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Ch.1 Quiz -Rockwell questions and answers rated A+
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Ch.1 Quiz -RockwellServices a seller's agent may lawfully provide to a buyer include all of the following EXCEPT:
a. Providing advice regarding an amount to offer the sellers
b. Disclosing pertinent information about the property and neighborhood
c. Helping the buyer secure financing
d. Presenting the buyer's offer to the seller - correct answer ✔✔a. Providing advice regarding an amount
to offer the sellers
Explanation: A seller's agent may help the buyer fill out a purchase offer form and present it to the
sellers, but must always act in the seller's best interest, and so should not give the buyers negotiating
suggestions.
Which of the following would be considered a material fact that an agent would be compelled to
disclose?
a. The roof leaks during rainy weather
b. The house was the site of a suicide five years ago
c. The house was once rented by gang members
d. The house was once the headquarters for a doomsday cult - correct answer ✔✔a. The roof leaks
during rainy weather
, Explanation: An agent must disclose latent defects that would not be discovered through ordinary
inspection, such as a leaking roof. It is not material if the house was the site of a crime, gang activity, or
political or religious activity.
Which of the following is the customary method through which a buyer's agent may be compensated?
a. Hourly rate
b. Commission split with listing agent
c. Flat fee paid by buyer
d. Percentage of sales price, paid by buyer - correct answer ✔✔b. Commission split with listing agent
Explanation: In most cases, a buyer's agent will be paid through a commission split, in which the buyer's
agent receives a portion of the commission paid to the listing agent. All of the other options are
allowable, but commonly used only if buying a property not listed with an MLS.
Which of the following is not a duty owed to every party in a transaction?
a. Reasonable care and skill
b. Honesty and good faith
c. Confidentiality
d. Agency disclosure - correct answer ✔✔c. Confidentiality
Explanation: An agent owes the duty of confidentiality only to his or her principal.
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