to any client with whom a licensee is entering into a brokerage engagement. Which of the following is included in these disclosures?

What is the best way to express agency?

An agent of the brokerage firm/principal broker who is already acting as agent for the principal is a(n):

Define single agency.

What is the responsibility of a fiduciary?

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. Which statements is TRUE based on these facts?

A salesperson that tells the buyer that the seller could sell the property for a lower price is…

Usually, the property disclosure form is given to a buyer ____

Describe the agency relationship between the homeowner and the broker from the following situation? A woman tells her neighbor, a real estate broker, that she is thinking about selling her home. The broker contacts several prospective buyers to whom she has shown her firm’s listings in the past month. One of the buyers makes an attractive offer on the woman’s home without even seeing the property.

What happens to a broker who takes the word of a seller that says their house has city water in a rural area but does not?

At what point must a written disclosure be made of an agency relationship in Georgia?

What is it called when a broker exaggerates the benefits of a property?

A property disclosure form provided by the salesperson to a buyer in a timely manner is protecting the liability of the:

Which of the following states a company’s agency relationships?

When can an agency can be terminated?

In what way do agents keep the principal informed of all the facts that might affect a transaction?