Unit 5 Quiz Attempt #3

Question 1 of 30

1. Question

Which statement defines a deceptive ad?

an ad that contains or omits statements that will likely mislead reasonable consumers.
An ad that cannot be backed up by proof
an ad that will cause or is likely to cause substantial, unavoidable consumer injury.
an ad that contains statements that consumers cannot understand

Question 2 of 30

2. Question

Which of these professions are able to buy, sell or lease real property on behalf of others for a commission?

Broker
Salesperson
Appraiser
Lender

Question 3 of 30

3. Question

What is a cease-and-desist order?

an order requiring you to stop running the deceptive ad or engaging in deceptive practices
an order to take educational classes
an order to refund all money back to consumers for a deceptive product
a fine

Question 4 of 30

4. Question

In the real estate market, deceptive advertisement does not include:

advertising new appliances, but the appliances were only repaired not replaced
listing total square footage as living area
Advertising waterfront property when there is a small man-made pond in the front yard
none of the above

Question 5 of 30

5. Question

What is the name of the party that is licensed to sell, purchase, or lease real property on behalf of others?

The Real Estate Broker
The Investor
The Real Estate Licensee
The Seller

Question 6 of 30

6. Question

Which statement defines an unfair ad?

an ad that contains or omits statements that will likely mislead reasonable consumers.
an ad that will cause or is likely to cause substantial, unavoidable consumer injury.
An ad that cannot be backed up by proof
an ad that contains statements that consumers cannot understand

Question 7 of 30

7. Question

Why should a licensee double check what they send in emails/texts?

They could be sending sensitive information to the wrong person
Documents sent without the client’s signature will still be deemed signed
The do not have to double check anything
none of the above
They could be sending sensitive information to the wrong person & Documents sent without the client’s signature will still be deemed signed

Question 8 of 30

8. Question

What did the Federal Trade Commission Act want to encourage?

Truthful ads
non-deceptive ads
Fair advertising
All of the above

Question 9 of 30

9. Question

How can you avoid a privacy or security breach?

Post the sellers phone number
publish this request: “Please avoid afternoons, as this is the children’s naptime,
Not posting photos with valuables in the photos
Posting a photo with the seller in it

Question 10 of 30

10. Question

What is the Do Not Call Implementation Act of 2003?

an act enacted to protect consumers from misleading or fraudulent advertising techniques
an act making it illegal to make a phone solicitation to any household that has listed its number in the Federal Trade Commission's Do Not Call Registry
an act that protects consumers from being bombarded with unwanted email solicitations.
an act that makes it unlawful to send an unsolicited commercial message via fax unless the sender has permission from the recipient or if both parties have an established business relationship

Question 11 of 30

11. Question

A licensed salesperson may work only for

a client who has signed a listing agreement with a licensed broker
a single employing broker who has a n active broker's license
a client who has signed an authorization agreement with a licensed salesperson
an employer who has an active or inactive broker's license

Question 12 of 30

12. Question

Why does the FTC pay close attention to ads that involve health/safety and evaluation issues?

These ads have claims that can be reasonably evaluated by the consumer
these ads as reasonable consumers would likely have trouble evaluating them for themselves.
These ads have higher risks than benefit for their consumers
these ads omit statements that would change a consumer’s decision on whether to buy the product or not

Question 13 of 30

13. Question

Who pays a salesperson when a transaction involved a listing agent, a selling agent, and several subagents

The listing agent
The selling agent
The seller
The employing broker

Question 14 of 30

14. Question

When posting online, you should never what?

No answer is correct
obtain the client’s permission
get the post reviewed for risks
make posts that show them in a negative light

Question 15 of 30

15. Question

A sales contract is signed on February 1. Closing takes place on March 10, and the security deed is recorded on April 15. The borrower’s first payment is due on May 30. When is the soonest that the broker might receive a commission check?

Feburary 1
March 10
April 15
May 30

Question 16 of 30

16. Question

_______ does not require a real estate license.

Selling a property from an auction sale.
Selling a mobile home not attached to the land.
Listing a property a friend is selling
Listing a property for a firm.

Question 17 of 30

17. Question

What type of insurance provides coverage for community/ private assets over $60,000?

Comprehensive Insurance
Fidelity insurance
Property Damage Liability
Trust Fund Insurance

Question 18 of 30

18. Question

Compensation for a salesperson from someone other than the broker, with whom the salesperson is affiliated, can only be accepted under what condition?

The salesperson is paid directly by a buyer who was a client
The compensation is a bonus voluntarily paid by a grateful client.
The compensation comes from a former employing broker as a commission earned on a contract negotiated before the change of employment.
The compensation comes from a cooperating broker with whom the salesperson shared a transaction

Question 19 of 30

19. Question

Which of the following did the Can-Spam Act establish guildelines for?

solicited email messages.
unsolicited email messages.
unsolicited text messages
solicited facsimile messages.

Question 20 of 30

20. Question

A homeowner received estimates that ranged between $35,000 and $40,000 for repairing damage caused by water leaking into the basement. When he listed the house, he did not disclose the leak or the damage to the basement on the property disclosure form. However, anyone walking through could clearly tell there was damage. The basement damage is an example of a:

patent defect, and the listing brokerage firm may be liable for not discovering the false floor over the damage
latent defect, and the listing brokerage firm may be liable for not discovering the false floor over the damage
patent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage
latent defect, and the listing brokerage firm is not liable for not discovering the false floor over the damage

Question 21 of 30

21. Question

What must a broker do if their real estate brokerage receives a written request from the seller informing them to not contact the seller once the sale of their home is complete?

Do not contact the seller.
Contact the seller up to a month after the transaction
Contact the seller up to 6 months after the transaction.
Decline the seller's request and notify them the sale is complete once the deed is transferred.

Question 22 of 30

22. Question

The consumer can be called up to ____ due to the do-not-call registration.

approximately 18 months after consumers last purchase, delivery, and payment
20 months since a consumer paid a bill, made a delivery, or purchased
90 days after the consumer pays, delivers, or purchases
12 months after

Question 23 of 30

23. Question

A buyer’s broker whose commission is shared via the MLS with the commission paid by the seller to the listing broker in a real estate purchase, __________.

seller to the listing broker
remains the agent of the buyer.
remains the buyers broker
remains the seller of the client

Question 24 of 30

24. Question

In most real estate brokerage firms, a real estate salesperson may expect to work a long time, so the seller would welcome any offer on the home. The buyer makes an offer at a price half at what he expected. Has the agent violated any duties to the seller?

Yes, the agent has violated his fiduciary duty by disclosing a fact that could benefit the buyer.
Yes, the agent has violated his fiduciary duty because license law prohibits any discussion of how long a property has been on the market.
No, because the agent has served the seller's interest by producing a ready, willing, and able buyer.
No, because the agent has served the seller's interest by producing a ready, willing, and able buyer.

Question 25 of 30

25. Question

A salesperson has been trying for week to list a spectacular house for sale. The homeowners tell the salesperson that a competing company will charge a commission rate that is 5% lower than the commission rate charged by the salesperson’s brokerage firm. In order to get the listing, the salesperson should not tell the owner that:

The competing firm cannot provide good services because it charges less commission
Salesperson in the area wild not show the competing firm's listings because of its lower commission rates
his company provides excellent services to market its sellers' properties
None of the above
The competing firm cannot provide good services because it charges less commission & Salesperson in the area wild not show the competing firm's listings because of its lower commission rates

Question 26 of 30

26. Question

To be a qualifying broker in the state of Georgia, you must:

hire at least 3 agents
be named an officer of the corporation
hold a majority share in the corporation's stock
have at most 5 investors

Question 27 of 30

27. Question

When making a listing presentation, the licensee is told by the seller that the commission rate he refers to appears to be slightly high. How should he repond to the this statement about the commission rate he quoted?

The board of REALTORS recomends this rate
This is the rate my company charges for its services
It is the going rate in our market
This rate is endorsed by the real estate commission

Question 28 of 30

28. Question

For a resident of North Carolina who holds a nonresident Georgia real estate broker’s license, which qualification must be met?

Employ at least one salesperson in Georgia
Maintain offices in both North Carolina and in Georgia
Provide records of any disciplinary actions in any state
Hold an active license in North Carolina

Question 29 of 30

29. Question

Which of the following must be included in the advertisement of a real estate company that has joined a national franchise in Georgia?

Main offices location of the franchise
The national franchise firm's office phone number
Number of franchised companies in the area
Name in which the license was issued

Question 30 of 30

30. Question

Which of the following is TRUE when a broker of a sole proprietorship has their license suspended for two years?

For a two-year period the affiliates' licenses will be suspended
The Georgia Real Estate Commission will need the affiliates' licenses returned
The affiliates are not effected by the suspension
Subjected to a reinstatement after one year, the affiliates' licenses will be revoked