Section 5 Unit 4 Exam
What responsibility does the seller's agent have to the seller? - Advocate for and ensure the sale is profitable for the seller. - Advocate for the seller and help present the property in the best light, even if it means covering up material defects. - Ensure the sale is profitable for the seller. - Seek a sale at the best price at terms acceptable to the seller.
Seek a sale at the best price at terms acceptable to the seller.
Mavis is a buyer's agent working with Blaine, an unrepresented seller. Mavis's buyer, Cintra, makes an offer on Blaine's property. Mavis assists Blaine with the paperwork. What is Mavis's relationship to the parties?
She's an agent to Cintra, and the seller is her customer.
To become a designated agent in Tennessee, licensees must be:
appointed by the managing broker
Ned represents Sofia in the sale of her townhome. Luciana represent's Sofia's buyer, Arturo. What is Luciana's responsibility to Sofia?
disclosure that the buyer will not have the funds for the down payment unless they sell their current home
Mary and Shawn are both Tennessee affiliate brokers working under Lawrence at Broker One. Mary represents the buyer and Shawn represents the seller as designated agents in a sale that's scheduled to close in two weeks. Who's the dual agent in this transaction?
no one
Is the broker ever a dual agent in Tennessee?
only when clients are represented in traditional agency relationships
Marge is a licensee in a dual agency transaction with seller Steven and buyer Alda. In which of the following situations can Marge share what she knows with all parties without compromising her duty of loyalty? - Alda tells Marge she wants to make an offer on Steven's property and asks Marge what she should offer, since Marge knows Steven's rock-bottom price. - Alda tells Marge that she's hired an inspector to perform a property inspection. - During the home inspection, Marge hears the buyer tell the inspector several times, "That's no big deal, I can fix that." The buyer lists those as repairs she wants the seller to make. - Steven tells Marge he can reduce his price, and Alda tells Marge she can increase her offer.
Alda tells Marge that she's hired an inspector to perform a property inspection.
Which of these tasks must a licensee perform for buyer clients? - Advise the buyer on how to get the seller to come down on the asking price. - Ensure that the buyer receives copies of all signed paperwork. - Explain to the buyer how to deposit the earnest money into the seller's personal checking account. - Explain to the buyer that there's really no need to review transaction documents because they're all standard.
Ensure that the buyer receives copies of all signed paperwork.
Erik is acting in a single agency capacity in a transaction. What does this mean?
He's representing (and owes undivided loyalty to) either the buyer or the seller.
Estelle is representing seller Margaret. Which of the following tasks is one that Estelle is required to perform as Margaret's agent? - Decide at which price to list the property based on comparables. - Give the buyer's earnest money to Margaret to deposit into her personal checking account. - Hire someone to market the property. - Inform Margaret about required property condition disclosures.
Inform Margaret about required property condition disclosures.
When a licensee represents a seller, which one of the following statements is true about the licensee's ability to list other properties that are for sale? - The licensee isn't permitted to list other properties for sale. - The licensee is permitted to list other properties for sale as long as they're not competing properties. - The licensee is permitted to list other properties for sale, even if they're competing properties. - The licensee must list the seller's property only for the first 90 days, after which the licensee may list other properties.
The licensee is permitted to list other properties for sale, even if they're competing properties.