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Real Estate

Quiz 7

admin 2019.05.09 22:03 Views : 13561

1 of 25 - What section in a CAR Exclusive Buyer Representation Agreement states that the buyer understands that properties may be marketed online?
Definition of Buyer
 
Internet Advertising; Internet Blogs; Social Media
Escrow Assignment
Broker Right to Compensation
You answered correctly
2 of 25 - Who is ultimately responsible for a licensees business related actions?
The licensee
 
The broker
The real estate commission
The brokerage franchise
You answered correctly
3 of 25 - What provision in a CAR Exclusive Buyer Representation Agreement allows the broker to provide the agreement to an escrow agent, and the buyer authorizes buyer's funds from escrow to pay the agreed upon compensation?
Timing of Compensation
Payments and Credits
 
Escrow Assignment
 
The Broker Right to Compensate
You answered incorrectly
The Escrow Assignment section allows the broker to provide this agreement to an escrow agent, and the buyer authorizes buyer’s funds from escrow to pay the agreed upon compensation.
4 of 25 - What is a database of properties for sale and is available for all real estate agents and brokers?
Index of housing
 
MLS
GFD
National home sales
You answered correctly
5 of 25 - In a CAR Buyer Representation Agreement, who agrees to pay for reports, inspections, and meetings arranged by the broker on the buyer's behalf?
The broker
 
The buyer
The seller
The lender
You answered correctly
6 of 25 - The most widely used listing agreement is the
open listing.
 
exclusive agency listing.
net listing.
 
exclusive right to sell.
You answered incorrectly
The most widely used listing agreement is the exclusive right to sell listing agreement.
7 of 25 - A written employment agreement between a broker and a licensee must be signed by
the broker.
the real estate board.
 
both parties.
the licensee.
You answered correctly
8 of 25 - Which of these is an advantage of an exclusive buyer agency?
Earning commissions from both the listing and selling side of the business is not possible.
 
Buyers have greater confidence that they will see all the properties available from every source.
A potential conflict of interest arises if 2 clients want to make offers on the same property.
The exclusive buyer broker will not take listings.
You answered correctly
9 of 25 - What section, in a CA residential listing agreement, states that the seller is granting the broker the exclusive and irrevocable right to sell or exchange the property described?
Listing terms
Items excluded and included
Compensation to broker
 
Exclusive right to sell
You answered correctly
10 of 25 - In a CAR Exclusive Buyer Representation Agreement, how many days from the date of the agreement does a buyer have to provide the broker proof that he or she has the financial capability to purchase a property described in the agreement, if it's not written in the agreement?
7
10
 
5
15
You answered correctly
11 of 25 - What agreement authorizes a broker to represent a buyer or tenant in the search for a property to rent or purchase?
A representative agreement
A buyer compensation agreement
 
A buyer agency
 
A listing contract
You answered incorrectly
A buyer agency or tenant representation agreement authorizes a broker to represent a buyer or tenant in the search for a property to rent or purchase.
12 of 25 - What provision, in an independent contractor agreement, includes the name of the broker and licensed real estate agent participating in the employment contract and the term of the agreement?
Independent contractor relationship
Obligations and duties
Associates authority
 
Parties and terms
You answered correctly
13 of 25 - An agent who ultimately caused a buyer to purchase a home and earned the commission is called
a subagent.
a transaction broker.
a dual agent.
 
the procuring cause agent.
You answered correctly
14 of 25 - Under Agency Relationships, in a CAR Residential Listing Agreement, if a buyer is found through the broker or associate at the brokerage, the seller agrees to allow the broker to act as
a transaction broker.
a listing agent.
 
a dual agent.
 
a selling agent.
You answered incorrectly
If a buyer is found through the broker or associate at the brokerage, the seller agrees to allow the broker to act as a dual agent. All disclosures must be provided if this situation were to occur.
15 of 25 - What term describes when a buyer has the right to contract with other brokers for representation in the purchase of a property during the term of the agreement?
Exclusive
Exclusion
Agency
 
Non-exclusive
You answered correctly
16 of 25 - A buyer's agent is held to the same standard of performance in dealing with the buyer that the listing broker is held to in dealing with the
title company.
lender.
 
seller.
 
customer.
You answered incorrectly
A buyer’s agent is held to the same standard of performance in dealing with the buyer that the listing broker is held to in dealing with the seller. There is nothing unique about the responsibility and duties of the buyer’s agent.
17 of 25 - What agreement authorizes a broker to represent an owner or landlord?
 
An agency agreement
 
An owner listing
A tenant representation agreement
A transaction agreement
You answered incorrectly
An owner listing authorizes a broker to represent an owner or landlord. The most common agreement used with sellers is an Exclusive Right to Sell.
18 of 25 - What type of an agreement gives a broker the right to exclusively search for a home for a buyer and represent the buyer in the purchase?
A nonexclusive representation agreement
A residential purchase agreement
 
An exclusive buyer representation agreement
An open listing
You answered correctly
19 of 25 - What paragraph in a CAR Residential Listing Agreement states the broker is not responsible for damage to personal or real property or persons in association with the showing and sale of the property?
Seller Representations
Deposit
Agency Relationships
 
Security and Insurance
You answered correctly
20 of 25 - Which section in a CAR Residential Listing Agreement contains a list of duties for the broker and seller?
Seller Representations
 
Broker's and Seller's Duties
Agency Relationships
Management Approval
You answered correctly
21 of 25 - What section in a CAR Exclusive Buyer Representation Agreement states that the terms of an offer a buyer makes to a seller may be shared to others by the seller and/or listing agent?
Confirmation
Other Potential Buyers
 
Broker Authorization
 
Non Confidentiality of Offers
You answered incorrectly
The Non Confidentiality of Offers section states that the terms of an offer a buyer makes to a seller may be shared to others by the seller and/or listing agent.
22 of 25 - Most brokers prefer working with licensees as
employees.
 
independent contractors.
subagents.
other brokers.
You answered correctly
23 of 25 - In a broker-associate relationship, where a licensee is an employee, who controls the hours, schedule, and workload an agent has?
The licensee
The board secretary
The real estate board
 
The broker
You answered correctly
24 of 25 - Which offers is the broker required to present to the seller?
The offers that are within 20% of asking price
Negotiable offers
 
All offers
Prequalified offers
You answered correctly
25 of 25 - What provision, in an independent contractor agreement, states that the broker and licensee will comply with all Federal and State Fair Housing laws?
Compensation
Non-employment Federal Tax Purposes
 
Regulatory compliance
Indemnification
You answered correctly

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