Post 301 - Broker Relationships and Responsibilities Exam Questions with 100% Correct Answers
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POST 301
Post 301 - Broker Relationships and
Responsibilities Exam Questions with
100% Correct Answers
Post 301 - Broker Relationships and
Responsibilities Exam Questions with
100% Correct Answers
"First substantial contact" occurs in all of the following: - Answer X The consumer
asks fo...
a broker at a listing presentation is explaining t
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Post 301 - Broker Relationships and
Responsibilities Exam Questions with
100% Correct Answers
, Post 301 - Broker Relationships and
Responsibilities Exam Questions with
100% Correct Answers
"First substantial contact" occurs in all of the following: - Answer ✓✓X The consumer
asks for property information that is public record.
The consumer begins talking about their personal needs, wants, and motivations.
The broker begins asking questions regarding the consumer's needs, ability and time
frame.
Either the broker or the consumer begins acting as if an agency relationship exists.
**When the consumer asks for property information that is public record that information
isn't considered "first substantial contact."
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. What
comment by the seller would cross the boundary of first substantial contact? - Answer
✓✓"What would you recommend as a listing price?"
A broker is contacted by a buyer who wants to see a property listed with another real
estate company. The broker provides and reviews the WWREA with the buyer who
signs the disclosure panel, but rejects any form of buyer representation. The listing
company is not offering seller subagency. What may the broker do? - Answer ✓✓The
only thing the broker can do is refer the buyer-customer to the listing company and
request a referral fee.
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? - Answer ✓✓The buyer-agent
must disclose to the seller that city water and sewer will soon be available.
A broker must disclose their agency status at INITIAL contact with a consumer or broker
in which of the following situations? - Answer ✓✓A buyer agent upon contacting the
seller or listing agent directly.
** When you represent the buyer you must disclose agency ASAP!
, A broker should ask the seller to have all of the following documents ready for the listing
meeting EXCEPT: - Answer ✓✓A copy of the Deed from when they purchased the
property.
A copy of the restrictive covenants.
Information about any owners' association, including bylaws, regulations, dues,
assessments, and management.
X A financial statement disclosing all of their assets and debts.
A broker who knows a buyer or seller is already represented by an agent, but who
contacts the consumer and offers their services may: - Answer ✓✓Violate the Code of
Ethics if a REALTOR.
Incur civil liability for tortious interference with contract.
Have a complaint filed against them with the NCREC.
A broker-listing agent is conducting an open house for her seller-client. A former buyer-
client with whom the broker had worked previously attends. Later that afternoon the
listing agent receives a written offer from that buyer. When presenting the offer to the
seller, the listing agent should: - Answer ✓✓Share any information she has about the
buyer with the seller, including the buyer's financial ability or resources and needs or
desires.
A buyer agent generally may rely on a listing agents' square footage representations
unless there is a red flag that an ordinary reasonable prudent broker would recognize.
Which of the following would NOT be a red flag? - Answer ✓✓MLS lists total square
feet as 2200, when it actually has 2050 square feet.
A buyer agent is permitted to have an oral agency employment agreement with a buyer
as long as the licensee gets the agency agreement in writing no later than the: - Answer
✓✓Date of closing.
Time an offer is accepted.
Formation of a contract between the seller and buyer.
A buyer agent may NOT reasonably rely on a listing agent's representations in the MLS
IF: - Answer ✓✓There is a red flag that should cause a reasonable buyer agent to ask
questions.
The MLS listing states "square footage per tax records."
The listing information says "buyer to verify."
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