Unit 6 Quiz Attempt #4

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Question 1 of 25

1. Question
The written agreement must include the following under the statute of Fraud?
- The price to be paid for the property
- How the price will be paid
- Identifying the buyer and seller
- Legal description of the property
- All of the above
Correct

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Question 2 of 25

2. Question
Which of the following is the document where the parties (seller and broker) may insert conditional terms in pursuant to the engagement not reprinted in the contract forms.
- Retainer fee
- Special stipulation
- Broker compensation
- Market analysis
- Hold harmless
Correct

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Question 3 of 25

3. Question
Which of the following is a document that reports the amount the seller agrees to pay the broker in commission of the sales price of the property?
- Property disclosure
- Broker Disclosures
- Exclusive buyer brokerage agreement
- Broker compensation
- Marketing agreement
Correct

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Question 4 of 25

4. Question
What are two common brokerage engagements?
- Marketing Agreement
- Market Analysis
- The exclusive right to sell listing agreement
- The exclusive buyer brokerage agreement
- The exclusive right to sell listing agreement & The exclusive buyer brokerage agreement
Correct

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Question 5 of 25

5. Question
A serious potential buyer will make which of the following deposits?
- Earnest money deposit
- A serious money deposit
- A serious down payment
- A down payment of half of the market price
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Question 6 of 25

6. Question
The buyer or seller can take legal action to enforce the terms of the purchase contract by:
- of a lis pendens
- each attachment
- every liquidated damages
- all suits for specific performance
- all of the above
Correct

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Question 7 of 25

7. Question
A broker has obtained an offer to purchase a residence that is listed with his firm. Two days after the offer has been accepted and become a binding agreement, another offer is received that is higher in price than the one the seller accepted. Which of the following is TRUE?
- The offer must be presented and can be accepted only as a backup in case the first offer does not close.
- The broker can present the offer and suggest ways in which the seller can get out of the first contract.
- The broker should write "rejected" on the offer and return it to the offerer.
- The broker need not present the second offer because there is now a firm contract.
Correct

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Question 8 of 25

8. Question
What does the real estate brokerage become by executing an agency listing contract with a seller?
- The agent of the seller
- Procuring Cause
- Makes more money
- Invalidated
Correct

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Question 9 of 25

9. Question
What does the salesperson do if the seller may accept a lower price?
- ministerial act
- A dual agency is created
- they no longer represent the seller since he advised the buyer
- doing his fiduciary job
Correct

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Question 10 of 25

10. Question
What does the broker protection clause in a real estate listing contract provide?
- the property owner will pay the listing broker a commission if, within a specified time after the listing expires, the owner transfers the property to someone the broker originally introduced to the owner.
- the seller cannot sue the broker for lack of performance
- the seller may not file a complaint against the broker with the state regulatory commission,
- how the broker is compensated
Correct

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Question 11 of 25

11. Question
A broker took a listing for a property. if one of the broker’s salespersons decides to purchase this property, what would be the steps to do this?
- make the owner of the property aware in writing that the salesperson is a real estate licensee
- hire a third party
- this is not allowed in any situation
- ask the broker
Correct

Incorrect
Question 12 of 25

12. Question
After an agent secured a listing, the broker/agent should:
- Begin to market the property
- Provide the client with a copy of the listing agreement
- Find other realtors with clients interested in the property
- Upload the listing on the MLS
Correct

Incorrect
Question 13 of 25

13. Question
In a real estate listing contract, what is provided in the broker protection clause?
- Owner pays commission to the broker, after the listing expires, the owner transfers the property to someonen the broker introduced as the owner
- the seller cannot sue the broker for lack of performance
- the seller cannot complain about the broker
- how the broker will be paid
Correct

Incorrect
Question 14 of 25

14. 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.
Correct

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Question 15 of 25

15. Question
In order to show the seller they are serious, a buyer will do what?
- Make a down payment
- Make a down payment of half of the asking price
- make an earnest money deposit
- none of the above
Correct

Incorrect
Question 16 of 25

16. Question
What are sellers options after discovering a defect?
- Ignore it
- Fix it
- Leave it and sell it as is
- None of the following are sellers option
- Fix it & Leave it and sell it as is
Correct

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Question 17 of 25

17. Question
If the buyer and the seller have entered into a binding contract for sale, but before closing the law changes and the buyer’s intended use of the property becomes illegal. Which is true?
- The contract is terminated due to fraud by the seller.
- The contract is void due to impossibility of performance.
- The contract is valid, but the price must be negotiated.
- The contract is valid and enforceable under the rules of risk.
Correct

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Question 18 of 25

18. Question
Once an agent secured a listing, the broker/agent should:
- Begin to market the property
- Provide the client with a copy of the listing agreement
- Find other realtors with clients interested in the property
- Upload the listing on the MLS
Correct

Incorrect
Question 19 of 25

19. 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
Correct

Incorrect
Question 20 of 25

20. Question
Identify the brokerage engagements
- The exclusive right to sell listing agreement and the exclusive buyer brokerage agreement
- Market analysis and marketing agreement
- The exclusive buyer brokerage agreement and market analysis
- Marketing agreement and the exclusive buyer brokerage agreement
Correct

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Question 21 of 25

21. 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
Correct

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Question 22 of 25

22. 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
Correct

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Question 23 of 25

23. Question
What kind(s) of advertisement under the marketing agreement is the seller authorized to advertise and sell a property
- Taking photos or videos of property
- Placing lockboxes with the house keys on the property
- Posting “For Sale” sign
- None of the above
- All of the above
Correct

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Question 24 of 25

24. Question
Define comparative market analysis
- 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.
- 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.
- 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 contract document where the seller authorizes the broker to advertise and sell the property.
Correct

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Question 25 of 25

25. Question
The statute of fraud, written agreement must include which of the following.
- Legal description of the property
- How the price will be paid
- Limitations on the properties internet advertisement if the seller wants
- None of the above
- Legal description of the property & How the price will be paid
Correct

Incorrect

Unit 6 Quiz Attempt #4

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