LICENSE LAW PRACTICE EXAM
A broker called a seller client to make an appointment to discuss the list price of his property. The seller agreed to see the broker 3 days later. One day before the appointment, the broker received an offer on the property. The broker decides to present the offer the same day he has his appointment with the seller. Is this acceptable practice by the Broker? A. No, the broker is in violation of Kentucky License Law B. No, the broker's practice is in violation of the code of ethics C. Yes, the broker has a time limit in the contract to present the offer D. Yes, the broker can present the offer anytime before it expires
A
A licensee has been released by his broker. How many days does the licensee have to find a new broker or go to escrow? A. 30 days B. 20 days C. 10 days D. 40 days
A
A licensee is required to disclose his or her status as a licensee on the offer to purchase when the licensee is: A. purchasing a property B. representing a buyer in a transaction C. selling his or her own property D. representing a seller in a transaction
A
A listing contract which states the seller will clear $88,000 from the sale of the property and the agent can keep all proceeds after the payment of the selling expense and the sellers proceeds, is known as a; A. net listing B. limited exclusive listing C. compliance listing D. sellers proceeds listing
A
A temporary license may be issued to a broker for the purpose of: A. affiliating with another principal broker because the broker is closing his existing business B. conducting real estate transactions which are further than 100 miles from his main office C. conducting agricultural transactions D. operating more than one real estate company
A
All of the following would be required to be in an offer for the sale of a time share EXCEPT: A. The name of the lender who will be providing the financing B. A 3-business day right of rescission clause C. The name of the licensee who prepared the offer D. The signature of the buyer
A
Except as authorized, a sales associate cannot: A. manage an office B. show property C. fill in the blanks on a pre-printed form D. access public records
A
Gross negligence occurs when an agent; A. goes beyond their authority B. answers a question knowing the answer is false C. lies when answering questions D. does dishonest dealing
A
If the Kentucky Real Estate Commission receives a valid complainant they have the authority to investigate; A. anyone in the state of Kentucky who may be violating Kentucky's license law B. only licensed agents who reside in Kentucky C. any licensed agent D. only those licensees who receive complaints
A
In order to receive a referral fee from a service provider, Kentucky regulations: A. require a written disclosure to the buyer and seller in the offer to purchase B. prohibit a licensee from receiving referral fees from service providers C. allow the fee if it is from a provider other than a financial institute D. require the fee to be paid to the seller of the property
A
Jack was found, by a court, to be engaging in real estate activity without a license. Since this was Jack's first offense, he was found guilty of; A. a Class A misdemeanor B. a Class D felony C. a Class B misdemeanor D. Criminal mischief
A
Kentucky law allows agents in good standing licensed in other states to get a Kentucky license by; A. passing the state law portion of the state exam B. passing the entire state exam and taking 96 hours of education C. paying associating with a broker and paying an application fee D. completing 48 hours of post licensing education, finding a broker, and paying license fees
A
Kentucky's zero call law would allow a real 'estate agent to call: A. a former client B. a for-sale by owner C. anyone in order to obtain a listing D. possible buyer clients
A
Six years after closing a real estate transaction, a seller called a Broker and requested a copy of the closing statement. Does the Broker have to give the seller a copy of this statement?
A
The Kentucky Real Estate Commission obtained an injunctive order against Tom Smith. The most likely circumstance for obtaining the injunctive order against Mr. Smith would be to: A. stop an unlicensed person from conducting real estate activities B. require Mr. Smith to get a real estate license because he works as an employee for an apartment complex C. prevent a hearing before the Commission D. stop Mr. Smith from selling his rental property to out-of-state buyers
A
The seller's disclosure of conditions form is to completed by: A. the seller B. the agent C. the seller and agent D. the seller and buyer
A
Under the license law, a completed damage form would be associated with: A. complaints B. home inspections C. brokerage firms D. listing contracts
A
When an executory contract exists, the buyer's good faith deposit becomes a A. contract deposit B. security deposit C. refundable fee if the deal falls through D. fee that belongs to the seller under all circumstances
A
Which of the following would not be required in an offer to purchase? A. Personal items to be left with the property B. A closing date C. The name of the licensee who prepared the offer D. A deposit, if any
A
A buyer has told his agent not to put any financing terms in the offer to purchase because he does not want the seller to know how he is going to finance the purchase of the property. If the agent follows the instructions of the buyer, the: A. agent is following legal instructions from his buyer which is acceptable practice B. agent is in violation of Kentucky License Law and may be penalized for his actions C. Kentucky Real Estate Commission may require the agent to rewrite the offer D. agent has created an enforceable contract if the seller accepts the offer
B
A buyer made an offer on a broker's listing which stated that he would allow the seller to remain in the property for 30 days after the closing. After closing the transaction, the broker asked the buyer if he could leave his sign that says "for sale" on the property until the buyer took possession. The buyer said "yes". At this point, the broker: A. may follow the buyer's approval and leave the sign in the yard B. must remove the sign from the yard C. can leave the sign in the yard if he gets written consent from the buyer D. should have removed the sign after the buyer's offer was accepted
B
A complaint has been filed with the Commission and does not contain prima facie evidence. At this point the Commission: A. must investigate the complaint B. will notify the complainant that they have 10 days to revise the complaint C. will require the licensee to answer the complaint D. can do nothing with the complaint
B
A judge has told a Broker that he cannot collect a commission for a property that was sold through the Broker's company. Why not? A. The broker did not personally negotiate with the buyer B. The broker did not comply with the Statute of Frauds C. The broker is refusing to compensation the associate D. The broker's office is located outside of Kentucky
B
A licensee is a new manager for some residential property in Kentucky. A tenant moved out without paying the last month's rent. The tenant called and wants his security deposit returned because he did not damage the property. The agent checked the tenant's file and discovered that a prior agent who was managing the property did not prepare an initial damage list when the tenant moved in and placed the tenant's deposit in the owner's operating account. After talking to an attorney, the licensee discovered; A. he could deduct the rent from the deposit before returning it to the tenant B. the tenant can aet his deposit back because the prior manager did not comply with Kentucky's landlord tenant act C. he may keep all of the deposit because the landlord tenant act was not adopted by his jurisdiction D. he can follow the instructions of his client in either keeping or returning the deposit
B
A licensee must disqualify himself from being a designated agent if the licensee: A. works at a branch office instead of the main office at a real estate brokerage firm B. has confidential information about the other party in the transaction C. has been licensed less than 6 months D. discusses confidential information with a client
B
A local agent is offering to give the public $75.00 if they give the agent the names of potential buyers or sellers. According to Kentucky license law, the agent; A. can pay referral fees that are below $25.00 B. cannot pay referral fees to the public C. can pay fees to the public if they demand a fee, but cannot offer fees to the public D. can never pay referral fees to anyone
B
An agent tells a potential seller that the market is up and if he lists his property with the agent he can consider the property "sold". Based on this conversation the; A. agent is using acceptable marketing techniques B. agent's statement may indicate a guaranteed sale C. agent cannot promise sellers that their property will sell D. agent's statement is common practice for commercial agents
B
Before denying a license or before ordering disciplinary action against a sales associate, the Commission will order a hearing. Who will be required to attend the hearing? A. The sales associate only B. The sales associate and his or her principal broker or designated representative C. The principal broker only D. The associate's attorney
B
Broker Doug has decided to open an interest bearing escrow account. According to the license law, Doug: A. may keep the interest the account earns B. may get written consent from the parties to the contract to keep the interest C. must give the interest to the seller D. must get permission from the Commission before he can open the interest bearing account
B
Discriminating in the sale of a property would be considered; A. acceptable for commercial transactions B. improper conduct under the license law C. a violation of Fair Housing only D. not an issue in the transaction
B
How long does a licensee have to notify the Commission of a change of residence address? A. 5 days B. 10 days C. 20 days D. 30 days
B
Kentucky administrative regulations require; A. a buyer's agent to advertise his or her participation in a sale B. all advertisements to be approved by the principal broker or his authorized representative C. the principal broker's name to be in all advertisements D. a valid listing, oral or written, in order to promote property for sale or lease
B
Regarding an affiliation fee, a principal broker may: A. charge the fee only once upon agreeing to hold an associate's license B. not charge an affiliation fee C. charge affiliation fees to sales associates but not to brokers D. charge an affiliation fee not to exceed $30 per year
B
The Recovery Fund was established as part of the Real Estate Education, Research and Recovery Fund in 1972 to cover: A. Errors and omissions committed by a licensee in a real estate transaction B. Fraudulent acts of a licensee in a real estate transaction C. Misrepresentation by a licensee of a material fact in a real estate transaction D. Any infraction committed by a license agent in any real estate transaction
B
The seller of a property has told his agent that the property has paranormal activity. The seller says he does not want the agent to tell potential buyers about the activity. At this point, the agent: A. cannot follow the owner instructions; the instructions are illegal B. must follow the lawful instructions of the owner C. can ignore the owner's instructions D. must get legal advice before listing the property
B
The use of the seller's disclosure of conditions form would not be required for the sale of; A. a single family dwelling B. a vacant residential lot C. a condominium unit located on the 10th floor D. a four-unit or less residential property
B
Which of the following can result in a license being canceled? A. Misrepresenting a property to a buyer B. Ignoring the Commission's notice to renew a license C. Failing to answer a complaint from the Commission D. Showing a property without the seller's consent
B
Which of the following fees would not exceed ten ($10.00) dollars? A. Original license fee B. Transfer fee C. Recovery fund D. Criminal record check
B
Which of the following would be an INCORRECT statement regarding Kentucky's license law? A. An agent may not act in the dual capacity of licensee and undisclosed principal in a transaction without disclosure to all parties B. A licensee may sell property by selling lottery tickets C. When acting as a property manager a licensee must have a written management agreement D. A licensee must report to the Commission any conviction of a felony
B
A broker may withdraw money from his escrow account: A. if he gets written consent from the buyer who placed the deposit with the broker B. if he gets written consent from the seller C. if the parties to the contract state in writing that the broker can remove the money D. only if he uses the release process
C
A licensed agent has a client and is maintaining the client's property, paying the owner's bills, and marketing the property. The agent is: A. trying to find a buyer for the property B conducting a residential transaction for the owner C. managing the property D. going beyond his authority
C
A licensed agent was found guilty of stealing personnel items from a listed property. In addition to revocation of license, the agent; A. may be required to purchase the property he stole the items from B. may be sentenced to five years in prison C. may be fined $1,000 and sentenced to 6 months in prison by the court D. is not subject to criminal penalties
C
A licensee who acts as an agent and loan originator in a real estate transaction is required to do which of the following? A. Close the transaction B. Finance the transaction C. Register and pay a one-time fee for acting as a loan originator D. Operate from two separate locations
C
A licensee who did not renew their license would discover that A. they would have to pay a $500 fine for failing to renew B. their license has been suspended C. their license has been cancelled D. they could not receive any fees earned prior to the expiration renewal date
C
A real estate company has a main office and 4 branch offices that are located further than 100 miles from the main office. In order to have offices that are in compliance with the license law; A. each office must have a principal broker B. the branch offices must be no further than 50 miles from the main office C. the branch offices must be managed by someone with a brokers' license D. all offices must have an office manager
C
A real estate licensee may advertise the listings of another broker if: A. the broker has co-listed the property with another broker B. the Commission approves the agreement between the two brokers C. the licensee has consent from the other broker and the name of the other company is included in the ad D. both brokers are members of the multiple listing system
C
Agent Susan, who works for Quick Sale Realty, has shown a property listed by Showtime Realty to her buyer client. The client tells Susan she wants to make an offer. Susan writes the offer. At this point, Kentucky License Law requires Susan to: A. present the offer to the seller B. take the offer to her broker for his review before presenting it to the seller C. present the offer to the listing company D. make an appointment with the seller for her buyer to present the offer
C
All of the following monies may be placed in one escrow account EXCEPT: A. buyer's good faith deposits B. a tenant's rent C. security deposits D. operating monies belonging to the owner of rental property
C
All of the following would result in the automatic removal of a Commissioner EXCEPT: A. revocation of a Commissioner's license B. consumer member acquiring a license C. switching political parties D. failing to be a bona fide resident of Kentucky
C
An act by an agent that was made recklessly, was known to be false, and was made to to act is called: A. misrepresentation B. negligence C. fraud D. complicity
C
An exclusive listing contract may not contain; A. an agreement to prohibit showings are Sunday B. an agreement to allow the Broker to collect a good faith deposit from a buyer C. an automatic continuation clause D. a carryover clause
C
At what point in a real estate transaction will a licensee give a buyer a copy of the completed agency disclosure form? A. At first contact with the buyer client B. As soon as a decision is made that the agent will represent the buyer C. At the time the buyer is making an offer D. Before showing a property to a buyer
C
Bob would like to get a real estate license in Kentucky. In order for Bob to get a license Bob would be required to do all of the following EXCEPT; A. obtain a criminal background check B. have a high school diploma or its equivalency C. obtain 4 college credits of real estate education D. take a broker management course to get a broker's license
C
Emergency hearings may be held by the Commission: A. when requested by a complainant B. never, the Commission does not conduct emergency hearings C. when alleged escrow account violations warrant the action D. only when a complaint contains prima face evidence
C
If a broker from California wants to conduct real estate activities in Kentucky without a license he or she must: A. obtain a Kentucky license B. register his out-of-state license with the Kentucky Real Estate Commission C. enter into a cooperation agreement with a Kentucky principal broker and limit the activities to commercial transactions D. direct all work through one Kentucky principal broker
C
In order to get a broker's license in the state of Kentucky, the applicant must: A. have 2 years experience as a sales associate in Kentucky B. complete 21 academic credit hours in real estate education C. complete a 3 credit or 48 hour brokerage management course D. have 1 year experience as a sales associate averaging 20 hours per week for that 1 year
C
On behalf of the owner, a sales associate who is managing a residential property has contracted with a carpet company to replace the carpet in all of the rental units. The carpet company decides to give the sales associate a rebate of $1,000. Can the sales associate accept this rebate? A. No, the associate cannot accept rebates from clients B. No, only brokers can receive rebates C. Yes, with the consent of the client and the broker D. Yes, the associate can receive rebates from clients but not commissions
C
Regarding escrow accounts, which of the following would be INCORRECT? A. All escrow accounts must be kept in Kentucky B. No checks can be drawn against uncollected deposits C. An associate who owns rental property must use the broker's escrow for his tenant's security deposits D. A broker may have more than one escrow account
C
The Kentucky Real Estate Commission has jurisdiction over which of the following? A. Homeowner's associations B. Auctioneers C. Real estate licensees D. Auctioneers and real estate licensees
C
The principal broker of a real estate company may pay a referral fee to a relocation company: A. if the relocation company is located in Kentucky B. If the company has a contract with a corporation to relocate its employees C. if the company is a licensed brokerage firm D. never, brokers cannot pay referral fees to relocation companies
C
When a real estate company practices designated agency, who maintains dual agency status when an in-house transaction occurs? A. All sales associates except the designated agents B. The principal broker C. The principal broker and designated manager D. No one; companies that practice designated agency cannot practice dual agency
C
Under which of the following circumstances would a licensee have to obtain approval from the Kentucky Real Estate Commission before they promoted the sale of property? A. If they are listing and promoting commercial properties valued over $100,000,000 B. If they are promoting in Kentucky, properties located outside of Kentucky C. If they promote government owned properties D. Licensees do not need Commission approval to promote the sale of property
D
When a license is revoked, the licensee A. will be able to come back to work as soon as the probation period is over B. must take the state exam within 2 years of the revocation to get the license back C. can never get the license back D. must wait a minimum of 5 years to try to get the license back
D
Which of the following is CORRECT regarding complaints? A. All complaints must be answered within 30 days B. The licensee's answer to a complaint must be delivered to the complainant C. A complainant has 180 days from the date of probable cause to file a complaint D. Complaints are sent by certified mail to the business address of the licensee
D
Which of the following statements is CORRECT regarding the Kentucky Real Estate Commission? A. All names for the Commissioners come from the Kentucky Association of REALTORS B. Political affiliation is not important in appointment of a Commissioner C. The citizen at large Commissioner could own a fractional share of a real estate company D. The Commission may conduct educational seminars
D
Which of the following statements is INCORRECT regarding errors and omissions insurance? A. A licensee whose license is in inactive status does not have to carry errors and omissions insurance B. The cost of errors and omissions insurance through the Commission's group cannot exceed $200 C. The annual aggregate amount of coverage through the Commission's group coverage is $1,000,000 D. Errors and omissions insurance covers fraud
D
Which of the following statements regarding Kentucky License Law would be CORRECT? A. Licensees do not have to comply with Kentucky Law when selling their own property B. A broker may not share commissions with brokers located outside of Kentucky C. A broker may pay referral fees to out-of-state brokers but not commissions D. A broker located in Jefferson County, Kentucky may list property located in Paducah, Kentucky.
D
Which of the following would be CORRECT regarding an appeal made by an agent who was found to be in violation of the license law? A. A licensee has 20 days to file an appeal with an appellant court B. All appeals are made to the Court of Appeals in Frankfort C. Appeals must be made within 15 days of an executive director's final order to a circuit court D. Unless indicated otherwise disciplinary action is stayed during the pendency of an appeal
D
Which of the following would be CORRECT regarding continuing education courses? A. All licensees must take 12 clock hours of continuing education on an annual basis B. When a licensee is required to take the core course, the licensee will take 12 hours of continuing education that year C. A licensee must take continuing education beginning in the year in which they receive a license D. The core course must be taken once every four years
D
Which of the following would be TRUE regarding the suspension of a license? A. The state exam must be passed to reinstate a suspended license B. Suspension is for five years C. A suspended license is only reinstated at the discretion of the Commission D. The licensee cannot earn compensation while a license is suspended
D
A broker has received a notice of an overdraft in his escrow account due to an improper amount written on a check returned to a buyer. Under these circumstances, the broker has how much time from receiving notice of the overdraft to correct it before he must report the overdraft to the Commission? A. 72 hours B. 36 hours C. 48 hours D. 24 hours
A
A licensee failed to renew his license because he did not receive a renewal notice. The licensee: A. will owe a fine not to exceed $200 B. will owe no fine because he did not receive a notice to renew C. has one year to renew his license because he did not receive a renewal notice D. can file a complaint against the Commission for failing to send him a renewal notice
A
A real estate agent is searching listings on the MLS to see how soon they will expire. After finding 10 listings that will expire next week, the agent calls the owners to see if he can get an appointment to relist the property with his company. Regarding the actions of this agent, which of the following would be CORRECT? A. The agent is in violation of Kentucky license law B. The agent is in violation of board rules but not the license law C. The agent may call owners before a listing expires to get appointments as long as the appointment is made after the listing expires D. Only principal brokers may call the owners of expired listings
A
A sales associate has requested, in writing, that her license be released to the Kentucky Real Estate Commission. After three weeks, the broker has not released the associate's license. According to Kentucky license law: A. the license is considered released if the broker has not released the license within 5 business days of the associate's written request B. the broker has 30 days from the associates request to release the license C. a broker does not to officially release the license; the associate can take the license to the Commission D. the associate can transfer the license to a new broker without going through the Commission
A
In order to place a for-sale sign on the property of a listed property, the broker must: A. have the written permission of the seller B. place the sign on the right side of the property C. follow the regulations imposed by the Commission for the size of the sign D. allow the MLS to place the sign on the property
A
A real estate sales associate has earned a designation called the ABR (accredited buyer representative). The associate then places the following ad in the newspaper; "Attention Homebuyers; for professional service in locating your dream home, call Diane your buyer's broker." Is this ad OK? A. Yes, the associate may advertise that she represents buyers B. No, the ad infers that Diane is licensed as a broker C. Yes, Diane may use the term broker in her ad because she represents a broker D. No, agents cannot specialize in representing buyers only
B
A broker has agreed to close a cash transaction between a buyer and se hier. An altomey prepares the deed and sands it to the broker, Which of the following would be CORRECT regarding the closing statement? A. Closing statements are not required in a cash transaction B. The Broker would be required to provide the closing statement C. RESPA requires the Attorney who prepared the deed to provide the closing statement D. The buyer would be required to hire their own attorney to prepare the closing statement
B
A broker has listed a property that was for sale by owner and has agreed that the seller can retain the right to sell the property. If the owner places an advertisement in the local paper that says, "for sale by owner, call John Doe for details", the advertisement must also include: A. the name of the sales associate who listed the property B. the name of the listing company or principal broker's name C. the list price D. the terms of sale
B
A buyer has been given a seller's disclosure of conditions form and has refused to sign the form indicating he has received a copy. At this point, the agent should: A. do nothing, the law does not require the buyer to sign the form B. note on the form the buyer's refusal to sign the form C. sign the form on behalf of the buyer D. get the seller to witness the buyer's refusal to sign the form
B
A real estate broker and an auctioneer are working together to sell a property at public auction. The broker places an advertisement in the paper that says the property will be sold at absolute auction. Can the broker do this? A. No, only the auctioneer can advertise an absolute auction B. Yes, as long as the property is sold that day to the highest bidder C. No, brokers may advertise ordinary auctions, but not absolute auctions D. Yes, as long as the advertisement is approved by the auctioneer
B
An agent who gave the Kentucky Real Estate commission a check for insufficient funds has discovered that his license was cancelled. How can the agent get his license renewed?: A. Pay a fine and complete a six-hour continuing education course B. Pay all necessary fees and meets all active licensure requirements within one year of the cancellation C. Take a class on how a checking account functions D. After the Commission has a hearing
B
The Recovery Fund will pay an amount not to exceed $20,000 per claim for an agent who refuses to pay the amount within 20 days of an order to do so. If the Fund pays for the agent: A. the license of the agent will be canceled B. the agent will have to repay the fund plus 10% interest C. the agent may still operate D. the agent's errors and omissions insurance will cover the cost of legal fees for the agent
B
Which of the following is CORRECT regarding continuing education? A. All licensees must take six hours of continuing education each year B. Licensees who placed their license in inactive status must take a continuing education course to reactivate their license C. Within 2 years of licensing, all licensees must take 30 hours of continuing education D. Only active agents are required to take the core course
B
Written consent from a property owner would be required for an unlicensed assistant to: A. show property while conducting an open house B. greet guests at an open house without the agent being present C. copy keys belonging to the property owner D. complete offers while the agent incapacitated
B
A real estate licensee may prohibit a potential buyer from viewing listed property: A. if the buyer does not financially qualify to purchase the property B. if the buyer does not have representation C. if the licensee has written instructions from the seller to prohibit the viewing D. never; a licensee must always show listed property upon request by a potential buyer
C
A real estate licensee would be required to do all of the following EXCEPT: A. present offers to his clients B. accept good faith deposits from other agents C. sign offers on behalf of a client when asked by the client to do so D. assist a client in developing an offer
C
A sales associate has placed his license into inactive status. Which of the following statements is CORRECT? A. The associate would have to a take continuing education course for each year the license was held in inactive status to reactivate their license B. The associate could receive referrals fees from brokers while he is in inactive status C. The associate must pay the annual renewal fee while he is in inactive status D. The associate would have to carry errors and omission insurance while he is in inactive status
C
A sales associate's license would become inactive under which of the following circumstances. A. If the license is revoked through a hearing held by the Commission B. If the license is canceled for any reason C. If the license of the associate's principal broker is revoked or suspended D. Only if the licensee fails to renew the license
C
A broker has listed a property which stated he would receive a 6% commission if he found a buyer was willing to pay full price for the property. After bringing the seller a full price offer, the seller is refusing to pay the broker. The broker: A. has a lien on the property B. can ask the Commission to settle the dispute the between the broker and seller C. has no recourse D. can require the buyer to pay the commission
D
A buyer has just signed an offer to purchase. At what point does the buyer get a copy of the offer? A. When the offer is taken to a notary to witness the buyer's signature B. When the offer is accepted by the seller C. When the offer is reviewed by the agent's office manager or broker D. When the offer is signed by the buyer
D
A new license would be issued to a licensee for all of the following changes EXCEPT; A. change of business address B. change of brokers C. change of surname D. change of residence address
D
According to Kentucky Administrative Regulations, a listing contract must contain all of the following EXCEPT: A signature of all owners B. property description C. if applicable, limitations on showings D. selling price of the property
D
All of the following would be exempt from licensing when conducting a real estate transaction EXCEPT: A. an employee of a real estate broker who is managing property on behalf of the broker B. an investor who is selling his own property C. an employee of a bank who is selling property owned by the bank D. an attorney who is conducting real estate brokerage activities for a client
D
An individual who applies for a real estate broker's license in Kentucky must be at least: A. 21 years old B. 20 years old C. 19 years old D. 18 years old
D
An unlicensed person has conducted real estate activities in Kentucky and now wants to get a real estate license. Prior to issuance of the license, the applicant would not be required to; A. disgorge any fees earned prior to licensing B. pass the state exam C. complete a criminal background check D. submit a list of potential clients to the Commission
D
At what point in time is the seller's disclosure of conditions form to be completed? A. When an offer is presented to the seller B. When a property is being shown to a buyer C. At any time prior to a closing D. When a listing or similar agreement is executed
D
If an agent acts for more than one party in a transaction without the knowledge of all parties for whom they are acting, the agent is acting as a; A. transaction agent B. subagent C. designated agent D. dual agent
D
In one company, when a sales associate obtains a listing, the associate is the only associate in that company who represents the broker's client. This company is practicing: A. dual agency for in-house transactions B. single agency in their in-house transactions C. creating a new form of agency D. designated agency for in-house transactions
D
Ron is negotiating to obtain an easement right for his friend Bob. Ron has told Bob that he would charge a flat fee of $1,000 for the negotiating. Regarding this transaction, which of the following would be CORRECT? A. Bob cannot ask a friend to represent him in obtaining an easement B. Negotiating an easement for another is not a real estate activity that requires a license C. Flat fees are not allowed as payment for a real estate transaction D. Ron is conducting real estate brokerage activities
D
The Commission may order any of the following sanctions for violation of Chapter 324 EXCEPT: A. suspension of a license for 7 years B. reprimand C. probation for nine months D. revocation of a license for 10 years
D
