Maryland Real Estate Practice And Law 13th Chapter 2

How am when should it first be revealed to prospects that they have presumed buyer representation? 1. Orally, at the initial interview between licensee and prospect. 2. In writing, when prospects signed a written agreement to be a client, 3. In writing, before the end of the first scheduled face-to-face meeting 4. In writing, when the possibility of dual agency arrises

1

Which statement about cooperating agents, as defined on the understanding home real estate agents represent form, is false? 1. Cooperating agents can represent the buyer. 2. Cooperating agents are subagents of the listing broker. 3. Cooperating agents bring in customer - buyers and are from a company other than the listing company. 4. A cooperating agent who brings in a buyer has a fiduciary duty to the seller/owner

1

Brokers principles are called 1. Managers 2. clients 3. prospects 4. customers

2

Which of the following is true of brokers when they represent buyers of real estate? 1. They are regarded by the law as dual agents in such transactions. 2. They must disclose this agency relationship to sellers. 3. They are in violation of the brokers act. 4. They will not be compensated

2

Which statement about agency is true in Maryland? 1. Maryland does not allow a brokerage firm to represent both buyer and seller in the same transaction. 2. dual agency is permitted only in brokerage firms consisting of three or more licensees. 3. A licensees performance of ministerial duties for a customer justifies the claim by that customer that the licensee "... Acted in a way that indicated she was my agent" 4. The broker of a firm may act as one of the two intracompany agents required for dual agency

2

When may brokerage lawfully perform dual agency? 1. When the firm has been certified by the commission for dual agency brokerage 2. When the firm has only two individual licensees in it 3. When the firms broker or the branch manager designates two company licensees, 1 to represents the seller and other for the buyer 4. When both sellers and buyers have agreed to dual agency on a particular property

3

When must a licensee who is representing a seller disclose this fact to the buyer or the buyers agent? 1. At first contact. 2. When an offer is made. 3. Not later than the first scheduled face-to-face meeting. 4. When the buyer or agent of the buyer asks

3

Which if the following does not end presumed buyer representation? 1. Prospects orally decline presumed representation. 2. Prospects decide to make an offer for property listed by a company other than the company representing them. 3. The licensee working with prospects fails to present a disclosure of representation form. 4. The licensee shows prospects a property listed with the licensees own firm

3

Which is true when brokers handle the purchase and sale of residential real property? 1. They are agents of the owner of the property being bought or sold. 2. They may not act as the agent of the buyer. 3. They may not represent both buyer and seller in the same transaction without designating 2 intracompany agents. 4. They may personally represent both buyer and seller if both parties agree

3

Which of the following does a licensee not Owe to a customer? 1. Due care. 2. Disclosure of material facts. 3. Obedience. 4. Honesty

3

Which of the following is true about the understanding whom real estate agents represent disclosure of agency representation form? 1. It constitutes a contract for buyer representation when the fourth box is checked and the prospect signs the form. 2. It ends presumed buyer representation whatever box is checked and whether or not the prospect signs it 3. Failure to properly present the form constitutes a violation of the brokers act by the licensee 4. The prospect is required by law to acknowledge receipt of the form by signing it

3

Arthur has been assigned by his broker, Bettina to work with Carlos to provide buyer representation for the purchase of a property listed by Dorene, a sales person with bettinas company. bettina Has named Doreen to represent the seller. In this situation, which of the following is true? 1. Carlos is a prospect, Arthur is his intracompany agent, Bettina is a single agency broker, and Doreen is the intracompany agent for the seller 2. Carlos is a client, Arthur is his intracompany agent, but bettina is a disclosed dual agent, and Doreen is the intracompany agent of the purchaser 3. Carlos is a customer, Arthur is his salesperson, Bettina is a intracompany agent, and Doreen represents the seller 4. Carlos is a client, Arthur is his intracompany agent, Bettina is not a single agency broker, and Doreen is the intracompany agent for the seller

4

Which of the following is not a duty agents owe to their principles ? 1. Disclosure of all facts. 2. Loyalty. 3. Timely presentation of all written offers and counter offers. 4. Reporting to a client buyer that one of the sellers family members has AIDS

4

Which statement concerning agency is true? 1. a broker may properly be considered the agent of the party from whom the broker receives payment. 2. A broker is allowed to be a dual agent in a transaction if no harm is done. 3. A sales person may personally perform to agency if the buyer and seller agree in writing. 4. A broker who represents both buyer and seller in the same transaction must appoint 2 intracompany agents

4

Which statement is true concerning presumed buyer representation? 1. Presumed buyer representation begins when a licensee shows a prospective purchaser property listed by another brokerage firm 2. Presumed buyer representation ends when a licensee shows a prospective purchaser property listed with another brokerage firm 3. a prospective purchaser who declines to enter into a buyer representation agreement is no longer owed confidentiality about matters previously discussed 4. The licensee can no longer be the presumed buyer representative of a purchaser who makes an offer on a property

4