Lesson 7 Questions

An agent who represents (or has the potential to represent) a party to the transaction?

Cooperating agent

Agent Ralph represents the sellers in a transaction. At the time he takes the listing, which of the following should he disclose to the sellers?

Current market conditions

In transactions where the agent is representing a seller or a landlord, a third party is generally referred to as this?

Customer

A property manager with broad authority to handle matters concerning a client's property on an ongoing basis is a/an?

General agent

A real estate agent has assisted an investor with the purchase of a number of commercial properties. The investor will be out of the country for part of the year and asks the agent to manage all aspects of those properties during that time, including advertising and leasing. The real estate agent will be a/an:

General agent

A licensee represents the seller in a transaction. Which of the following duties does she owe to the buyer?

Honesty

Puffing, refers to a real estate agent's exaggerated statements about the quality of a property, statements that could be the basis of a lawsuit filed by a buyer?

False

Several days after a seller accepted an offer to purchase his property, an offer from another buyer is delivered to the seller's agent for presentation. Since the property has already sold, the agent has no duty to present the second offer?

False

Someone who is hired as an employee works independently and is not closely supervised?

False

While a managing broker is an independent contractor, a broker is usually classified as an employee acting on behalf of the brokerage?

False

Which of the following questions could a real estate licensee answer, rather than recommending a buyer seek expert advice?

How long has the property been on the market?

Sally lists her property for sale with Broker Al. Al learns that the property is about to be rezoned to a higher use. He tells Sally he would like to purchase the property himself. She agrees, and the sale closes. Six months later, Al resells the property for a significant profit. This is legal:

As long as before Sally agreed to the sale, Al informed her of the upcoming zoning change and what it would mean for the property's value

A real estate agent shows a listing to two different buyers. One buyer decides in the early morning to make an offer on the property for less than the listed price. The agent writes up the offer and plans to meet with the seller later in the day. The other buyer then contacts the agent and says that she'd like to make a full price offer. What should the agent do?

Present both offers to the seller at the same time

Exaggeration about a property's positive characteristics would be considered:

Puffing

If a principal gives approval after the fact to unauthorized actions, an agency relationship is established by:

Ratification

The later authorization or confirmation of an act that was not authorized when it was performed?

Ratification

A licensee owes to all parties, regardless of whom the licensee represents, the duty of:

Reasonable care and skill

A firm's managing broker requires agents to recommend a particular lender to buyers. However, the managing broker has a financial interest in this lender. What should an agent do about this?

Recommend this lender after disclosing the broker's interest, and recommend other lenders as well

In order to alleviate confusion among buyers and sellers regarding agency representation issues, many states, including Washington, enacted laws that:

Require agents to disclose to the parties which party they are representing in the transaction

Under which of the following circumstances would a listing be terminated?

Seller dies

Which of the following is a material fact that a listing agent should disclose to prospective buyers who are not currently represented by a buyer's agent?

Seller owes special assessments on the property

Information an agent has obtained from a principal is subject to the duty of confidentiality if the principal would not be legally obligated to disclose it to the other party?

True

A licensee can reveal confidential information about his principal:

Under court order or subpoena

A seller's agent may disclose confidential information about her client:

Under court order or subpoena

An elderly woman gives a power of attorney to her son to manage all of her affairs. What sort of agent is he?

Universal agent

An elderly women gives a power of attorney to her son. In terms of his ability to handle her financial affairs, what sort of agency authority does he have?

Universal agent

Peter plans to sell a number of different properties. He enters into an agreement with Agent Carla, in which she agrees to act as Peter's special agent. Under this agreement, how many properties can Carla list for Peter?

A special agent may perform whatever legal acts have been authorized by the principal, so Clara can list as many properties as are stated in the agreement

Peter plans to sell a number of different properties. He enters into an agreement with Agent Carla in which she agrees to act as Peter's special agent. Under this agreement, how many properties can Carla list for Peter?

A special agent may preform whatever legal acts have been authorized by the principal, so Carla can list as many properties are stated in the agreement

A broker will be working for a firm as an independent contractor. The firm must provide the broker with:

An independent contractor agreement

A cooperating agent is:

Any agent representing a party in the transaction

A seller's agent must disclose which of the following to the buyer?

Any material fact regarding the property

A buyer asks the buyer's agent to write an offer on terms that don't match the listing agreement. The buyer's agent refuses to write the offer and then, in writing, unilaterally terminates the agency relationship with the buyer. Which is true?

Buyer's agent is permitted to unilaterally terminate the agency relationship

A person who has engaged the services of an agent. In the real estate context, this person could be a seller, buyer, landlord, or tenant?

Client

An agent gives advice to her principal, the seller. The seller is considered her:

Client

A special agent is authorized to:

Conduct a specific transaction

Seller Sam is selling his property to Buyer Carol, who is represented by Agent Phil. To Agent Phil, Seller Sam is a:

Customer

Seller Sam is selling his property to Buyer Carol, who's is represented by Agent Phil. To Agent Phil, Seller Sam is a:

Customer

Peter is an agent for Apex Realty. Julie is also an agent for Apex Realty, and has located a buyer for one of Peter's properties. Peter is appointed as the exclusive agent only for the seller, and Julie is appointed as the exclusive agent only for the buyer. This arrangement may be known as:

Designated agency

A real estate broker who has taken a listing discovers that the dining room ceiling is discolored, possibly because of a leaky roof. What should he do?

Disclose the potential problem to prospective purchasers

The most likely evidence of environmental contamination on property would be?

Discolored soil and dying plants in the back yard

A property is considered stigmatized because a violent crime occurred in the house a number of years ago. In this case, a real estate agent should probably:

Discuss the listing with the designated broker and perhaps an attorney on how to deal with the problem

Cho is representing a buyer who decides to purchase a home listed by another agent who works for the same real estate firm as Cho. What type of an agency has been created?

Dual

Which of the following statements about dual agency is false?

Dual agency is illegal in Washington

An ostensible or apparent agency is sometimes called an agency by?

Estoppel

The principal allowed a third party to believe that the agent had authority, although the agent actually did not?

Estoppel

Stated in words, whether spoken or written?

Express agreement

A property manager owns a janitorial supply company that provides all of the supplies for the buildings she manages. This is an illegal conflict of interest that makes the property manager subject to disciplinary action by the Department of Licensing?

False

A real estate agent cannot purchase one of her own listings, because there is a conflict of interest?

False

A real estate agent is liable for passing on to the buyer false statements made by the seller, even though the agent had no reason to believe the statements were untrue?

False

A real estate brokerage is generally required to withhold taxes from an affiliated licensee's compensation?

False

A seller tells his listing agent he will accept as much as $10,000 less than the listing price. To encourage offers, the agent passes this information on the prospective buyers. This is not a violation of the agent's duties to the seller, because the seller has already indicated that low offers would be acceptable?

False

ABC Realty manages an office building for Smith under a contract that has 6 months of its term remaining. If Smith tells the property, the new owner is obligated to honor the existing contract for the remainder of its term?

False

Abernathy and Broker Hunt own some raw land. Hunt has a 10% interest; Abernathy owns the other 90%. They decide to sell the land and list the property with Hunt's firm. Ten days later Abernathy notifies Hunt he is rocking the listing. He can do this because he owns a majority interest?

False

Agent A sells one of his listings to his brother in law for the full asking price. When he presented the offer he did not tell the seller of his relationship to the buyer. He has not violated his agency duties because the brother in law paid the seller's asking price:

False

An agent doesn't have to reveal a latent defect to prospective purchasers if the listed property is being sold "as is," indicating that the seller isn't claiming the property is in good condition?

False

An oral (spoken) agency disclosure is sufficient, as long as there are witnesses to the disclosure?

False

Broker Finley listed and sold one of Arden's properties. Now Finley represents Carter, who is thinking about buying one of Arden's other properties. Since Finley is now acting in Carter's interest, he is allowed to share any confidential information about Arden that might help Carter?

False

During an open house, a would be buyer told the listing agent she would be willing to pay full price for the home, but wanted to make a low offer to see if the seller would accept it. By passing this information on to the seller, the sliding agent violated the confidentiality requirement?

False

Jones, a seller, signs a 120 day listing with Acme Real Estate, Inc. Thirty days later Jones dies. Because Acme is a corporation with a perpetual existence, the listing will remain in force until the end of the 120 day term?

False

The agency disclosure must be made to the buyer and seller after the transaction closes?

False

The listing agent is only required to make the agency disclosure to the seller, and the selling agent is only required to make the agency disclosure to the buyer?

False

A buyer was considering purchasing a property sight unseen through a foreclosure auction. A friend told him, "Caveat emptor". This express means:

Let the buyer be aware

The licensee that takes the listing on a home. This agent may or may not be the one who eventually procures a buyer for the listing home?

Listing agent

In general, which type of contract would terminate upon the death of the principal?

Listing agreement

A seller listed her house for $235,000. The listing agent didn't tell the seller that the house was really worth $260,000. If the listing agent purchases the property himself (without telling the seller the true value), he has violated his duty of:

Loyalty

Which is a list of duties owed to a principal by an agent?

Loyalty, confidentiality, reasonable care, accounting

The pamphlet on agency law:

Must be given to parties before a written agreement is signed

A buyer's agent asks the listing agent for copes of the water and sewer bills for the listing property. The listing agent:

Must obtain copies from the seller and give them to the buyer's agent

Which of the following is always true regarding an independent contractor?

No federal income tax is withheld from an independent contractor's commissions

Bob hires Sarah as a property manager. Part of her job is to collect rent payments on the 5th of each month. On the 4th, Bob dies. Can Sarah still collect the rents due the following day?

No, because their agency contract terminated upon Bob's death

Agent Sosa has listed a property for a 92-year-old man who is selling his house because health concerns are forcing him to move to a nursing home. Agent Sosa is showing the property to buyers with whom he has a buyer agency agreement. The buyers ask why the owner is selling. Can Agent Sosa disclose this information?

No, because this is confidential information that could reveal the seller's negotiating position

When an agent works as an independent contractor, it means:

None of the above -The agent has her own office, and deal directly with buyers and sellers -The agent has a managing brokers license -The agent is not accountable to a designated broker

After listing a property for sale, a licensee learns that the property was used as a beer hall during Prohibition, for illegal drug sales in 2003, and as a homeless shelter in 2009. What is the licensee's duty regarding property disclosures?

None of these uses must be disclosed

Carrie owns an apartment building and is discussing marketing strategy with her property manager, Isabel. Isabel suggests that Carrie advertise in the local weekly alternative newspaper, but Carrie refuses to, because it's published by a former business partner with whom she's fallen out. Isabel argues that she's had great results advertising other properties in this publication, but Carrie still refuses. What should Isabel do?

Not advertise in it, because the property manager is an agent who must obey a principal's instructions

Dual agency is:

Not improper if both principals give their informed, written consent

A licensee has a duty to investigate:

Only those things that the licensee has specifically agreed to investigate

A buyer enters into a buyer agency agreement which allows the buyer to enter into a similar agreement with other real estate brokerage firms. This would be a/an:

Open buyer agency

Special, general, and universal agency all:

Originate with the principal

An agent performing brokerage services owes all of the following duties, EXCEPT?

Perform independent visual inspection of the property in question

An agent performing brokerage services owes all of the following duties, except:

Perform independent visual inspection of the property in question

A buyer asks the buyer's agent to write an offer on terms that don't match the listing agreement. The buyer's agent refuses to write the offer and then, in writing, unilaterally terminates the agency relationship with the buyer. The buyer's agent is:

Permitted to unilaterally terminate the agency relationship

An instrument authorizing someone to act as another's attorney in fact, to the extent stated in the instrument?

Power of attorney

A real estate agent shows a listing to two different buyers. One buyer decides in the early morning to make an offer on the property for less than the listed price. The agent writes up the offer and plans to meet with the seller later in the day. The other buyer then contact the agent and says that she'd like to make a full price offer. What should the agent do?

Present both offers to the seller at the same time

A seller's agent, upon meeting with a prospective buyer, becomes concerned that the buyer is unlikely to be financially qualified. The agent should:

Relay those concerns to the seller, who will decide

The law of agency can best be summed up as:

Rules that apply when one person is acting for another

In a listing agreement, who is the principal?

Seller

In a typical real estate transaction, there is an agency relationship between the:

Seller (principal) and listing brokerage (agent)

A seller complains that the seller's agent is showing other properties to buyers that compete with the seller's property. Which of the following is true?

Seller's agent is not breaching the duty of loyalty

A buyer's agent is most commonly compensated by the:

Seller, through a commission split

The licensee who procures a buyer for a property. This person may or may not have taken the listing for the property sold?

Selling agent

Which of the following is true regarding a seller's agent?

She must comply with the seller's instructions, as long as they are legal

A buyer is planning to purchase a property where he can operate a small mechanic's shop out of his home. He eventually finds a property he likes and tells the listing agent his plans. However, after closing he finds out that there are deed restrictions that prevent him from operating such a business from his home. Which of the following is true?

Since the agent knew the buyer's intended use, the agent should have investigated whether it was feasible or informed the buyer that he or his agent should investigate it

Gerald engages a licensee to list his property and find a buyer for it. In this context, the licensee is acting as a:

Special agent

If a licensee chooses to act as a non-agent in a transaction, the licensee:

Still owes general duties of disclosure, reasonable care, and accounting to both parties

Under normal circumstances, a real estate agent may do which of the following on behalf of a principal?

Sumbit all written offers

The seller tells the agent to sell his property as is. The agent learns of a major hidden defect. What should she do?

Tell prospective buyers about the defect

A seller tells her agent that there have been leaks in a bathroom wall from some faulty plumbing, but that the leaks were repaired and that there haven't been any other problems with those pipes. The seller tells the agent not to disclose this information to the buyers, since the problem has been fixed. The agent should:

Tell the buyer about the leak and that the buyers are entitled to request an inspection

A seller tells a prospective buyer that the attic's insulation is 16 inches thick. The seller's agent, however, observes that the insulation is only six inches thick. The seller's agent should:

Tell the prospective buyer that the insulation is only six inches thick

A real estate agent is helping a young couple buy a home. The husband's sister will be living with them, and the couple would like to take title so that if either the husband or wife died, the remaining spouse and the sister would own the home together. The agent should:

Tell them to consult an attorney

The owner of an apartment building hire a real estate brokerage as the property manager. If the owners later sell the building, their agency relationship with the property manager:

Terminates due to extinction of the subject matter

Peter is showing a home to the Littletons. Peter is aware of all of the following information; which piece of information MUST be disclosed?

That the property was flooded and suffered some water damage last year

A buyer enters into a buyer agency agreement with a real estate licensee to negotiate the purchase of a particular FSBO property. The buyer then enters into a purchase and sale agreement, but the property he agreed to buy is subsequently condemned. Which of the following is true?

The agency is terminated

A principal entered into an agency agreement that was to last for a period of three months. Two weeks later, the principal died of natural causes. Which of the following is true?

The agency relationship terminated automatically when the principal died

Which of the following is the best description of a real estate agent's status as an independent contractor?

The agent is currently licensed, has a written contract of affiliation with the brokerage firm, and at least 51% of the agent's income is commission income

A real estate broker is:

The agent of his designated broker

A real estate agent is working with buyers who are interested in a house in a new rural subdivision. She tells the buyers that the developer will pave the streets. However, she didn't verify this statement; she assumed that was the case, based on the developer's previous subdivisions. If the buyers rely on this statement and decide to buy the house, and the streets never get paved, who is potentially liable?

The agent, for engaging in misrepresentation through an unverified statement

The IRS issues rules that determine when a real estate agent is an employee and when he is an independent contractor. Which of the following statements on that topic is FALSE?

The brokerage may require an independent contractor to have a cell phone

In an in house sale:

The buyer and seller are brought together by agents working for the same brokerage

XYZ Realty has the exclusive right to represent a new subdivision. An agent working for XYZ shows a property to the Meyers, who are not working with their own agent. When the Meyers decide to buy, they have XYZ's agent help them prepare an offer. Which of the following is true?

The buyers are not represented by an agent

XYZ Realty has the exclusive right to represent a new subdivision. An agent working for the subdivision office, and named on the listing agreement, shows a property to the Meyers, who are not working with their own agent. When the Meyers decide to buy, they have XYZ's agent provide basic help in filling out an offer form. Which of the following is true?

The buyers are not represented by an agent

A listing agreement would NOT be terminated by:

The death of the agent who took the listing

A home is listed for $200,000. A prospective buyer tells the listing agent that she may make an offer for $190,000. The listing agent tells her that the seller won't accept anything under $195,000. The buyer offers $195,000 and the seller accepts. Which is correct?

The listing agent violated her fiduciary duty to the seller by telling the buyer how low the seller would go

Which of the following statements by a seller's agent to a buyer would be a violation of the agent's fiduciary duties to his principal?

The owner is eager to sell and willing to accept an offer lower than the listing price

Under Washington's real estate agency law, the Brokerage Relationship Act, if a third party provides information to the agent:

The principal is deemed to know the information only if the agent actually discloses it to the principal

A seller and a brokerage firm sign an exclusive listing agreement. The listing is set to expire in three months, but after a few weeks, the seller decides she doesn't want to sell at all. Which is true?

The seller can revoke the listing but may be liable to the brokerage for damages

Which of the following instances is an example of an agency relationship terminated by operation of law?

The subject property, a single family residence, burns down

If a couple asks a broker how they should take title to property they are purchasing, the broker should tell them:

To consult an attorney

A home inspection revealed that black mold is present in a home. What should the buyer's agent tell the buyer?

To seek expert advice

A buyer's agent has all of the following duties, EXCEPT:

To show the buyer properties that will generate the largest brokerage commission

For which of the following is a firm's designated broker accountable?

Training and supervision of licensees under his control

A breach on contract is a violation of a duty established by an agreement between the parties, whereas a tort is a violation of a duty fixed by law?

True

A latent defect is a hidden problem in a structure or some other aspect of a property that is not observable in a casual inspection of the property?

True

A material fact is information that has a substantial negative impact on the value of a property or on a party's ability to perform, or that defeats the purpose of the transaction?

True

A real estate agent can decline to act as the agent of either the buyer or the seller in a transaction, acting as a facilitator instead?

True

A tort is a negligent or intentional wrongful act involving a breach of duty imposed by law?

True

According to the imputed knowledge rule, the principal is held to have notice of information that is in the possession of the agent, even if the agent never actually disclosed it to the principal?

True

An in house transaction is one in which the listing agent and the selling agent work for the same brokerage?

True

In order for a real estate licensee to be classified as an independent contractor, her pay must be commission based and she must work under a written contract with the brokerage?

True

In relation to his principal, a real estate agent is almost always considered an independent contractor rather than an employee?

True

Liability imposed on a principal because of the act or omission of his agent is called vicarious liability?

True

The buyer's and seller's written consent to a dual agency should not be obtained before the dual agent gives them the required pamphlet on agency law and discloses the terms of the dual agent's compensation?

True

Late on a Friday afternoon, an agent receives an offer on a property that she has listed, for $10,000 less than the listed price. The sellers will be away all weekend. The agent should:

Try to get the offer to them as soon as possible on Friday

Someone who has been appointed by a court to act as another person's legal guardian in all matter is a/an?

Universal agent

A seller asks an agent to list her property "as is." After signing the listing agreement and completing the disclosure statement, she also orders an inspection that finds black mold behind some insulation in the attic. The seller tells the agent about the inspection results, but neither the seller nor the agent gets around to telling the buyer. Can the buyer sue if he finds the mold at a later date?

Yes, because the seller and agent did not disclose the mold

An agent obtained permission to show a FSBO property (for sale by owner). The prospective buyer loved the property and made an offer, which the agent presented to the owner. When the transaction closed, the FSBO owner paid a brokerage commission. Did the agent and the seller have an agency relationship in this case?

Yes, but only if they entered into a listing contract

The Samsons sign a 90-day exclusive right to sell listing agreement with Town Real Estate. A week later, the Samsons change their mind and decide not to sell. Can they terminate the agency created by the listing agreement?

Yes, the listing could be terminated by mutual consent

ABC Realty signed a property management agreement to manage property for XYZ Apartment Rentals. Do they have an agency agreement and, if so, what kind of agency authority has been created?

Yes; ABC has been hired by XYZ to be a general agent

Which of the following is a latent defect that would need to be disclosed?

A crack in the basement wall that is covered by paneling

Which of the following pieces of information must a listing agent convey to a seller?

A potential buyer, who has asked for the seller to take back a purchase money mortgage, has abused her credit in the past

The most common method for creating a seller agency relationship is:

A written listing agreement

Someone who is acting without the principal's authorization, but reasonably appears to a third party to be acting with authorization, is called a/an?

Apparent agent

A buyer is looking at a house in a neighborhood with newly installed sidewalks. When the buyer asks about taxes, the seller assures her that the home isn't subject to any special assessments. The buyer's agent should:

Advise the buyer that the property may be subject to special assessments and recommend that the buyer look into it

The seller tells the buyer's agent that the home has never had flooding issues, but when touring the home, the buyer's agent notices a sump pump in the basement. The buyer's agent should:

Advise the buyer that the sump pump may be a sign of flooding and that she should inquire into whether flooding is an issue

Ed knows that his basement leaks, but doesn't disclose this to Sally, the buyer, Ed has also instructed his agent to keep the information confidential. After the sale closes, Sally finds out that the basement leaks, and sues for fraud and misrepresentation. Sally can sue:

Both the listing agent and the seller

Ed knows that his basement leaks, but doesn't disclose this to Sally, the buyer. Ed has also instructed his agent to keep the information confidential. After the sale closes, Sally finds out that the basement leaks, and she sues for fraud and misrepresentation. Sally can sue:

Both the listing agent and the seller

A seller lists his house and sells it "as is" to a buyer. Shortly after the sale closes, the buyer finds a large hole in the ground next to the house. The hole, which has caused significant damage to the foundation, was almost certainly intentionally concealed with leaves and branches. Which of the following is correct?

Both the seller and the licensee may be liable

An independent contractor relationship between a real estate brokerage firm and a licensee requires that the:

Brokerage and licensee must enter into a written agreement

An independent contractor relationship between a real estate brokerage firm and a licensee requires that the?

Brokerage and licensee must enter into a written agreement

If a real estate agent has a signed listing agreement with a seller, the agent cannot renounce her agency before the listing expires?

False

A licensee takes a listing from his sister. He should:

Disclose the relationship if acting as a dual agent

Lisle works for a brokerage firm that provides health insurance coverage for her and withholds income tax and social security contributions from her paycheck. She is also required to wear a shirt with the company's logo on it to her meetings with clients. In relation to her brokerage firm, Lisle is likely a/an:

Employee

When a buyer made an offer on a piece of property, he gave his agent his earnest money deposit in cash. The agent held on to the cash until the offer was accepted, then deposited the cash into her business account. She immediately wrote her brokerage firm a check for the same amount. The agent's action was:

Illegal, because the agent's actions constituted a commingling of funds

A real estate agent completed a listing agreement form, which the sellers signed. At what point should the agent give the sellers a copy of the form?

Immediately after they sign the listing form

The agent's conduct led to the creation of an agency relationship, without an express agreement?

Implication

Authority that is necessary in order to carry out duties already expressly authorized by the principal is known as _____?

Implied authority

The buyers ask a listing agent about a rumor they've heard that a sex offender lives in the neighborhood. The agent should:

Inform the buyers where this kind of information can be verified

A seller's agent knows that the seller intentionally failed to disclose on the property disclosure statement that the basement leaks during heavy rains. The seller's agent must:

Inform the prospective buyer that there is misrepresented information on the disclosure form

Agent Manuel is approached by a retired couple who would like to sell their home and move to Europe as soon as possible. The agent knows that proposed zoning changes would increase the home's value substantially if they go into effect. What should Agent Manuel do?

Inform the sellers of the proposed zoning changes and let them make the decision

Which of the following is the best definition of a material fact?

Knowledge that would affect a buyer's decision whether or not to buy

If revoking the agency breaches a contractual agreement, the principal may be liable for any damages suffered by the agent because of the breach:

True

A real estate licensee who merely lists a property is a/an?

Special agent

An agent is responsible for one particular transaction for her principal. She would be a:

Special agent

Harrison, who works for Yates Realty, obtains a listing for a property and submits it to the multiple listing service. Baker, who also works for the Yates firm, finds a buyer for the property. In this situation:

The designated broker for Yates Realty is a dual agent, because it is an in house sale

In a dual agency, which of the following duties can the parties agree with the agent that they will waive?

The duty to submit additional offers after acceptance has been reached

A buyer agency agreement would include discussion of all of the following, EXCEPT:

The individual real estate licensee's compensation

A seller has entered into a listing agreement with an expiration date of April 30. In all the answers below, the listing would terminate on the date mentioned in the answer, EXCEPT for the date in which answer?

The licensee who took the listing is legally declared incompetent on April 26

Tim and Alisa both work for XYZ Realty. Monday morning, Tim gets an offer on an XYZ listing. Two hours later, Alisa gets an offer on the same house. Alisa's offer is $10,000 higher. The office policy at XYZ is to only present one offer at a time, waiting to present the second offer until the first offer has been rejected. So Tim presents his offer right away, but Alisa cannot present her offer yet. XYZ's policy in regard to presenting offers is:

Unlawful, because licensees are obligated to submit all offers to the seller

An agency relationship may terminate:

With the mutual consent of the parties

Tina is representing the buyers in a transaction; she described the property's boundaries to her clients without clarifying that she was not sure that the boundaries were exactly precise. The buyers, upon taking possession, built a fence along the boundaries that she described, but the neighbors then filed suit because the fence didn't follow the actual boundaries and encroached on their land. Can Tina be held liable for misrepresentation?

Yes, because she reasonably knew that the described boundaries might not have been correct