Post Licensing 301 Questions And Answers
A broker at a listing presentation is explaining the services his company offers and has not yet
provided the Working with Real Estate Agents brochure to the seller. Which of the following
comments by the seller would cross the boundary of first substan...
A broker at a listing presentation is explaining the services his company offers and has not yet
provided the Working with Real Estate Agents brochure to the seller. Which of the following
comments by the seller would cross the boundary of first substantial contact? "What
would you recommend as a listing price?"
A person acting as a "fiduciary" holds a position of: Trust
The common law of agency: Is based on principles that arose in England in the 1600s.
Who must disclose material facts and to whom? Only real estate brokers must discover
and disclose material facts to everyone.
Which of the following is a material fact? That the streets in the neighborhood are
privately maintained by the owners' association.
An agent's disclosure duties to their principal are limited to: Disclosing any information
the agent knows that may influence their principal's decision.
, Post Licensing 301 Questions And Answers
Which of the following statements is FALSE? If the seller advertises that the property is
being sold "As Is," then the public is on notice and the listing broker has no duty to discover and
disclose any issues.
Seller hires listing company and on the property disclosure statement says that the property is
connected to city water and sewer. The seller knows that she has city water and that city sewer is
available, but she never connected and is still on septic. Listing agent makes no attempt to verify
and advertises property as having city water and sewer. Who is guilty of misrepresentation?
The seller is guilty of willful misrepresentation and the listing agent is guilty of negligent
misrepresentation.
Which of the following comments by an unrepresented buyer to a listing agent should be
considered first substantial contact? "I need to be under contract by the end of this
month."
A broker knows that a city recently decided to extend water and sewer lines to a subdivision that
has been plagued with poor water quality. The broker has a buyer who is interested in purchasing
a property in the subdivision. What are the buyer agent's obligations when dealing with an
unrepresented seller? The buyer-agent must disclose to the seller that city water and sewer
will soon be available.
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