Exam (elaborations)
ASREB Session 3 Questions and Answers 2024
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Exam of 7 pages for the course ASREB at ASREB (ASREB Session 3)
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ASREB Session 3The seller's agent could disclose the seller's financial situation:
A. if the seller authorizes the broker to do so
B. to close the sale
C. to impress the buyer
D. if the buyer asks - answer a
When R listed her home , she told the broker that the property had termite infestation
and some structural damage on which repairs had just been completed . What should
the broker do ? A. Cancel the listing
B. Tell prospective buyers about the termite problems
C. Tell R that she does not have to tell other brokers showing the property
D. Not mention it as a termite inspection will be done – answer B
A house is being sold " as is . " The listing salesperson discovers a hidden defect in the
house . The agent should :
A. tell prospective buyers that the house is being sold as is
B. tell prospective buyers about the defection
C. disclose only what the employing broker says to disclose
D. do anything to close the sale - answerB
If an agent owes fiduciary duties to the client , what duties does the client owe to an
agent ?
A.Compensation , indemnification , and performance
B. Cooperation , confidentiality , and correction
C. Honesty , disclosure , and insurance
D. Information , independence , and inspection - answerA
A real estate broker's duties to the principal do NOT include :
A. due care
B.financial trust
C. maintenance of the listed property
D. obedience - answerC
If you listed a property and represented the seller , which of the following would be a
customer ?
A. Broker
B. Seller
C. Listing agent
D. Prospective buyer - answerD
, While making a listing presentation to a seller , a licensee is also considering
purchasing the property . In this situation , does the agent need to disclose their
intentions to the seller ? Why or why not ? A. No , because there is no need to discuss
personal issues with the seller
B. No , because the licensee is not yet the seller's agent
C. Yes , because it may have an impact on the owner's decision to list with the agent D.
Yes , because it is required by the Statute of Frauds - answerC
A listing agent's duty of confidentiality remains effective :
A. until the listing expires
B. for one year after the listing expires
C. until a sale is placed in escrow
D. for an indefinite time - answerD
The relationship of a licensed real estate broker to the principal is best described by
which of the following terms ?
A. Trustee
B. Salesperson
C.Fiduciary
D. Beneficiary - answerC
A person who is authorized to represent the interest of another is called a ( an ) : A.
client
B. agent
C. principal
D. customer - answerB
All of the following would be the responsibility of a real estate agent EXCEPT :
A. reasonable skill and care
B. accountability
C. obedience
D.financing - answerD
You previously closed a real estate transaction for a client who is now deceased . You
tell another agent about a bank account that the deceased person's spouse didn't know
about . Which of the following describes this action ?
A. Unethical because of fiduciary duties
B. Illegal because of fair housing duties C. Ethical because the client is deceased D.
Legal because of fair housing - answerA
R was the listing broker for N. The listing expired and N has now engaged P as a broker
. R knows that N will accept $ 50,000 less than the listed price . Broker R :
A. may never disclose this information
B. may disclose this information only with the written permission of the seller and P , the
listing agent
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