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BEBS TEST 1 QUESTIONS AND 100% VERIFIED ANSWERS
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BEBS TEST 1 QUESTIONS AND 100%VERIFIED ANSWERS
Vicarious liability - ANSWER If a lawsuit is brought against one of the
broker's licensees because of misconduct, the broker will be held liable
for not supervising and may also be held liable for the misconduct.
Independent contractor vs. employee - ANSWER Independent
contractors and employees are taxed differently, and different tax rules
apply. Independent contractors set their own hours, pay their own
expenses, and are compensated according to their results and not time
spent.
Procuring cause - ANSWER The initiator in a chain of events that leads
to a real estate sale
Referral fee/finder fee - ANSWER A fee someone who received a client
or customer pays to the person who referred the client or customer
Law of agency - ANSWER Rules governing the relationship between
the real estate professional and the person being represented
Common law - ANSWER Law established by court outcome or tradition
rather than statute
Conditions for common law agency (one- to four-family properties) -
ANSWER The agency agreement must be in writing, and it must be the
subject brokerage's policy to only practice single agency
Statutory (law) - ANSWER Prescribed by statute, or law; Statutory
agency is outlined in actual statutes, as opposed to traditions or court
decisions
General agent vs. special agent - ANSWER A general agent is
authorized to act for the principal/client in a range of matters. A special
agent's scope of authority is limited to a specific area (such as a real
estate transaction).
,Single agency - ANSWER A licensee/brokerage firm acts in a fiduciary
capacity for either the buyer/tenant or the seller/landlord in a real estate
transaction, but not for both
Dual agency - ANSWER A licensee represents both parties in a real
estate transaction
Actions that automatically turn customers into clients - ANSWER At the
first scheduled appointment, when the licensee shows them a house,
when they make an offer, or when the licensee performs work for them
Consumer Information Statement - ANSWER Delaware form required to
be given to consumers for one- to four-family residential transactions;
The form explains agency, customer vs. client, and agent responsibilities
Accountability and confidentiality - ANSWER Duties that survive agency
termination
Fiduciary duties (OLD CAR) in common law agency - ANSWER
Obedience, loyalty, disclosure, confidentiality, accountability, and
reasonable skill and care
"Mrs. Murphy" exemption - ANSWER Allows homeowners to
discriminate when they live in part of their home and rent out another
part
Delaware State Human Relations Commission - ANSWER Enforces the
state's anti-discrimination laws
Disparate impact - ANSWER A seemingly neutral law or regulation ends
up being discriminatory because it affects one group more than another
Tester - ANSWER An undercover investigator looking into a fair housing
situation
, Steering - ANSWER Act of directing clients toward or away from a
specific area or neighborhood based on their religion, race, national
origin, or another protected class
Blockbusting - ANSWER Act of predicting or suggesting to homeowners
that minorities' entry into a neighborhood will have negative results—
falling property values or higher crime rates—with an eye toward listing
their property
Redlining - ANSWER Act of lenders refusing to make loans for property
purchases in certain areas, typically in predominantly minority
neighborhoods
Delaware Fair Housing Act - ANSWER Adds six protected classes to
those protected under the federal Fair Housing Act: creed, age, marital
status, sexual orientation, gender identity, and source of income.
creed - ANSWER A set of deeply held beliefs (need not be religious)
Seven federally protected classes - ANSWER Race, color, disability,
national origin, religion, sex, familial status
Seller agency - ANSWER The practice of a real estate agent only
representing the seller in a real estate transaction
Listing agreement - ANSWER Listing agreement
A legally binding contract between the seller and real estate licensee in
which the dates of service, terms of compensation, and authority to
market and list the property are provided
A property "trio" includes - ANSWER A property profile, deed, and an
assessor map
Four major stages of the residential sales process - ANSWER Obtaining
the listing, preparing for listing, listing and marketing the property, and
managing the transaction
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