Unit 6 Quiz Attempt #2

Question 1 of 25

1. Question

What are two common brokerage engagements?

Marketing Agreement
The exclusive right to sell listing agreement
The exclusive buyer brokerage agreement
None of the following are brokerage engagements
The exclusive right to sell listing agreement & The exclusive buyer brokerage agreement

Question 2 of 25

2. Question

A Multiple Listing Service (MLS) is:

A marketing tool
A listing site
A networking site
a shared database of real estate data and information
none of the above

Question 3 of 25

3. Question

Which statement is false? When posting a listing, your listing should:

Be easy to read and understand
Have detailed description of the property and its amenities
include only positives of the property
be completely honest
none of the above

Question 4 of 25

4. Question

Photos for a listing should…

Have poor quality pictures
Have a visible mess
show the seller's cute puppy in the property
Show special architectural features
none of the above

Question 5 of 25

5. Question

You’re selling a 4 bedroom/5 bathroom townhouse that is 2 blocks from the nearest ocean and 1 block away from the nearest elementary school. Which description is best for this listing?

This 4 Bedroom/5 Bathroom, beach-front townhouse is perfect for families with school-aged children who love to swim.
This 5 Bedroom/4 Bathroom, beach-front townhouse is perfect for families with school-aged children who love to swim.
This 4 Bedroom/5 Bathroom townhouse is 1 block away from the nearest school and 2 blocks away from the beach
This 5 Bedroom/4 Bathroom townhouse is 1 block away from the nearest school and 2 blocks away from the beach
none of the above

Question 6 of 25

6. Question

Which statement is false: MLS violations:

include failure to update MLS data in a timely manner
include posting false or misleading information
do not include time limits on when listings need to be posted
Affect both the licensee and the broker
none of the above

Question 7 of 25

7. Question

What did the Federal Trade Commission Act want to encourage?

Truthful ads
non-deceptive ads
Fair advertising
All of the above
none of the above

Question 8 of 25

8. Question

Which statement defines a deceptive ad?

an ad that will cause or is likely to cause substantial, unavoidable consumer injury.
an ad that contains statements that consumers cannot understand
an ad that contains or omits statements that will likely mislead reasonable consumers.
An ad that cannot be backed up by proof
none of the above

Question 9 of 25

9. 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
none of the above

Question 10 of 25

10. Question

What is the Do Not Call Implementation Act of 2003?

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
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
none of the above

Question 11 of 25

11. Question

What is the CAN-SPAM Act of 2003?

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 enacted to protect consumers from misleading or fraudulent advertising techniques
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
none of the above

Question 12 of 25

12. Question

In order to show the seller they are serious, a buyer will do what?

Make a down payment
Make a down payment
make an earnest money deposit make a down payment
none of the above

Question 13 of 25

13. Question

What is a broker’s compensation defined as?

This is the document where the broker informs the seller of the limit of his/her expertise.
any document real estate agency contract in GA in which a seller, buyer, landlord and tenant promises to compensate a broker in exchange for the broker’s services.
the seller acknowledges that the information provided to the broker about the property, including adverse effects, is to the best of their knowledge, true and correct, not misleading.
the amount the seller agrees to pay the broker in commission of the sales price of the property.
the contract document where the seller authorizes the broker to advertise and sell the property.

Question 14 of 25

14. Question

Define comparative market analysis

This is the document where the broker informs the seller of the limit of his/her expertise.
the contract document where the seller authorizes the broker to advertise and sell the property.
tool that displays relevant market data allowing real estate agents to compare similar properties in the same neighbourhood for the general purpose of estimating fair market value for a property.
the seller acknowledges that the information provided to the broker about the property, including adverse effects, is to the best of their knowledge, true and correct, not misleading.
any document real estate agency contract in GA in which a seller, buyer, landlord and tenant promises to compensate a broker in exchange for the broker’s services.

Question 15 of 25

15. Question

The legal act of enforcing the terms of the purchase contract by either buyer or seller is…

only the a lis pendens
attachment
all liquidated damages
a suit for specific performance
none of the above

Question 16 of 25

16. Question

In order to place a For Sale sign on a listed property, a licensee must first:

Get permission from neighbors to erect the For Sale sign.
Ensure that there are no more than five other For Sale signs on the street.
Sell the property.
Get written consent from the property owner.

Question 17 of 25

17. Question

Who is entitled to the commission of a sale in an open listing?

the broker who procured the final sale
the broker who was hired first
the broker who advertised the property the most
the broker who listed the property

Question 18 of 25

18. Question

The brokerage firm become WHAT when executing an agency listing contract?

An agent of the seller
Procuring cause
Has to divide the commission
Has to open another account

Question 19 of 25

19. Question

If the person representing the seller alerts the buyer that they would accept a lower price then the salesperson is:

doing a ministerial act
an undisclosed dual agency
the seller is no longer represented
doing his job

Question 20 of 25

20. Question

In a real estate listing contract, the broker protection clause provides:

the seller will pay the listing agent commission fees even if the home sells after their listing has expired.
the seller cannot sue the broker for lack of performance
the seller cannot complain about the broker
how the broker will be paid

Question 21 of 25

21. Question

If a seller lists a property with a new brokerage or firm after a listing agreement with a prior brokerage expires, the original listing agent:

Cannot represent the buyer
Is a duel agent
Cannot disclose to the buyer information about the physical condition of the property
Cannot dislcose to the buyer offers received on the seller's property while it was listed with him.

Question 22 of 25

22. Question

A broker tells a seller that he will buy the property himself if it does not sell within 60 days. Which statement is TRUE?

This type of inducement is illegal in Georgia.
The broker must arrange for another licensee to manage the sales transaction between the parties.
Licensees should never buy properties they have listed.
The plan is legal if the promise to purchase is put into writing in a sales agreement that will accompany the listing.

Question 23 of 25

23. Question

A seller decided that his house was no longer listed for sale a month after signing the listing agreement with a broker. Which of the following is true?

The seller has the right to withdraw from the agreement and owes no liability to the listing broker.
The seller is legally obligated to leave his house on the market.
The seller and listing broker will have to speak with the GA Real Estate Commission for an official decision.
The seller has the right to withdraw from the agreement, but may be responsible for the broker's expenses.

Question 24 of 25

24. Question

To prosecute under the Georgia’s Fair Business Practices Act:

There must have been an instance of deceptive advertising.
a transaction must have taken place that impacted more than an individual consumer.
Both are true
None of the above

Question 25 of 25

25. Question

Should a salesperson want to purchase his/her own broker’s listing, what should the salesperson do?

ask the broker
hire a third party
this is not allowed in any situation
make the owner of the property aware in writing that the salesperson is a real estate licensee

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