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National 1/3/24

Quiz by Ashlei Frank

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20 questions
Show answers
  • Q1
    A listing broker may legally refuse to present a proper offer on the property to the seller when:
    Acting on the express instructions from the seller.
    The broker is acting as a gratuitous agent
    The seller has already accepted a backup offer
    The seller has already accepted a backup offer
    30s
  • Q2
    An agent who exclusively represents the buyer:
    Must deliver offers to the seller within one day.
    May be retained, but must be disclosed to the seller.
    May present offers to the seller only.
    May present offers to the seller or to a seller's agent.
    30s
  • Q3
    A real estate agent who is placed in a position of trust, loyalty and confidence is a/an:
    Independent contractor
    Dual agent
    Fiduciary
    Principal
    30s
  • Q4
    In a new counter-offer:
    The counter-offeror becomes the counter-offeree.
    None of the options are correct.
    The counter-offeror can change the terms of the offer unilaterally.
    The terms of the offer can never be changed.
    30s
  • Q5
    A listing that does not require a broker to use diligence in obtaining a purchaser is:
    Void.
    Illegal.
    A bilateral contract.
    Not an exclusive listing.
    30s
  • Q6
    An actual agency relationship that arises by the actions of the parties rather than by expressed written agreement is called:
    Ostensible agency.
    Ostensible agency.
    Ostensible agency.
    Special agency.
    30s
  • Q7
    In which of the following ways could an agency relationship NOT be created?
    Written contract.
    Implied contract.
    Voluntary offer by the agent.
    Oral contract.
    30s
  • Q8
    Antitrust laws prohibit all of the following EXCEPT for:
    Two real estate firms agreeing to not cooperate with another brokerage because of their low fees.
    Competing brokers allocating market shares based on the value of homes.
    Competing property management companies agreeing to standardized management fees.
    A broker setting a company-wide commission schedule.
    30s
  • Q9
    Which of the following does NOT have to be included in a written listing agreement?
    The time duration of the listing.
    The asking price.
    The complete legal description of the property being sold.
    The broker fee.
    30s
  • Q10
    If the buyer defaulted some time ago on a written contract to purchase a seller's real estate, the seller can still sue for damages, if he is not prohibited from doing so by the:
    Statute of frauds.
    Statute of limitations.
    Broker-attorney accord.
    Law of agency.
    30s
  • Q11
    A real estate broker was responsible for a chain of events that resulted in the sale of one of his client's properties. The broker is legally called the:
    Procuring cause.
    Initiating factor.
    Compensable cause.
    Responsible party.
    30s
  • Q12
    A seller had a listing with ABC firm. The listing expired after 90 days and the seller NEVER renewed the contract. Six months AFTER the listing expired, a new agent started with ABC firm and came across the unsold listing. He wanted to call the seller but noticed the seller's number on the National Do Not Call Registry. Can the agent contact the seller?
    No, because the seller's number is on the National Do Not Call Registry - even if the seller is currently active.
    Yes, because the firm has had a relationship with the seller in the last 18 months.
    Yes, because the firm has had a relationship with the seller in the last 3 months.
    No, because the seller's number is on the National Do Not Call Registry and the seller never contacted the agent to re-list the house.
    30s
  • Q13
    What is the latest time at which a broker must establish their agency relationship with a buyer or seller and execute all such agreements?
    No later than the time at which a purchase and sale agreement is prepared.
    At the time of the first business contact.
    At any time after a purchase and sales agreement is executed.
    Prior to any sale closing.
    30s
  • Q14
    The prime obligation of an agent to their client is:
    Deference
    Respect
    Loyalty
    Mutual trust
    30s
  • Q15
    In a real estate transaction, fiduciary duties are owed to the:
    Agent.
    Principal.
    Broker.
    Customer.
    30s

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