As a listing agent when are you no longer obligated to present offers to your client Quizlet

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1. Social Science
2. Law
3. Civil Law

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Terms in this set (26)

A real estate listing agent advised a buyer (customer) at a property was zoned for the type of commercial use for which the buyer intended to use the property. Relying on the agents advice, the buyer contracted to purchase the property. Making the statement regarding the zoning, the agent did not know what zoning applied to the property. The buyer subsequently learned that the zoning was such that he could not use the property as intended. Which of the following is correct?

A. The agent committed an act of misrepresentation and is liable to the buyer for any loss the buyer suffered as a consequence.
B. Since the agent did not know the true facts regarding the zoning in, no misrepresentation of the property to the buyer took place; therefore, the agent is not liable.
C. Since the listing agent was not representing the interests of the buyer in this case, he's not liable for a statement.
D. Commercial transactions are exempt from liability for brokers since these type of facts can easily be determined by the buyer

A. The agent committed an act of misrepresentation and is liable to the buyer for any loss the buyer suffered as a consequence.
B. Since the agent did not know the true facts regarding the zoning in, no misrepresentation of the property to the buyer took place; therefore, the agent is not liable.

Misrepresentation occurs when:

A. the party making a false representation knows it to be false.
B. The party making a false representation does not know if the statement is true or false, but should have known.
C. The party making a false representation makes no effort to determine if it is true.
D. All of the above

D. All the above

A broker is not held liable for misrepresentation or omission of material fact when:

A. the broker failed to disclose the defect he reasonably should have known.
B. The broker, who does not know the answer to the buyers question, answers without regard for the facts of the situation.
C. The misrepresentation or omission was made to a buyer the broker did not represent.
D. The broker was not aware of the mis-statement and there was no way he reasonably could've been expected to know.

D. The broker was not aware of the mis-statement and there was no way he reasonably could've been expected to know

A contract in which a property owner employees a broker to market her property creates an agency relationship between which of the following?

A. Buyer and seller.
B. Buyer and broker.
C. Broker and seller.
D. Broker, seller, and buyer

C. Broker and seller

In ages duties to the principal include all the following except:

A. loyalty.
B. Accountability.
C. Obedience.
D. Legal advice.

D. Legal advice

Which of the following is not an agency relationship?

A. The relationship between a sales associate and the broker with him the associate is associated.
B. Relationship between a listing broker and a cooperating broker acting as a subagent of the seller.
C. The relationship between a seller's agent and the buyers agent.
D. The relationship between the seller and the listing agent

C. The relationship between a seller's agent and the buyers agent.

A real estate broker presented an offer to the property owner during a listing term for the listed price payable in cash with no contingencies and a 10% deposit. This offer met all the terms of the listing agreement. In this situation, which should the following is correct?

A. The property owner is required to accept the offer.
B. The listing brokerage company is legally entitled to the commission agreed-upon in the listing contract only if the property owner excepts the offer.
C. The property owner is not required to except the offer but is legally obligated to pay the listing company the commission agreed-upon in the listing agreement.
D. The buyer can use a property owner for damages if the owner refuses to except the buyers offer

C. The property owner is not required to except the offer but is legally obligated to pay the listing company the commission agreed-upon in the listing agreement.

A broker should present:

A. all offers even if the property is currently under contract to be sold.
B. Only those offers that appear to be in the sellers best interest.
C. Only those offers the broker knows have been properly prequalified for the mortgage.
D. Only those offers that are more money than the seller has indicated as his minimum for consideration

A. all offers even if the property is currently under contract to be sold.

The employment authority of the listing agreement:

A. Binds the broker to the best interest of the seller. B. Gives the broker authority to screen offers to the seller.
C. Gives the broker the authority to either sell or rent a property.
D. Reject any offers at the refills are unacceptable

A. Binds the broker to the best interest of the seller.

The listing broker has a duty to disclose to the buyer (customer):

A. The amount of the commission.
B. The sellers financial status.
C. The sellers reason for selling.
D. Structural defects

D. Structural defects

Working for Beth Buyer under an exclusive buyer agency agreement, Babs Broker of ABC Realty sells Beth a house listed by XYZ Realty. Sabrina Seller pays Babs Broker's commission through Sabrina's listing agent at XYZ Realty, Lois Lister. Which of the following statements is true?

A. Beth buyer is Babs brokers customer.
B. Beth buyer is Lois Listers client.
C. Sabrina seller is Lois Listers customer.
D. Beth buyer is Babs brokers client

D. Beth buyer is Babs brokers client

The residential property owners and disclosure statement (RPOADS) form must be provided to purchasers in which of the following transactions?

A. Transaction where the purchaser already occupies the property.
B. Transaction where the parties agree to exempt each other from compliance.
C. New construction never occupied.
D. Property purchase where the buyer will not be the new occupant

D. Property purchase where the buyer will not be the new occupant

Which of the following statements is true regarding the residential property disclosure act?

A. The act relieves agents of the responsibility to discover and disclose material facts regarding a property.
B. Once the seller has completed the disclosure statement, he is not under no obligation to amend the statement the conditions of the property changes.
C. A seller of residential property who does not complete the residential property disclosure act may be fine $500.
D. A disclosure statement should be provided to the buyer no later than the time at which an offer to purchase and contract is signed by the buyer

D. A disclosure statement should be provided to the buyer no later than the time at which an offer to purchase and contract is signed by the buyer

Barbra, an agent at ABC Realty, presented an offer to Sandra XYZ Realty. Barbara is a buyers agent, and Sandra is a listing agent. Sandra presents a counteroffer from her seller to Barbara, who contacts her buyer. At 11:30 AM, the buyer accepts the counteroffer in Barbara's presence. Meanwhile, 11:45 AM on the same day, Sanders seller receives a better offer, which she wants accepts, and tells Sandra to withdraw the counteroffer. Sandra immediately communicates this to Barbara before Barbara can tell her of her buyers acceptance. Which of the following is true?

A. Sanders seller cannot withdraw the offer since Barbara has been notified of the acceptance of the counter offer.
B. Sandra seller can withdraw the counter offer since neither Sandra nor her seller has been notified of acceptance.
C. Sandra seller cannot withdraw the counter offer because it was excepted before the seller received the new offer.
D. Sandra must provide Barbara's buyer with an equal opportunity to match or exceed the new buyers offer.

B. Sandra seller can withdraw the counter offer since neither Sandra nor her seller has been notified of acceptance.

Sally Smith and Bob broker are dual agents at XYZ Realty. Bob presented an offer to Sally on one of her listings. Sally presents a counteroffer from the seller to Bob, who contacts his buyer/client. At 11:30 AM, the buyer excepts the counter offer and Bob's presents. Meanwhile, at 11:45 AM on the same day, the seller receives a better offer, which he wants to accept, and tells Sally to withdraw the counteroffer. Sally mediately communicates this to Bob before Bob can tell her of the buyers acceptance. Which of the following is true?

A. Sally's seller cannot withdraw the counter offer because acceptance in Bob's presence provides notification to the seller.
B. Sally's seller can withdraw the counter offer because the new offer is a better offer.
C. Sally's seller can withdraw the counter offer because Bob did not notify Sally of the acceptance before the seller asked Sally to withdraw the counter offer.
D. Sally must provide Bob's buyer with an equal opportunity to match or exceed the new buyers offer.

A. Sally's seller cannot withdraw the counter offer because acceptance in Bob's presence provides notification to the seller.

Which of the following statements is true concerning designated dual agency?

A. A broker in charge can be a designated dual agent at the other agent as a provisional broker under his direct supervision.
B. A broker cannot be appointed as a designated dual agent is the broker has prior knowledge of confidential information about the other party to the transaction.
C. Only the broker in charge conserve as a designated agent for both parties in the transaction.
D. There's no provision that allows for an oral designated dual agency to exist

B. A broker cannot be appointed as a designated dual agent is the broker has prior knowledge of confidential information about the other party to the transaction.

Oral buyer agency:

A. Is no longer permitted in North Carolina since buyer agency agreement must be in writing from the inception
B. Is permitted in North Carolina until the time and offers presented on the buyers behalf.
C. Must be converted to writing no later than the time of acceptance of offer by the seller.
D. Is allowed only if the buyer agrees not to work with another agent.

B. Is permitted in North Carolina until the time and offers presented on the buyers behalf.

The working with real estate agents brochure:

A. must be presented at first substantial contact
B. Has the same legal weight as a listing or buyers agency contract.
C. Should not be used as a customer desires oral buyer agency.
D. Should be presented at the same time as the offer to purchase

A. must be presented at first substantial contact

Designated agency is permitted:

A. only when the designated agents each work within the same office for the firm.
B. As long as the designated agent does not learn any confidential information about the other agents principal after becoming designated.
C. When the listing agent is also the buyer agent and has a written consent of both parties.
D. If the designated agent is not directly supervised by the other designated agent

D. If the designated agent is not directly supervised by the other designated agent

Which type of agency agreement does not have to be written from the time of its inception?

A. Exclusive right to sell agreement
B. exclusive right to represent buyer agreements
C. non-exclusive buyer agency agreement.
D. Property management

C. non-exclusive buyer agency agreement.

Which of the following is not an appropriate action for the broker to undertake when acting as a seller subagent?

A. Disclosure of all known material facts even when disadvantageous to the seller.
B. Preparing a CMA for a buyer.
C. Showing the buyer some comparables of similar properties to the one listed.
D. Disclosing to the seller how high the buyer is going to pay

B. Preparing a CMA for a buyer.
CMA?

Which of the following must be disclosed to a buyer/customer but the listing agent?

A. The reason the seller needs to sell quickly.
B. The death of the previous occupant from AIDS. C. Only the material facts the seller has authorize Asian to disclose.
D. All material facts and including those detrimental to the

D. All material facts and including those detrimental to the

Which of the following does not constitute a material fact?

A. A readily noticeable crack in the foundation.
B. The location of a landfill nearby the house that cannot be observed.
C. Pending zoning changes.
D. Willingness of the seller to except a lower offer

D. Willingness of the seller to except a lower offer

The typical listing contract is a form of:

A. universal agency.
B. General agency.
C. Special agency.
D. Free agency

C. Special agency

An agent needs perspective buyers at an open house he is holding. The buyers walk through the property but have no interest in the house because it does not serve their needs. Which of the following best describes a brokers role in this transaction?

A. The broker was required to provide them a copy of the working with real estate agents brochure as soon as they entered the open house.
B. The broker was not required to provide the buyers with a copy of working with real estate agents brochure as he was considered a buyer agent already.
C. The broker would only have to provide the working with real estate agents for sure at the time the buyers decided to actually make an offer.
D. The broker was not required to provide a copy of the working with real estate agency brochures or discuss agency alternatives with them

D. The broker was not required to provide a copy of the working with real estate agency brochures or discuss agency alternatives with them

AllenAgent of ABC Realty is working with Betty buyer under an oral buyer agency agreement. He shows her a house listed by the Beatrice broker of XYZ Realty. Betty wants to buy the home. Which contract is Allen prepare first?

A. The residential property owners and disclosure statement.
B. The oral agency conversion.
C. The exclusive right to represent buyer.
D. The offer to purchase

C. The exclusive right to represent buyer.

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