Ch 25 Test Questions
When a licensee acts as an independent contractor but NOT as a standard agent, what governs the relationship between the licensee and the client?
A written agreement and not the statute
One aspect of Virginia Agency Law that differs from the common law of agency is?
imputed liability.
All of the following types of listings are legal in Virginia EXCEPT?
net listing.
In 2006, the Virginia Agency Law was modified by the introduction of a new category of Limited Service Representative (now called Limited Service Agent). Under the new law, a licensee may act as a limited service agent as long as all of the following are met EXCEPT?
the brokerage agreement is limited to 60 days.
A prospective buyer calls a licensee and spends 20 minutes talking about her real estate needs. They agree to go for a drive to look at neighborhoods but never discuss or visit any specific property. The licensee should provide her?
with no disclosure because no specific assistance was given.
Salespersons M and T are licensees who are both affiliated with the same realty firm. M has listed a house, and T has a likely buyer. What should the supervising broker do?
The broker may assign the two salespersons as designated agents and provide a disclosure form to both the sellers and the prospective buyers.
An agency relationship could BEST be described as one in which a licensee?
acts for or represents another person in a real estate transaction.
A buyer representation agreement is used for all of the following EXCEPT?
allow the buyer to work with multiple buyer agents.
A salesperson has just been issued a broker's license and joined the XYZ Real Estate firm. In Virginia, he may act in any of the following capacities EXCEPT?
associate broker with full responsibilities for actions of designated salespersons.
Under Virginia Agency Law, a salesperson may represent her client as any of the following designations within her brokerage firm EXCEPT?
associate broker.
One additional disclosure by the buyer agent that is required by Virginia Agency Law is?
buyer's intent to occupy the property.
The specific duty that falls under the duty to promote the BEST interests of the client that only applies to sellers and landlords is the duty to?
conduct marketing activities.
The term physical condition of the property would only refer to?
defective drywall in the house.
A licensee would not violate her brokerage relationship with her seller client by doing any of the following EXCEPT?
disclosing confidential information to the buyers.
A licensee who has a brokerage relationship with both the landlord and the tenant in the same real estate transaction is acting as a
dual agent.
Salesperson G may have violated Virginia Agency Law duties to a client when she?
failed to present a written offer in a timely manner.
The part of the Buyer Agency Agreement that is usually of the highest concern for a prospective buyer client is?
how the buyer agent is to be paid for representing the buyer.
Seller B has been best friends with broker A for 30 years. He wants to have A sell his farm based on a handshake agreement. In Virginia, this would be?
legal but not enforceable, based on the statute of frauds.
A seller offers a broker a listing agreement that contains the following clause: "Seller must receive the amount of $60,000 from the sale of this property. Seller agrees that the selling agent will receive, as his or her total compensation, any proceeds that remain beyond that amount after satisfaction of seller's mortgage loan and any closing costs incurred by seller." Based on these facts, the broker?
must decline this listing agreement because the clause violates REB regulations.
Broker A is representing a buyer in the purchase of a town house listed with broker B. A has a signed exclusive-right-to-represent contract with the buyer. He will need to have a Disclosure of Brokerage Relationship form signed by?
no one because the sellers have their own agent.
A brokerage relationship can be terminated by any of the following EXCEPT?
one party's unilaterally firing the other.
When entering into a buyer agency agreement, a buyer agrees to all of the following EXCEPT?
provide a list of the duties to be performed by the buyer agent.
Before entering into a brokerage relationship, the licensee is required to advise the prospective client of all the following EXCEPT?
that the brokerage relationship must be established in writing.
Local disclosure information may be required in the Buyer Agency Agreement?
when the local MLS has specific regional information.
Under Virginia Agency Law, written disclosure of brokerage relationship is not required in all the following cases EXCEPT?
where the lease term is for more than two months.
Which of the following would be the correct way to enter the termination date on a listing form?
July 1, 2008
Which of the following would NOT be required on a listing agreement?
Listing agent's marketing plans
A prospective buyer calls the listing agent on a home she is interested in. She tells him that she has a signed buyer agency agreement with another licensee, but he is out of town and she would like the listing agent to show her the home. When should the listing agent make an agency disclosure to the prospective buyer?
Never; none is needed
P is a real estate licensee who has signed a brokerage agreement with H, who is looking for an apartment to rent. P does not charge a fee to prospective tenants, instead receiving a commission from landlords. P tells a landlord that H could probably pay a somewhat higher rent than the landlord is asking. Which statement is TRUE?
P's disclosure violated the statutory duties owed to H.
A listing agent places a property in the local MLS stating that the house is connected to the public sewer when in fact it is on a septic system. Six months after settlement, the septic system fails and the purchaser wants to sue the seller for misrepresentation. Which statement is TRUE ?
The seller is not responsible for misrepresentations made by the listing agent.