B-8 Broker Practices & Disclosure Ch.17 - Self Study & Quiz

A license may place a sign on property provided: A. He has written approval from the property owner B. He has written approval from the listing broker C. He has oral approval from the property occupant D. He has oral approval from the property owner and the sign meets local zoning codes

A. He has written approval from the property owner

Megan's Law would apply to which of the following? A. Information regarding child molesters B. A buyer's right to rescind a contract C. Disclosure of lead based paint D. Older person housing limiting children

A. Information regarding child molesters

Which of the following actions are not permissible by a licensed real estate salesperson or broker? A. Prepare an appraisal for a property owner B. Prepare a competitive market analysis C. Pay a referral fee to an out of state broker D. Place an ad in the newspaper using a telephone number other than the company's

A. Prepare an appraisal for a property owner

When a broker has earned a commission but the seller refuses to pay for no apparent reason, which of the following statements would be incorrect? A. The broker may place a commission lien on the property in order to postpone the property transfer B. The broker may sue the seller after the close of escrow C. The broker may not let a commission dispute interfere with the closing of a transaction D. The broker may later obtain an attachment on the seller's personal assets if a judgment is obtained

A. The broker may place a commission lien on the property in order to postpone the property transfer

Real estate agents may call a person on the Do Not Call Registry if: A. The party contacted the agent within the last 3 months B. If the agent knows the party C. The property is in the neighborhood D. The agent is calling in the course of daily business

A. The party contacted the agent within the last 3 months

When a property is sold in "as is" condition, this means: A. The seller will not make any necessary repairs B. The seller is not responsible to disclose any material defects C. The broker is not responsible to disclose any material facts D. The buyer is on notice that he is responsible to discover all facts known and unknown

A. The seller will not make any necessary repairs

When a salesperson, who has a written employment contract with his broker, places a contract in escrow and then leaves the employment of that broker, what is the status of the salesperson's commission? A. the sales person would receive the commission since he placed the contract in escrow, and would be paid by the old broker B. The salesperson could not receive any commission since he was no longer working for that broker at the time of closing C. The salesperson would receive whatever the broker felt was equitable D. The salesperson would be obligated to split whatever commission he received with his new broker

A. the sales person would receive the commission since he placed the contract in escrow, and would be paid by the old broker

Which of the following would be considered an unethical inducement to buy or sell? A. A broker who is willing to be paid his commission at a later date in order for the seller to sell B. A salesperson that is willing to loan his commission to the buyer in order for the buyer to qualify, without disclosing it to the lender C. A broker who is willing to reduce his commission from a prior agreed amount D. A salesperson that is willing to waive his commission when selling to a relative

B. A salesperson that is willing to loan his commission to the buyer in order for the buyer to qualify, without disclosing it to the lender

A property owner is selling a house "for sale by owner." The seller places the ad in the local newspaper looking for buyers. If the seller is on the Do Not Call Registry the broker may call when: A. The broker is attempting to list the property B. Broker represents the buyer C. Broker lives in the same area D. Broker only sells residential property

B. Broker represents the buyer

An employer wants to be protected against employee's dishonesty, the employer should ask for: A. Performance bond B. Fidelity bond C. Trust account D. Personal guarantee

B. Fidelity bond

When a real estate brokerage declares Chapter 7 bankruptcy, the status of the listings are: A. Valid B. Terminated C. Unaffected D. Reassigned to another brokerage

B. Terminated

When a property is in foreclosure and the owner files bankruptcy, what is the present status of the foreclosure? A. The foreclosure will continue as usual B. The foreclosure will automatically be put on hold C. The Trustee of the bankruptcy will now perform the foreclosure D. The foreclosure is postponed and the owner must vacate the property and convey possession to the trustee

B. The foreclosure will automatically be put on hold

When a seller (wage earner) lists his property with a broker and the seller subsequently files a Chapter 13 bankruptcy, what is the status of the broker's listing? A. The listing is unaffected B. The listing must be ratified by the bankruptcy court to remain valid C. The listing would now be handled by the executor of the estate D. The listing would be part of the estate and cannot be canceled by either owner or broker

B. The listing must be ratified by the bankruptcy court to remain valid

An Arizona broker receives a referral from an out-of-state broker who will be paid a 20% referral fee. Which of the following is true regarding the payment of the referral fee? A. The referral must be disclosed to all parties prior to the close of escrow B. The referring broker need not be disclosed; only the listing and selling brokers must be disclosed C. The buyer and seller have the right to approve the referral fee D. The out-of-state broker must first obtain an Arizona real estate license to be paid the fee

B. The referring broker need not be disclosed; only the listing and selling brokers must be disclosed

When a salesperson writes an offer on another broker's listing, which of the following listed below is true: A. The salesperson may present the offer directly to the seller B. The salesperson must present the offer to the listing agent C. The salesperson must wait 24 hours before presenting to their broker D. The salesperson's broker must present the offer to the seller broker

B. The salesperson must present the offer to the listing agent

When a person sends unsolicited fax advertising the fine can be up to: A. $500 B. $1,000 C. $16,000 D. $21,000

C. $16,000

When a person files Chapter 7 bankruptcy, which of the following would occur? A. The debtor would remain in possession of the business B. All creditors' claims against the debtor are extinguished C. A trustee would be appointed to liquidate the assets D. The broker's listings would be unaffected

C. A trustee would be appointed to liquidate the assets

When a real estate brokerage offers a one-stop shop offering lending, title, and inspection services, this would be called: A. Price fixing B. Warehousing products C. Affiliated business arrangement D. Agency coupled with an interest

C. Affiliated business arrangement

Which of the following statements would relate to a blind ad? A. A brokerage house ad that has no address B. An ad that does not state who the owner is C. An ad that does not indicate it's listed by a brokerage firm D. When a license acting as a For Sale by Owner fails to list owner/agent in the ad

C. An ad that does not indicate it's listed by a brokerage firm

The CAN-SPAM law would apply to unsolicited: A. Bulk mail B. Telephone calls C. E-mails D. Faxes

C. E-mails

What government agency enforces the Do Not Call list? A. FHA B. Sherman Anti-Trust C. FCC D. Federal Reserve

C. FCC

A salesperson is offering a free gift certificate as part of a marketing plan. According to Commissioner's Rules, which of the following would NOT be required to be disclosed in the ad: A. Date the offer expires B. Terms and conditions C. Name of the specific store D. Specific restrictions

C. Name of the specific store

Regarding the size of the lettering in an ad, all of the follow are true EXCEPT: A. The salesperson's name may be larger than the broker's name B. The company name must be prominent on all advertising C. The Commissioner's Rule dictate the specific lettering size for brokerage advertising D. The salesperson's and broker's name may be the same size

C. The Commissioner's Rule dictate the specific lettering size for brokerage advertising

When a person sells his/her property, who must notify the buyer that the property purchased is part of a Homeowner's Association? A. The seller not later than 7 days before the close of escrow date, only if there are less than 50 units B. The escrow agent within 10 days of the opening of escrow C. The Homeowner's Association within 10 days from being notified of the pending sale provided there are 50 or more units D. The real estate agent within 10 days after the opening of the escrow

C. The Homeowner's Association within 10 days from being notified of the pending sale provided there are 50 or more units

A buyer purchases a home within a homeowner's association and after close of escrow discovers that the property is in violation of the CCR's. Which of the following is false regarding the violation? A. The seller may be liable to the buyer for not disclosing the violation B. The real estate agent may be liable to the buyer for not disclosing the violation if the agent had knowledge of the violation C. The association would not be able to enforce the CCR's against the buyer because they failed to inspect the unit during the escrow D. The association may not be able to enforce the CCR's if they knew of the violation and allowed the violation to occur in other properties in the association

C. The association would not be able to enforce the CCR's against the buyer because they failed to inspect the unit during the escrow

A few real estate brokers from different companies were discussing the possibility of establishing an office policy to list for sale all raw land at a 10% commission. Which of the following is true? A. The brokers are not guilty of anything because it would be an office policy B. The broker violated Reg Z C. The broker are in violation of the Sherman Anti-Trust laws D. The brokers are in violation of RESPA

C. The broker are in violation of the Sherman Anti-Trust laws

When advertising via a web page, which of the following is true? A. The broker's name must appear on the home page B. The licensee's name must appear prominently on every page, without the viewer having to scroll down to see it C. The broker's name must appear prominently on every page, without the view having to scroll down to see it D. Arizona regulations do not apply if the web page advertising is targeting out-of-state resident

C. The broker's name must appear prominently on every page, without the view having to scroll down to see it

Rejected offers must be kept for one year from: A. The day the offer was written B. The day the offer was signed C. The day the offer was rejected D. The day the broker reviews the offer

C. The day the offer was rejected

When a real estate brokerage declares Chapter 7 bankruptcy, the salesperson's commission would be considered: A. Priority claim B. Secured creditor claim C. Unsecured creditor claim D. Employee's wage claim

C. Unsecured creditor claim

The maximum fine for calling a person on the Do Not Call Registry would be: A. $3,000 B. $6,000 C. $9,000 D. $16,000

D. $16,000

V and W were found guilty of conspiring with each other to allocate real estate brokerage markets. P suffered a $90,000 loss because of V and W's activities. If P brings a civil suit against V and W, what can P expect to recover? A. Nothing; a civil suit cannot be brought for damages resulting from antitrust activities B. Only $90,000 - the amount of the actual damages P suffered C. Actual damages plus attorney's fees and costs D. $270,000 plus attorney's fees and costs

D. $270,000 plus attorney's fees and costs

All of the following are true regarding bankruptcy EXCEPT: A. Chapter 11 is corporate reorganizations B. Chapter 13 is reorganization for wage earners C. All bankruptcy chapters evoke the automatic stay D. A trustee is appointed in a Chapter 11 immediately upon filing

D. A trustee is appointed in a Chapter 11 immediately upon filing

When a real estate agent sends unsolicited e-mail it must include: A. the agents name and telephone number B. The agents company name C. The date, time and tax ID number D. An opt-out provision

D. An opt-out provision

A broker would have the right to dictate which of the following to an independent contractor? A. Number of hours the person would have to work B. Work schedule the person would have to follow C. Attendance at regular office meetings D. Commission rate the person would earn

D. Commission rate the person would earn

The federal Do Not Call Registry would not apply to which of the following: A. Residential brokers B. Calls made across state lines C. Calls made after 8 pm D. Parties no on the registry

D. Parties no on the registry

A broker has established the following office policy: "All listings taken by any salesperson associated with this real estate brokerage must include compensation based on a 7 percent commission. No lower commission rate is acceptable." If the broker attempts to impose this uniform commission requirement, which of the following statements is true: A. A homeowner may sue the broker for violation of the antitrust laws prohibition against price fixing B. The salesperson associated with the brokerage will not be bound by the requirement and may negotiate any commission rate they choose C. The broker must present the uniform commission policy to the local professional association for approval D. The broker may, as a matter of office policy, legally set the minimum commission rate acceptable for the firm

D. The broker may, as a matter of office policy, legally set the minimum commission rate acceptable for the firm